There are many tax preparation programs out there, but Turbo Tax remains one of the top choices. Turbo Tax has been around for a long time, and it was created by Michael Chipman of Chipsoft in the mid-80s. Chipsoft was acquired by Intuit in 1993, and the company is now known as Intuit Consumer Tax Group. Turbo Tax supports the Windows and Mac operating systems.
Probably the best version of Turbo Tax is Turbo Tax Free, the software that lets you prepare, print and file your federal tax forms electronically without paying a cent. Turbo Tax uses plain English and guides new users every step of the way. It is intuitive, relatively fast and comes with free technical support. However, you can always get the paid version of the software if you require more specialized features. The paid versions provide guides for setting up business assets and investing, tools to calculate market value of items that went to charity and for calculating the amount of 401(k) contributions.
While Turbo Tax free can be used for free federal online tax preparation and e-file, it has certain limitations. It only covers persons under a certain age and income bracket. The free edition also does not cover tax schedules C, D, E, and F or state tax preparation. To ensure that the program always includes the latest federal and state tax forms, Turbo Tax is regularly updated. Updates are often released at the beginning of the year, by January or February. TurboTax Download 2012 will be released in January 2012.
Why Choose Turbo Tax Free?
Turbo Tax free is the easiest tax preparation software to use when your needs are basic and you do not need much tax guidance. Turbo Tax works by asking you questions about your personal and financial activities and then automatically filling out the necessary tax forms. It looks for tax credits you can get and works to get you the biggest possible refund.
Coverage for a Range of Income Types
Turbo Tax covers different types of income and guides you through disability, unemployment and survivor’s benefits and others. TurboTax Free edition also lets you file free state returns (selected states) if you qualify for certain eligibility requirements.
Customized Questions
Free Turbo Tax asks easy-to-understand questions and puts yours answers on the proper forms—automatically. It also saves you time by skipping questions that don’t apply to you. You can finish questions at your own pace, and save your progress. If you are unsure how to answer a question, EasyGuide points you to the right answer.
Optimized Tax Refund
Turbo Tax Free edition promises to net you the biggest possible refund. Just make sure to answer questions accurately to get the best results.
Audit Support Center with Turbo Tax Free
Turbo Tax Free also comes with a downloadable step-by-step guide called the Audit Support Center. This comes in handy in case the IRS ever contacts you.
Extensive Support
Turbo Tax Free offers technical support for the software and provides answers to tax questions in its excellent Live Community. This is a great page for your specific tax questions. Answers to basic tax questions are posted on-screen for easy access. It even has the Life Events expert utility that explains how life changes affect your taxes.