In this TurboTax review, we’ll walk you through one of the most popular tax software tools available in the US, covering its services, pricing, advantages, and disadvantages. Moreover, we’ll explain why TurboTax’s 100% guarantee on your tax calculations is worth every dollar.
TurboTax isn’t a new name and has been operating for more than three decades now. It’s a subsidiary of Intuit, a Californian company that has several successful products under its belt, like Quickbooks, Credit Karma, and Applatix. With our TurboTax review, we’ll show you how to file your taxes safely, securely, and in minutes. Here, we present you the good and the bad of using TurboTax.
-
- TurboTax Free – $0
- TurboTax – From $69 to $129
- TurboTax Live Assisted – From $99 to $219
- TurboTax Live Full Service – From $219 to $409
- TurboTax for Business – From $739 to $1,499
- Is There a Free Trial?
- TurboTax Money-Back Guarantee
- Is It Hard to Cancel?
- Are There Any TurboTax Fees You Should Be Aware Of?
- Is TurboTax Accurate?
- How TurboTax Pricing Compares to Competitors
- Show Full Guide
-
- TurboTax Free – $0
- TurboTax – From $69 to $129
- TurboTax Live Assisted – From $99 to $219
- TurboTax Live Full Service – From $219 to $409
- TurboTax for Business – From $739 to $1,499
- Is There a Free Trial?
- TurboTax Money-Back Guarantee
- Is It Hard to Cancel?
- Are There Any TurboTax Fees You Should Be Aware Of?
- Is TurboTax Accurate?
- How TurboTax Pricing Compares to Competitors
How Does TurboTax Work?
If you’re accustomed to traditional CPAs, you might be thinking, “What is TurboTax?” and “How does TurboTax work?”
The registration process is fairly simple and requires a couple of details before you sign in. The platform walks you through a series of quick questions to ensure all information is in the right place.
Once you fill in your details, TurboTax will present you with options for federal and state tax filing, which we’ll cover later in this TurboTax review. You can create tax forms from scratch or upload one from your computer or smartphone. The platform also allows you to edit and delete forms, if needed.
After you fill in your details, TurboTax will search the database and look for childcare deductions, student loans, and charitable organizations to make sure you get the maximum possible refund.
You can even connect TurboTax with your online bank account, and it’ll go through your records and try to find deductible expenses and include them in your tax forms.
TurboTax boasts a comprehensive library of articles. If there’s anything unclear, you can visit the platform’s Q&A section for more information. Alternatively, premium users can select the Live Tax Advice option and speak to tax experts. We’ll cover this later in our TurboTax Full Service review.
Who is TurboTax For?
TurboTax is suitable for people and companies of all sizes and across industries. You can use its services if you:
- Want to maximize tax deductions and credits
- Received a W-2 form
- Paid rent
- Own a home
- Have dependents
- Own stock or crypto
- Own rental property
- Have unemployed income
- Donated to charity
- Own a small business
- Are self-employed or are an individual contractor
TurboTax offers a host of services for self-employed individuals and small businesses and can connect you with tax experts and help handle 1065, K1, and 1120-S tax forms with ease.
Budget-conscious users with simple tax returns and no investments or rental properties can file a single W-2 form for free. Finally, TurboTax helps homeowners get the maximum tax refund by looking into 350+ deductions and credits through W-2 and 1099-NEC forms, making tax preparation effortless and less time-consuming.
Is TurboTax Good? The Key Pros and Cons
Here are the pros and cons of TurboTax based on our analysis:
Pros
- 100% guarantee on tax returns
- Beginner-friendly platform
- Free for simple tax returns
- Allows documents to be uploaded from PC or smartphone
- Live expert support
- Mobile app synchronizes easily with the desktop version
- A comprehensive FAQ and knowledge base
Cons
- Slightly pricey paid services
- Regular offers to upgrade
TurboTax can help you get ready to file your taxes with ease with its intuitive and interactive interface. Besides being incredibly easy to use, this service is also free for those with simple tax returns.
