Tax season is upon us again and I know that most of us can’t help thinking about how to get the most tax refund when filing our taxes. This year's deadline for filing your individual tax return is April 15, 2015. Although there are still a few months left before tax returns have to be submitted, the tedious process of getting your yearly spending in order might already be haunting your mind.
TurboTax, the best-selling tax software in the US, offers a low-cost step-by-step guide to file your taxes on your own, with a maximum refund guaranteed. This way you won’t have to pay the tax office a high price to do it for you, without knowing if your savings will be maximized.
Since saving money is one of the main concerns we have when filing our tax returns in order to receive the highest refund, it makes sense that we should also choose the cheapest and best option for our situation.
Although many of us have probably let the tax office do our tax returns for us at least once in our lives, the need for saving has increased, and I have discovered that TurboTax is in effect a cheap, fast and easy way to file tax returns on our own.
TurboTax has a few software editions depending on the individual, taking into account the amount of investing, if you have a family and so on. All versions are easy to use and offer a step-by-step guide to fill out the forms. What's more, TurboTax guarantees that you will get your money back if you get a bigger tax refund with another tax preparation method.
Another feature I like about filing my tax with TurboTax is that you may even enjoy up to 10% extra, on top of your federal tax refund, when using your refund for Amazon.com purchases in $100 increments. This offer is available when you purchase the Deluxe, Premier or Home & Business editions, and it can help you save even more cash this tax period if you use your refund to buy an e-gift card through Amazon.com.
I have compiled a list of the 4 most common TurboTax software editions for you to be able to browse through them, find which category you fit into, and finally make a decision as to which one you should choose, in case you decide to file your own tax return this year.
Federal Free Edition. This version is mainly for those of you who are single or have a small family, don’t invest much and have only one source of income. You will receive a free e-file and can also enjoy free technical assistance by phone if you need any help while filing your taxes. This version includes the 1040EZ, and you can import the information from last year's tax return (your W-2 form) to save time. If you wish to file your state tax with this free edition, you may also do so free of charge. This is a new feature that wasn’t included before, as previously you had to pay $29.99 to file your state tax with this TurboTax edition.
Deluxe. This version is the most popular. It’s recommended for those of you who are married, have children or dependents, give donations, own a house or property, have many medical expenses and those who engage in mild investing. Along with a free e-file, you will also receive the most accurate and highest deductions, including those on your mortgage interest, property taxes and donations, and you will be alerted for audit risks. This deluxe edition costs $34.99. Keep in mind that you must pay $36.99 for each additional state you want to file your taxes with.
Premier. This version is suggested for those of you who own and rent properties, own bonds, stocks or mutual funds and those of you who invest a lot. This is an easy way for you to calculate your gains and losses on your investment, and helps you file the highest deductions on your taxes so as to give you a higher refund. It includes a free e-file. This version costs $54.99, and each additional state where you file your taxes costs an extra $36.99.
Home and Business. This edition is recommended for those of you who own a business or are a sole proprietor. The main advantage of this version is that you will be able to maximize your business tax deduction taking depreciation into account. This includes the income and expense reporting of your small business, as well as all the benefits provided by the above mentioned TurboTax editions. This edition includes a free e-file and is priced at $79.99. Each additional state where you file your taxes will cost an additional $36.99.
updated Feb 15, 2016
Katrina Gutierrez is a writer at GET.com, a lifestyle and personal finance website. Email: firstname.lastname@example.org.
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