My review is mainly based on the 2009 version, since I don't have 2010 yet. Turbotax is a great product. In 2008, I paid $250 to a CPA. He wanted $400 last year, so I decided to give Turbotax a try. It was extremely easy, and now I have a better understanding of the tax process, so I regularly can keep an eye out for potential tax deductions during the year. In fact, I actually caught a mistake that my CPA made (which was a pain to fix!).
The thing that I really like about this product is that it really walks you through the process well. Its great for someone like me who was previously confused by the tax process. Also, I LOVE the turbotax community forums - where I learned a lot of valuable information. The cool thing is whenever you are filling out details on a particular topic, the software will suggest certain discussion threads that are relevant to that topic. So in the rare cases where Turbotax can not answer your questions, the community usually can.
I also like the fact that you can enter in the details through the "form" format, which is basically like entering directly into the IRS forms. You can also switch between this, and the user guided mode, so whatever you enter in the forms will be populated in the user guided mode (and vice versa).
I ordered the downloadable version from Amazon.com. I have used turbo tax for several years. This is the first time I ordered a downloadable version. However, I cannot install this file because it always give errors on .NET framwork. I googled online. This has been a problem for turbotax for some time. It is not easy to fix it. Being a downloadable version, it probably has tougher requirement on identifying user authenticity. I never had this problem with the CD version.
I called turbotax customer service and spent 30 minutes speaking slowly with a lady in India. Finally, she is going to mail me a CD version for free.
I should have spent the extra 2 bucks and bought the CD version at the beginning.
I have been a Turbotax user for quite a while, and have definitely seen a progression in quality and features of the Turbotax product. I remember last year, there were some installation issues for some. Turbotax 2010 downloaded and installed on my Windows 7 64-bit quickly and without issue. After executing the program, it immediately downloaded some updates and I was ready to get to work.
As usual, the State software is included free. This year, the integration with the State software seems even better. While the State download wasn't available yet, it gave me options for notification and what the status of availability was.
There doesn't seem to be many new features over last year, in fact, as far as I can tell, they don't come right out and say what is new over last year. However, the ones that are there are very nice:
* The Live Community is integrated even more into the software and is a handy feature. It is context sensitive, so the most popular questions for each section appear when you enter that section.
* There is also a Flags section which allows you to easily mark sections to work on later, which has proven valuable when trying to complete forms for which you only have preliminary data.
* Switching between Forms and Interview seems to be smoother as well, and there seems to be several ways to navigate to exactly the data you want to work on.
* It seems to be all about options, for many areas, the software offers you multiple ways of calculating the data so that you get the best possible return.
* Finally, ItsDeductible is still integrated and is a great tool.
Tax software has a unique problem; the features are to provide the smoothest and fastest tax preparation as possible. So, the better they make the product, the less time I need to work with it.
I plan to update this review as I complete my personal/business returns.
** UPDATE 12/28/2010 **
2010 figures are summarized side by side with (imported) 2009 figures, which is very helpful in identifying data that you might still need to enter.
I found that the set of guided questions about entering home office information misleading. Once a home office is added, you must click the Edit button to continue entering more information or else your entry will be incomplete, even though there is really no easy way to tell. That button should be a Start/Update button as found in other sections.
Yes, it is still preliminary, but on the Final Review section it does indeed provide a list of forms that haven't been finalized yet, and an expected due date for each. So you do have some idea of what calculations may change.
TurboTax Home & Business was designed to help you take full advantage of your personal and business deductions so you get the biggest tax refund possible, double-checking for accuracy and identifying missing deductions and credits. Includes free Federal E-File.
Everything you need to easily do your personal and business taxes.
