When the time comes fast approaching to do your tax return for the IRS you may think that you could do with a helping hand.
Thankfully TurboTax 2013 online from Intuit will be released, this can be a great time to take advantage of software that has the ability to prepare your tax returns and calculate tax refunds at the click of a button.
Each tax year things change in how tax is calculated for businesses and individuals. Sometimes personal exemptions decrease or increase, allowances for married couples and families can increase. You need to keep abreast of all changes in the tax industry.
No one wants to pay more tax than they have to, or on the other side of the coin they don’t want to be a debtor to the taxman either. It really is a minefield when it comes to changes to the tax industry, this is why something like the online version of TurboTax makes it easy to do your taxes.
So what can TurboTax do for people unfamiliar with the software?
You could say that it is easier to list what it doesn’t do. TurboTax has so many features available, regardless of the size of your company or if you are just a one man band.
A big misconception about the software is that you have to pay to use any of the features available. This is not the case, there are parts of the software that are totally free to use, but the functionality is capped at a certain level of income, if you go over this you do need to pay a fee.
TurboTax can estimate the amount of tax that you would be due to pay at the end of the tax year by just entering some basic information into the software. If you are working out if you are due a tax rebate then it can also give you an estimation if and what amount this would be.
It also gives you key information that details whether you can utilize benefits such as child tax credit if you have qualifying children and savers credit.
Why use TurboTax over an accountant?
If you can use a computer and enter a few numbers then you should give TurboTax a try. Even for the paid version it is only a few dollars, where you may be paying hundreds of dollars to an accountant. After all if you have
the latest version of TurboTax then you have all you need for filing your tax return.