However, it’ll offer you an account upgrade multiple times during your sessions. You don’t have to go for it, naturally, but regular upsell requests can be a little annoying.
The premium subscription may seem relatively expensive, but it’s worth every penny, considering you get a 100% guarantee on your tax returns. If there’s any miscalculation by the platform, the company will compensate you for your expenses.
How Much Does TurboTax Cost?
In this section of the Intuit TurboTax review, we’ll explore its pricing plans, as well as the benefits each solution offers.
TurboTax Free – $0
TurboTax makes it possible for individuals with simple tax returns using IRS form 1040 to file their applications at no cost. Those who have a job and require a W-2 form are qualified for the free version. You can file taxes for free if you pay rent or have children or dependents.
During our TurboTax Free review, we had minor issues filing personalized sold items, which typically fall under the 1099-K form.
However, the platform kept guiding us to the 1099-S, which is the form you must file when you sell a house or land. This is something a regular taxpayer might not notice, and as a result, you could pay higher taxes than you’re supposed to.
If this is your first time using this kind of service, our advice is to go for the TurboTax Assisted account and ask for expert help to avoid losing money.
TurboTax – From $69 to $129
If you have a home and aren’t paying rent, you won’t be able to use this service for free. This also goes for individuals with a reported unemployed income on a 1099-G or who donated to charity. In that case, the cost of TurboTax Deluxe is $69.
Furthermore, if you’re self-employed or work as a freelancer, you’ll have to go for the TurboTax Premium plan – filing your taxes will cost you $129. This also applies to individuals who bought or sold crypto or rental properties.
TurboTax Live Assisted – From $99 to $219
Our TurboTax Live Assisted review found that this pricing plan is ideal for individuals who have invested in crypto or stocks and own rental properties. You get all the benefits regular TurboTax users have, plus you can contact experts and request support while filing your forms.
Once you file your return, an expert will review your application to make sure everything is done according to the rules. The service is available 24/7, and communication channels include live chat and video calls.
Individuals with simple tax returns who are unsure how to file their taxes properly can register for assisted help as well. This service costs only $99.
On the other hand, 1099-NEC and 1099-K plans fall under TurboTax Assisted Premium, a Live Assisted sub-tier subscription, which costs $219.
TurboTax Live Full Service – From $219 to $409
The TurboTax Live Full Service subscription plan offers a dedicated tax expert, as opposed to a random one, like with the Live Assisted plan, that helps you file your returns.
There are three different types of plans:
- Basic – covers dependents, Child Tax Credit, Earned Income Tax Credit
- Deluxe – to maximize your mortgage and property deductions
- Premium – if you hold stocks, crypto, ESPPs, or other assets
One thing we noticed during our TurboTax Live Full Service review is that the platform regularly offers account upgrades. We feel they could reduce the frequency of these offers for a smoother user experience.
TurboTax for Business – From $739 to $1,499
TurboTax for business is a great alternative to traditional CPAs, as it allows you to file your tax returns without leaving your home or wasting valuable time waiting in lines. This pricing plan is the best for:
- Partnerships
- S-corps
- Multi-Member LLCs
Like other pricing schedules, this one is also divided into sub-tiers. Live Assisted Business is a DIY plan that offers unlimited expert help and advice while filing your tax return.
You start by answering a series of questions related to your company, after which you can begin creating your tax return documents.
If there’s anything unclear, you can request professional help anytime. Once you complete your tax application, one of TurboTax’s experts will look over your file and help you maximize your tax deductions. This plan costs $739.
On the other hand, Live Full Service Business matches you with a dedicated expert. All you need to do is upload the documents for your business tax and let the professional assigned by the platform file the tax return for you. The price of this plan is $1,499.
