Using TurboTax to do your 2007 tax preparation!

Posted on March 7, 2007 at 5:31 pm

Tax time is coming up and thankfully for TurboTax I was done a month back! I am going to give my review of TurboTax becuase that’s the product I have used over the last two years and it’s made my life a lot easier come April 15th. I know there are two other program out there, TaxAct and TaxCut, but I have not actually used these two. However, there is a good review of all three of them which you can reach from the link at the bottom of the post.

If you don’t like taxes and don’t understand 99% of the tax laws on deductions, credits, etc, then TurboTax is for you! you really do not have to KNOW anything other than knowing where all your tax documents are. It takes you step by step through every possible income source and every possible credit you can think of! And the great thing is the software automatically updates itself, so if there are any new deductions or credits, it will notify you and you simple enter your information to see if you qualify.

When doing my taxes, I got tax credits for things I hadn’t even thought I could deduct! There were over 22 categories for deductions! And the best part about it is that it calculates your tax refund instantly, so while you plug your numbers in you can see exactly how much you’re going to be getting back (hopefully!).

The program also has a Life Events planner that will try to determine what your taxes will look like for the next year in case you have a “life event” such as getting married, buying a house, having a baby, one person quits their job, etc.

And once you’re done, you can file your return for $14.95 and get your refund deposited into your bank account in 10 days! It’s a great piece of software and can handle a lot of different situations!

Another benefit of using TurboTax is that if you are using Quicken software to manage your spending and expenses, you can easily import that data into TurboTax and it’ll calulate everything out for you (charitable contributions, etc).

Here’s the link to an article that gives a breakdown between the three major tax programs:

http://gizmodo.com/gadgets/feature/frankenfight-best-tax-software-242129.php

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