Guides you Step by Step through Self-Employment Income, Deductions, and Credits for your Biggest Tax Refund
Customizes questions based on your business profile (sole-proprietor, consultant, 1099 contractor, and single-owner LLC) and gives you step-by-step guidance for entering income and expenses.Helps Find Small-Business Tax Deductions
Shows you which expenses you can deduct for your vehicle, supplies, utilities, home office expenses, and more, so you get every business deduction you deserve.Identifies Industry-Specific Deductions
Walks you through tax write-offs by industry to help you spot commonly overlooked deductions.Gets You the Biggest Vehicle Deduction
Shows you whether you'll get a bigger deduction using actual expenses or the standard mileage rate. Provides extra help for splitting vehicle expenses between business and personal use.Makes Entering Income Easier
Shows all business income types on a single page so you know you've covered all sources of business income.Creates W-2 and 1099 Forms
Helps you prepare unlimited forms for employees and contractors. Does all calculations and prints on plain paper. No special forms needed. Mac users must have Internet access to create W-2 and 1099 forms.Simplifies Asset Depreciation
Helps you determine which depreciation method will get you the biggest deduction, then guides you through calculating and reporting depreciation.Streamlines Expense Entry
Walks you through all expense categories and provides additional tax deduction suggestions along the way so you can maximize your savings.Offers Extra Guidance for New Businesses
Shows the startup deductions new businesses can take.Also includes everything in Premier:
Helps You Get the Most from Your Investments
Imports Your Investment Info
Saves time by automatically importing your investment info directly from your financial institution.Helps You Accurately Report Investment Sales
Walks you through reporting sales of stocks, bonds and mutual funds. Automatically calculates capital gains/losses and keeps track of those that carry over to future tax returns.Determines Your Cost Basis
Finds your accurate purchase price for stock sales, in three easy steps.Helps with Employee Stock Plans
Guides you through reporting sales and automatically determines your correct basis for selling shares purchased at different times or different prices.401(k) Maximizer
Shows you how to increase your 401(k) contribution without decreasing your take-home pay.Helps You Find Every Rental Deduction
Finds over 20 deductions for landlords, from travel to advertising to repairs to insurance.Shows Your Best Rental Depreciation Method
Simplifies reporting rental property depreciation and shows which depreciation method will get you the biggest tax deduction.Maximizes Refinancing Deductions
Guides you through deducting points, appraisal fees, recording costs, and more so you don't miss a single chance to save.Helps with New Rental Properties
Shows you step by step how to set up new rental properties.
Why TurboTax Home & Business is the easiest choice for you...TurboTax Home & Business was designed to help you take full advantage of your personal and business deductions so you get the biggest tax refund possible.
Choose TurboTax Home & Business if any of the following apply to you:
- You are a sole proprietor, consultant, 1099 contractor, or single-owner LLC
- You receive income from a side job or self-employment
- You prepare W-2 and 1099-MISC forms for employees or contractors
- You file your personal and business taxes together
Why make the switch?TurboTax is easy and it could save you money.
| Leading Tax Store | TurboTax | |
|---|---|---|
| Asks you questions and fills in the right tax forms |  | |
| Gets you every deduction and credit you deserve | | |
| Tips and advice tailored to your unique tax situation | | |
| Support in case of an audit (fees may apply) | | |
| Handles tax impact of changes in your life | | |
| Years of expertise to help answer your questions | | |
| Up-to-date with all the latest tax laws | | |
| Federal efile included at no extra charge | | |
| Prepare and file your taxes anytime, 24/7 | | |
| Do your taxes yourself, without leaving home | |
Finds All Tax Deductions and Credits You Deserve to Get Your Biggest Refund
Start your return and efile with Turbotax today. Intuit will submit your return when the IRS starts accepting them on January 14, 2011. The IRS will email you a confirmation within 48 hours.
Product Description
If you are a sole proprietor, consultant, contractor or single-owner LLC, TurboTax Hone and Business is the right choice for bug tax savings. Includes one free state preparation and 5 free Federal e-Files—receive IRS confirmation and get your refund in as fast as 8 days. State e-File available in certain states for an additional fee.
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