During our TurboTax for business review, we tested both options. We found that the Live Full Service Business plan is the best choice for beginners, as it increases their chances of getting the maximum tax return.
However, if you have experience in filing taxes or have previously used similar tools, such as the best accounting software for small business needs, getting the Live Assisted Business subscription plan will be the best choice.
Now that you know everything about TurboTax’s pricing plans, we’ll continue our TurboTax review by looking over its business model.
Is There a Free Trial?
The best part about this platform is that you can create your tax return files for free. You’ll only be guided to the payment page if you decide to use expert help or actually submit your tax application.
From our experience, this approach is better than a traditional free trial. Theoretically, you can create unlimited tax return files, and if you’re not satisfied, you can always delete them, clear your details, and start over – it’s that simple. This gives you enough time and space to test the platform and its features before you decide to pay.
TurboTax Money-Back Guarantee
After you complete your payment, TurboTax will grant you a 60-day money-back guarantee. During the first two months, you can cancel your subscription at any time if you aren’t satisfied with its services.
During our TurboTax live expert review, we requested a chargeback, stating the service wasn’t what we expected it to be. After a brief conversation with the customer service department, we were notified about the refund approval, which was a very positive experience.
Is It Hard to Cancel?
You can cancel your subscription by visiting the TurboTax Advantage page and selecting the Remove Product option.
The platform also gives you an option to save your credentials and inputs. If you decide to re-enroll, you can simply continue where you left off.
Are There Any TurboTax Fees You Should Be Aware Of?
The platform’s terms and conditions state that submitting federal taxes on paid subscriptions is free of charge. However, filing state taxes will cost you either $54 or $64, depending on your state of residence.
When using TurboTax online, the platform will offer you an option to pay for its services with your tax refund money. This option is called Pay With My Refund and costs $39.99. The service covers the fee for transferring your tax return application to the IRS and processing and delivering the tax return to the user.
While this option makes transferring the tax refund from the IRS to the user more efficient and effective, it can be costly for some.
While conducting our TurboTax federal free edition review, we discovered that if you change the payment method on your account, it will remove the processing fee and deliver the refund directly to your bank account.
Is TurboTax Accurate?
TurboTax offers a 100% guarantee on its tax calculations. If the platform’s math doesn’t match the IRS reports, you’ll be fully compensated by the company.
How TurboTax Pricing Compares to Competitors
TurboTax enables taxpayers to file their tax forms from the comfort of their homes and makes filing their returns more efficient and effective.
At the same time, the platform reduces the costs of hiring expensive tax preparers. For example, in 2021, the average cost of hiring a CPA for preparing and submitting a 1040 form and a state tax return was $323. Obviously, the more complex your tax form is, the higher the price will be.
With TurboTax, you can do it yourself for $129 or request expert help at the price of $219. Plus, you don’t have to spend your precious time waiting in lines to file your tax return, as you can submit everything online. TurboTax is great for self-employed individuals, small-to-medium scale businesses, and large enterprises.
Naturally, you’ll be tempted to use full accounting platforms that can cover multiple areas, such as taxes, payrolls, and invoices. But how does TurboTax stack up against such platforms, specifically in terms of tax-paying solutions?
Is TurboTax good, or should you get full accounting software? And how much does TurboTax cost compared to its main competitors?
Read our next TurboTax review section and find the most budget-friendly solution for your business.
TurboTax vs. Xero
Xero is a cloud-based platform that focuses on tracking and paying bills. It is rated as being among the best accounting software in the UK but is also widely used across the Atlantic.
When it comes to creating tax returns, Xero boasts a slightly more user-friendly interface than TurboTax. The platform is somewhat faster, with minimal loading times.
It is excellent for filing 1099 reports, such as the 1099-NEC and 1099-MISC. Moreover, you can create unlimited sales tax reports, which could be valuable for sales-oriented businesses.
