TurboTax is a user friendly self-preparation tax program, which simply means it is money well spent if you buy it. TurboTax will normally ask you questions as part of its interview process and based on the answers you feed it, the software will guide you to the next section. This tool is also popularly referred to as the "GPS system" since it maps out the tax preparation for you.
The concern for many people is not whether or not to buy TurboTax, but the question which TurboTax should I use? There is Home and Business, Premier, Deluxe and Basic version. It is up to you to choose one depending on what it is happening in your life.
You might be wondering "which TurboTax I need". Before you think about this question, you have to know that every new version is based on the old version and only new features and tax forms are added to it. As already mentioned, the program will take you through an interview and you will only have to fill in the appropriate answers. TurboTax will then double check the information you entered in and it will then calculate your tax returns based on the given data.
While considering which TurboTax you should buy, you may also look for a program version that will be able to import tax data from the previous version or from QuickBooks and Quicken. Even if it is simple to use, every version of the TurboTax will also allow you to call a tax professional for only a small fee. TurboTax lets you e-file up to 5 tax returns free of charge.
If you have finished comparing TurboTax versions, you can buy it online so that you can get the CD in the mail or you can download the program directly. After you have bought a CD, you will need to update it online because during the time from when the CD was published, some updates may not have been available. This is why it is always better to buy the downloadable version.
When it comes to the TurboTax version comparison, it may depend on your own situation. TurboTax Basic is going to fit your needs only if you have a simple income, you have to make payments on the cars, you have interest income from a bank, and you have children at home. The Deluxe version is for someone who has more complicated tax returns, while Premier is good for someone who deals with bonds and stocks and other investments.