As we enter tax season for 2010 taxes, there’s no better time than now to review the most popular tax software for personal and small business tax preparation, Turbo Tax 2010. The 2010 version was recently released and currently offers four different federal products to help consumers file their tax returns online.
I’ve used Turbo Tax almost every time I’ve filed my tax returns and not once have I run into a problem. The process of filing your taxes is very simple with Turbo Tax and they currently have four different product variations that allow you to file your federal taxes online, depending on the needs of you or your business.
Turbo Tax Products
Turbo Tax Free Edition (FREE) – The Turbo Tax free edition is the edition I’ve been most familiar with, as the process of filing a tax return is quick and easy. If you find yourself in the position of having a simple tax situation, such has having one corporate job throughout the year with few deductions, then this is the edition for you. To file, you’ll still need important tax information like your W-2 and any other proof of income but from start to finish, the entire tax filing process, including checking for errors won’t take more than an hour.
Turbo Tax Deluxe Edition ($29.95) – The Turbo Tax 2010 Deluxe Edition is discounted $20 from it’s usual price of $49.95 and is ideal for anyone with a slightly more difficult tax situation, particularly one that files itemized deductions or has obtained income from more than one job. The Deluxe Edition is also recommended by Turbo Tax for anyone that has filed with them the previous year. Things like medical expenses and mortgage interest are crucial when filing your taxes and that’s exactly the area that the Turbo Tax Deluxe edition specializes.
Turbo Tax Premier Edition ($49.95) – For those with investments, whether in stocks, properties or other areas, the Turbo Tax 2010 Premier Edition is the wise choice. As an investor, the rules for reporting profits and losses can be messy, especially if you’ve never done it before. New forms and required information is needed to make sure you’re not audited and even though the price is a bit high for an online federal file, it is discounted from it’s usual cost of $74.95, a $25 savings.
Turbo Tax Home & Business Edition ($74.95) – Last but not least, the Home and Business Edition of the 2010 Turbo Tax product line is the ideal choice for anyone who owns their own business or is a sole proprietor. My personal tax situation requires this type of software as self employment taxes and deductions are abundant now that I work from home part-time. Unfortunately, the cost of $74.95 is not enough to write off as a sole-proprietor (as you need to spend around $115 or more I believe for a write-off) so I hope to have my employer pay for the costs. Did you hear that employer?
Note: If you need to file state tax returns, that will cost you an additional $27.95 if you use Turbo Tax to file your federal taxes for free OR an additional $36.95 in any other scenario (different federal package or none at all).
The 2010 Turbo Tax line of online tax software products is perfect for anyone and everyone and you can bet this is the place I will be filing my tax returns this year. The refund process is always super smooth and with their error checks and audit support, I should spend another year, audit free.