Our TurboTax self-employed review found TurboTax offers a broader spectrum of 1099 forms, covering:
- 1099-S
- 1099-Q
- 1099-K
- 1099-A
- 1099-SA
On top of that, TurboTax covers business taxes and deductions, additional tax payments, and other tax forms.
The Xero price goes up to $71.50 per month for a single user, while TurboTax requires a one-time payment of $219. In addition, you can request a TurboTax expert to assist you when filing a tax return, which isn’t the case with Xero.
| Tax Software | Price | Tax Forms | Tax Assistant |
| TurboTax | Up to $219, one-time payment | 1099-NEC 1099-MISC 1099-A 1099-K 1099-SA 1099-Q 1099-S |
Yes |
| Xero | $71.50 per month | 1099-NEC 1099-MISC |
No |
TurboTax vs. Sage
Together with TurboTax, Sage has found its place on our best self-employed accounting software solutions list. It stands out with many customization options and is best for automating account management tasks.
When it comes to tax return options, you won’t find much difference between these two products. Both Sage and TurboTax allow you to create a variety of tax forms, including both state and federal forms. You can virtually create any type of tax return, like the 1099, 1095, W-2, W-3, or W-4.
However, the most obvious difference is in the UX design. The Sage platform gives more of a Windows 98 vibe with small letters and a bit of an outdated style. This makes it less readable and more challenging to follow, especially if you need to perform multiple tasks simultaneously.
On the other hand, TurboTax boasts a clear and neat interface with a comprehensive library of FAQs to make it more beginner-friendly.
When it comes to pricing, Sage’s cost goes up to $595 per user for basic accounting software. If you wish to subscribe to a Professional account, it’ll cost you $970. You can also pay an extra $180 if you want to integrate your platform with Microsoft 365.
The TurboTax self-employed subscription can cost you up to $409, and you get expert help while filing your tax returns, which is a valuable option beginners shouldn’t ignore. In addition, TurboTax integrates with Quickbooks for free.
In our opinion, you should use Sage only if you have accounting experience or have used similar software tools before. If it’s your first time using these kinds of solutions, go for TurboTax’s online software and enjoy the maximum support possible.
| Tax Software | Price | Tax Forms | Tax Assistant |
| TurboTax | Up to $409, one-time payment | Federal and State | Yes |
| Sage | Up to $970/y | Federal and State | No |
TurboTax vs. Freshbooks
Freshbooks is a versatile platform that works well as a tax solution and as payroll tracking software. We hence weren’t surprised to rate this platform among the best accounting software for nonprofit organizations.
Adding taxable expenses with Freshbooks is easy. You just pick an operating expense from the dropdown menu and add a merchant, description, and tax details. The only catch is that you have to add the tax name, number, and rate.
If you have any previous experience creating these kinds of forms, this won’t take much of your time. However, if you’re new to this, finding the right tax number and calculating the rate could be a bit trickier.
Like TurboTax, Freshbooks supports different business structures like single and multi-member LLCs, S- and C-corporations, sole proprietorships, and partnerships. Hence, you won’t have any trouble filing Schedule C, 1065, 1120, 1120-S, and Schedule K-1 forms.
Freshbooks also offers the possibility of requesting accounting help. The price is quote-based and not transparent, unlike TurboTax. As for the subscription price, you can get Freshbooks for $30/m or $324/y, while TurboTax costs between $219 and $409, depending on the complexity of your tax return.
| Tax Software | Price | Tax Forms | Tax Assistant |
| TurboTax | Up to $409, one-time payment | Federal and State | Yes |
| Freshbooks | Up to $324/y | Federal and State | Yes (but not included in the price) |
TurboTax’s Core Features Reviewed
In the following section of our TurboTax review, we’ll look over its core features and how they benefit different businesses and individuals.
Live Service
Live service is optional on lower subscription tiers, while on higher tiers, you get expert assistance by default.
Besides offering a beginner-friendly DIY platform, TurboTax also hosts a number of experienced and certified tax experts ready to jump in and help.
