TurboTax – Easy Way To Compute Tax Return

TurboTaxTurboTax is a tax preparation software that was created by Intuit, Inc. This software is said to help individuals to easily compute their tax returns. There are different versions of this software which are:

1. Free Edition: For those who have simple tax return, this edition will be perfect for you. It makes all the search needed to find all tax credits that you are eligible for. Then you are guaranteed to get the biggest tax refund.

2. DeLuxe: This edition was created for you to take advantage of all the deductions that you are eligible for. This applies to to the following people:

  • Own a home
  • Made a donation to charity
  • Have certain education or medical expenses
  • Have childcare expenses
  • Have plenty of deductions

3. Premier: This version helps you to get more out of your rental property and investments deductions. This applies to people who:

  • Sold stocks, bonds, mutual funds, or options for an employee stock plan
  • Own property for rent
  • The beneficiary of an estate or trust (received a K-1 form)

4. Home and Business: This is to help you take advantage of business or personal deductions. This TurboTax version fits those who:

  • Are a sole-proprietor, consultant, 1099 contractor, or single-member LLC
  • Receive income from a sideline or self-employment
  • Prepare W-2 and 1099-MISC forms for employees or contractors
  • File their personal and business taxes together

5. Business: For those who have a business of their own, now you can compute business tax returns on time and with less money to spend. This TurboTax version helps you to cover the following federal business tax returns:

  • Multi-Member LLCs (Form 1065)
  • Partnerships (Form 1065)
  • S Corporations (Form 1120S)
  • C Corporations (Form 1120)
  • Estates and Trusts (Form 1041)

In addition, Business edition will work perfectly for those business which are:

  • An S Corporation, C Corporation, partnership, or multi-member LLC
  • Has revenue of not more than $250,000
  • Has less than five employees

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