December 19, 2020

Best Tax Software 2020

Best Tax Software 2020 if you are looking for top-of-the-line tax software so that you can DIY your tax returns for the 2019 2020 year you're probably considering turbo tax we've all, heard of turbo tax in this video I am covering a review for the 2019, 2020 software and what you need to know in terms of pricing to get your taxes done with turbo tax hey guys welcome back to the college investor investing and personal, finance for Millennials we're talking about turbo tax today and we all know that this is a major player and the tax software industry and so I. Was wondering what exactly are you getting with turbo tax and is it really, free you may be able to file your taxes for free with turbo tax under a very, specific condition and that is if you are a w-2 income earner and if you qualify for the Earned Income Tax Credit or the child tax credit so, if you have those one of those two things, plus the w-2 you could file at your federal and your state return for. $0 however you can't take any other deductions so if you have things like pain on student loan interest or you have a health savings account. You wouldn't be able to qualify for that free plan you'd have to upgrade to the deluxe or the premier plan and let's go over those pricing, packages on turbo taxes website okay so turbo tax has a couple of different plans for you depending on your situation. So I've covered the.

Free Edition but I think most people are probably going to align with the deluxe edition or the premier edition so LX is $40 and then you'll get to add some homeowner tax, breaks it looks like you can get some one-on-one help from a turbo tax specialist. All these different things and then I like how it has a breakdown of okay I could get, tax deductions here mortgage of property deductions and so on you may even end up falling under the premier plan which. Is seventy dollars in which you can auto import your investment info and tax data which is a big time-saver I definitely appreciate being able. To import forms rather than typing them and manually it leaves less room for error and if you are self-employed then you'll be looking at the, 90 dollar self-employed plan what I like about this one is it also includes one year of QuickBooks in. Fact if you are a QuickBooks user now you can import your data directly in a TurboTax which saves time however. If you are just getting started and you want to add QuickBooks to your business plan you can, get that if you've not been a QuickBooks user in the past and it's true that TurboTax often has high prices in fact, we found, that they are at the top of the market when we compared these to other software companies out there so you'll want to do your due diligence I wouldn't recommend, the deluxe or the premier plans if price is a deciding factor for you also a side note TurboTax it tends to adjust their prices, throughout the tax season so you'll want to lock in your rate early on that's typically in December.

In January when the prices will be offered at its lowest, so if you plan on doing deluxe premier or self-employed you'll want to lock in those rates as soon as. Possible once you have aligned with the right plan for you you can go ahead and jump into the tax software let me show you a complete walkthrough of what the TurboTax. Software looks like once you're inside when, you first get started with TurboTax you'll need to obviously sign up if you have been. A previous QuickBooks user or a mint user you can use the same login information to log into TurboTax I'll go ahead and use new information so you can see exactly what it looks like when you sign. Up for the first time when you. First log in there will be a screen to point you in the right direction so you can click on any of these little boxes.

And then it'll take you to the right step so I'm going to select that I have a job at w-2 and if I click on anything else it's. Going to recommend the right package for me so when I clicked. I'm self-employed then it's going to recommend the self-employed plan so for a simple w2, return it's going to stick us into the free edition so let's go ahead and click file for. $0 then you'll consent to providing your information through the software and then it'll just prompt you through the different questions.

I really like how simplified the dashboard is there's not a whole lot of areas to click out of and I think the questions are really straightforward I don'.

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