Tax expert help is optional for TurboTax Basic subscription users, and you can request professional assistance at any point. However, this service will cost you extra.
On the other hand, higher subscription plans like Live Assisted, Live Full Service and Full Service Business offer tax expert help as a standard part of the package.
With the Live Assisted subscription plan, you can request help by contacting the support center via live chat or scheduling an online session, and they’ll assist you in filing your taxes accordingly. Once you complete your tax return, they’ll review your file and make sure everything is done correctly.
On premium subscription plans, users get a dedicated tax expert who files their tax returns. All you need to do is send them your tax documents and leave the rest to professionals.
During our TurboTax live review, we contacted the service several times and asked questions related to our fictive tax return application. The service responded in a few seconds, and though we got a different tax expert every time, the quality of their assistance remained at the highest level.
Audit Defense
The TurboTax Audit Defense review feature is one of many guarantees you get by signing up with this tax tool. In a nutshell, the company states it’ll represent your interests in case the IRS requests to look into your accounts and financial information.
To find out what this is really about, we decided to first look over the Representation Membership Agreement. During our TurboTax Audit Defence review, we discovered that the company pledges to handle all communications, both by letter and telephone, with the IRS regarding the audit.
Should the IRS contact you, TurboTax will assign you dedicated Audit Representatives to help you through the case. Their primary job is to create a strategy and handle the case on your behalf. The company also states they won’t make any settlements with the IRS or State without your approval.
Whether you should opt for this feature depends on your likelihood of being audited by the IRS. Despite the IRS seemingly targeting lower-income families, those with higher income are more likely to be audited by the authorities – especially if the majority of their revenue is generated by a business.
Our TurboTax Max Assist and Defend review found that small and medium business owners benefit the most from this feature. Having a dedicated expert helping you with your tax return reduces the risk of attracting the IRS or State’s attention, and it’s a great add-on if you anticipate being audited.
And even if the authorities request to review your tax return files, it’s always good to have a team of tax professionals to watch your back when needed.
Business and Personal Taxes
TurboTax offers a host of services to satisfy the needs of individuals and businesses of all sizes.
Self-employed individuals and full-time employees can use this software tool to report their incomes, expenses and other relevant financial information. TurboTax offers a massive base of tax forms to give users a better chance of getting the maximum deduction and benefits possible.
Whether you sold something online (Schedule A, 1040), earned from renting a property (4835), or paid mortgage interest (8396), TurboTax has you covered.
On the other hand, small, medium, and large-scale businesses will also benefit from its services. Companies can file a W-2, W-3, 926, 940, 944, 952, 1099-NEC, 1042-T, and 1120, and many other forms, or can request a dedicated TurboTax CTA file the tax return for them.
From our TurboTax review for small business use, we found this software tool offers ideal solutions for small company owners. For example, you can request TurboTax live assistance and get help filing quarterly 941 reports, which include:
- Withheld federal income tax
- Employees’ wages and tips
- Small business payroll tax credit for increasing research activities
- Adjustments to social security and Medicare taxes for sick pay and group-term life insurance
More often than not, filing these types of reports can be challenging and time-consuming. Because of that, including TurboTax when filing tax returns can be a valuable weapon that can save business owners both money and time.
State and Federal Taxes
During our review of TurboTax’s online version, we looked over the state and federal tax features. The platform’s decision to create two separate entries with appropriate subsections really hit the bullseye as it made it super easy for beginners to find what they need.
The Federal returns section allows you to enter W-2 forms manually or with expert help. It also covers the 1099 and W-2G income. It’s divided into three sub-sections:
- Wages & Income
- Deductions & Credits
- Other Tax Solutions
On the other hand, filing your State returns requires you to fill in details such as personal info, income, deductions, and credits.
Filing Federal and State taxes is straightforward and consists of a series of yes or no questions. If you’re unsure of whether a specific question applies to your tax situation or you’re uncertain of how to answer a specific question, you can visit the “Learn More” section or request expert help.
The first option guides you to a comprehensive library of helpful articles, while the latter includes an extra cost to get someone to explain to you in detail what each entry means.
Finally, you’ll be presented with the list of forms that may or may not apply to your business.
While it’s great to see TurboTax covering every possible tax scenario, you need to be aware that most of the forms won’t apply to your tax situation. Thus, you’ll have to search through the list and find the form you need – which can sometimes be challenging for less experienced taxpayers.
From our experience, if you’re unsure whether a specific tax situation applies to your business, it’s better to pay for expert help rather than risk mistakenly filing the wrong report and attracting unnecessary attention from the IRS.
Refund Advance
The Refund Advance feature allows you to get a loan based on your expected refund from the IRS. The maximum amount you can apply for is $4,000, depending on the anticipated refund. The Refund Advance includes loans ranging from $250 to $4,000 at $250 and then $500 increments.
You can hence get a portion of your money immediately without having to wait for up to three weeks for the IRS to send you a refund. It’s vital to note that this option comes with no loan fees and a 0% Annual Percentage Rate (APR).
TurboTax states users can get their money in minutes once the IRS confirms the refund.
However, from our Refund Advance TurboTax Review, we found you need to open an account with Credit Karma Money, another Intuit subsidiary, and it may then take seven to 14 days until the money arrives on your virtual card or Credit Karma Visa.
Max Protection
Besides the standard features included in the packages, TurboTax also offers a few additional ones you can get by request. Naturally, these services cost extra, but some of them, like Max Protection, are definitely worth considering.
Max Protection includes Full Audit Representation and Full Identity Protection. From our TurboTax Max review, we found that Max members also enjoy priority care, meaning the platform will connect you with a tax expert faster and reduce your waiting time to a minimum.
TurboTax Premier
TurboTax Premier is another solution available on request, designed to help individuals file investments and rental property info from different financial institutions.
During our TurboTax Premier review, we particularly liked the IRA tool. From our experience, many people struggle with their IRA plans, and this software is a great solution if you need retirement tax help.
Mobile App
TurboTax allows you to file your returns on the go, thanks to its innovative and user-friendly mobile app. You can download it from the Android or iOS store.
During our TurboTax app review, we discovered it’s super-easy to use and offers a lot of functionality. Its interface is identical to the desktop version, allowing users to adjust with ease.
The best part about the TurboTax mobile app is the possibility of switching between desktop and mobile versions without jeopardizing the tax filing progress.
For example, you can start creating your profile and enter your tax return details in the desktop version and then continue filing your application in the mobile app later. All you need to do is click “continue where I left off” and finish filing your reports.
Comparing TurboTax and TurboTax Alternatives
Let’s see how TurboTax compares to the best tax software products in terms of use, pricing, offers, and standout features. Check out the table below for more details.
| Best Tax Tools | Best For | Starting Price | Free Version | Free Features | Standout Features |
| TurboTax | Self-employed individuals | $69, one time payment | Yes | Federal taxes | – Beginner-friendly interface – 100% refund guarantee – Audit Defense |
| FreshBooks | Small businesses | $17/m | 30-day trial | All features | – Time-tracking on all plans – Invoicing – Integrates with 100+ apps |
| Oracle NetSuite | Enterprises | Quote-based | No | N/A | – Flexible reporting – Sales tax – CRM |
| Zoho Accounting | Medium-scale companies | $15/m | Yes | Only basic features | – Inventory control software – CRM – Marketing automation |
| Bonsai | Freelancers | $21/m | Freelance tax return | Freelance tax return template only | – Time-tracking management – Bookkeeping – CRM |
At a glance, TurboTax might seem like a more expensive solution, at least compared to its main competitors.
However, it’s important to note that TurboTax’s subscription plan includes a one-time payment, which covers the entire tax season. In contrast, others require monthly payments. Given this, other tax solutions are only marginally cheaper.
Other tools, like Bonsai and Zoho, offer a broader spectrum of products for sales, customer service, and marketing companies. But that still doesn’t mean you’ll be short of options, given that TurboTax works well with other marketing, sales, and accounting software solutions.
For example, if you use Square, one of the best POS systems, you can integrate it with your TurboTax account. Hence, this tax software solution allows you to continue using your favorite tools to maximize your productivity.
From our research, we found that TurboTax’s free subscription plan offers the best features in the market. Beginners can benefit the most from its free information library, which is something other tax solutions don’t offer.
TurboTax also offers a 100% refund guarantee on its tax calculations, which is definitely worth considering, especially if you’re a beginner looking to do your own taxes.
Is TurboTax Legit? Looking into Reviews of TurboTax Online
Besides testing the product ourselves, we decided to look at what other people say about this tool and its strengths and weaknesses to make our TurboTax review more objective and wide-ranging.
This TurboTax home and business review notes that the online tax solution stands out for its speedy and helpful customer service, with customer support always ready to jump in and resolve doubts or queries.
Users also point out the benefits of not having to go to the tax service and being able to finish everything from the comfort of their homes.
Some users state they use TurboTax because of its ability to find deductions they wouldn’t otherwise find, as we noted with our TurboTax for self-employed review. That’s not to mention that this tool offers a 100% guarantee on your tax return calculations, which is a fact no one should ignore.
Many online users praise the ability to import documents directly into the platform, which saves them a lot of time. This is especially helpful for individuals with more complex tax files, who can now import the documents from their brokerage instead of manually entering the details, as seen in our TurboTax CPA review.
There were a few complaints about the app’s functionality. A few users stated they experienced minor glitches while using the mobile app.
Following this review, our analysts tested both iOS and Android apps and found no issues. However, during our TurboTax for iPad review, we discovered the app’s design isn’t as responsive as other versions.
How to Use TurboTax
TurboTax is the best online tax filing software tool available, with an intuitive and user-friendly interface that’s designed with beginners in mind. Nevertheless, we’ve prepared a detailed guide on how to use TurboTax. Read our step-by-step instructions below.
Step 1 – Registration
Register with TurboTax by choosing the Create Account option and entering your email address, a User ID, a password, and your phone number.
Once you do that, TurboTax will send you an SMS code to verify your account, and you’ll be ready to log in.
Step 2 – Choose Your Plan
The next step involves selecting your subscription plan, so you’ll have to ask yourself, “Which TurboTax is right for me?”
If you’re in doubt, revisit our pricing section and learn more about each subscription plan. If you’re unsure whether to choose the free plan or a premium one, read our TurboTax expert review above.
Once you select the schedule, the platform will guide you to the home page.
Step 3 – Answer the Questions
The platform will ask you a series of questions related to your income, expenses, marital status, previous returns, and personal details, covering your name, date of birth, and zip code.
You’ll also find questions related to your financial status, including bank account interest, crypto or stock ownership, real-estate investments, job status, and more.
There’s no obligation to answer all the questions, as you have the option to skip them and fill them in later. However, your answers are crucial here to help the software provide you with the highest possible return.
Step 4 – Fill in Federal Tax Info
The next step in the process involves entering your federal tax details. First, you start by entering your wages and income information, then deductions and credits.
Step 5 – Enter State Tax Details
After you fill in the federal info, the page will automatically open the State Tax option for you. First, you need to add your state and confirm you’re a resident there.
The platform will provide you with a list of forms your current state handles differently than others. This is great as you’ll have peace of mind while filing your returns and avoid missing any forms.
Step 6 – Review Your Files
It’s always a great idea to look over your application once you finish entering the details, just in case you made a typo or entered vital information in the wrong box. You can do that by clicking the TurboTax Review option below the State field.
The platform itself will notify you if it detects missing details, unanswered questions, or typos.
Step 7 – Check Your Return
Once you review your tax files, you’re ready to check and submit your return.
Before you do that, we advise you to change your bank details and connect with Credit Karma, an Intuit-native service that’s similar to Tide.
TurboTax will inform you whether you’re entitled to an additional tax deduction and make sure everything is in order. After it’s finished, you’ll be able to see the expected state and federal return amounts in the site footer.
Online Tax and Accounting Guides and Resources
In addition to our thorough TurboTax review, we have also created a range of resources you can use to streamline your accounting processes:
- Best Accounting Software for Mac
- Best Tax Software
- Best Payroll Software
- Best Self-Employed Accounting Software UK
- Best Payroll Software UK
- The Best Payroll Software for Small Business
- Best Real Estate Accounting Software
How We Tested TurboTax
We conducted our TurboTax review by thoroughly researching the platform, including its pricing plans, features, and customer feedback.
Our team of analysts rigorously tested its functionality starting from the free account. Our goal was to test its strengths and weaknesses and to see how it performs in real-world scenarios for beginners.
We love how everything is laid out for newcomers, starting from the short-form questions to the extensive FAQ library.
We then contacted customer service to help us enter the correct details, which led us to upgrade the account and request live assistance. Our team communicated with experts by live chat, which turned out to be the most effective solution. It took only ten minutes to delete the wrong inputs and create new tax forms.
The platform calculated our return and asked us to proceed with submitting the form. Although we didn’t complete our fictional application, we were satisfied with how its customer support and expert help handled the issue.
Furthermore, we proceeded with our review by looking over customers’ online feedback. Apart from a few reports about the iPad app’s functionality, we found nothing concerning that users should be aware of.
Our final step was to compare this product to its main competitors. The research included registering with Sage, a TurboTax alternative, and contrasting its main features to this tax filing tool. We repeated this with other solutions like Freshbooks, Oracle NetSuite, Zoho, and Bonsai.
Concluding Our TurboTax Home and Business Review
TurboTax is a great solution for self-employed individuals and small- to mid-scale businesses looking for a reliable online tax filing solution.
The greatest benefit of using this type of tool is not having to waste time and money with expensive and overcrowded CPAs. Instead, you can file your tax returns from the comfort of your home or office, by yourself or with extra help.
TurboTax is suitable for beginners and people with little to no tax filing experience, and it makes filing easy with its intuitive interactive interface. If you have any queries, you can request help via live chat, and the friendly and helpful customer service will help you resolve issues in minutes.
Finally, it’s good to know that TurboTax backs its service by providing you with a 100% tax calculator guarantee and Audit Defense support if the IRS requests to review your tax application and accounts.
In case you need to pay more than stated by TurboTax, the company will compensate every single cent, which is something everyone should strongly consider.
Based on our TurboTax review, we recommend this tool to anyone who values their free time and wants to get the most value for their money.
Intuit TurboTax Review FAQs
What is TurboTax?
Is TurboTax accurate?
FreeTaxUSA vs. TurboTax – which is better?
Which TurboTax is right for me?
How do you schedule an expert review in TurboTax?
Which comes out on top for TurboTax vs. TaxSlayer?
What’s the cost of TurboTax’s services?
Does TurboTax have a money-back guarantee?
References
- What is a CPA? What does a Certified Public Accountant Do? (Franklin University – Accounting MVP Blog)
- Get ready to file your taxes (IRS)
- What Will I Pay for Tax Preparation Fees? (Investopedia)
- IRS Audits Few Millionaires But Targeted Many Low-Income Families in FY 2022 (TRAC IRS)
- Colorado 1099/W-2G Income Withholding Tax Requirements (Colorado Department of Revenue)
- What is a credit card interest rate? What does APR mean? (Consumer Financial Protection Bureau)
