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TurboTax Online 2024-2025: Tax Software & Pricing

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Consultants are required to pay self-employment tax on your net earnings from self-employment. This includes your consulting income, as well as any other income you earn from freelancing, consulting, or running a side business. Self-employment tax is a combination of Social Security and Medicare taxes. There are still some difficulties like finding all of the forms, dealing with the frequent upsells, and so on. Fortunately, the app walks you through the process and makes it very clear when you need specific forms and which information you’ll need to enter. Just head to their online taxes page, select which items apply to you, and you’ll get a suggestion.

TurboTax Customer Service

TurboTax charges up to $139 for federal tax filing ($64 per state) for its costliest do-it-yourself tax package. If you need a tax professional, such as a TurboTax expert or CPA, to review your return, TurboTax charges up to $209 for federal tax filing and an additional $64 per state. The first three service tiers for TurboTax’s online service are more suited for personal taxes.

Access additional help, including our tax experts

Another aspect of the TurboTax user experience that I appreciated was that my tax due how much does turbotax self employed cost / refund amounts were ever-present in the upper-left-hand corner of my screen. I did not find this feature when testing H&R Block, though H&R Block did periodically let me know my tentative refund amount. If you have any semblance of complexity in your tax situation whatsoever, you’ll likely need to pony up for one of TurboTax’s paid editions, be it the Deluxe, Premier, or Self-Employed. TaxSlayer’s Premium or Self Employed versions offer tax assistance, but it’s limited to guidance.

TurboTax takes much of the complexity out of tax preparation by offering a guided, user-friendly experience that supports a wide range of tax situations. The desktop version is installed on your computer, allowing for offline access and local data storage. Both versions support state tax returns, though additional fees may apply. Tax season can feel overwhelming, but the right software can simplify the process. TurboTax is one of the most popular tax filing options, known for its user-friendly interface, step-by-step guidance and features designed to help filers maximize refunds while minimizing errors.

• Although TurboTax offers an easy-to-use process with helpful interview-style questions and many ways to obtain help when needed, it’s a bit pricier than its competitors.
• Embrace TurboTax’s convenience, file confidently, and make tax season a breeze yearly.
• Eventually, for more complex tax situations, you may need additional documents like mortgage statements or other detailed financial information.
• Our software will allow you to securely upload your tax documents to our system.
• The only time you are (or should be) connected with an actual tax expert is when you request and schedule a final review at the end.

TurboTax Paid Editions

They’ll guarantee your taxes are done 100% right, with every dollar you deserve. With Live Assisted, you prepare your taxes at your own pace and on your own time by answering simple questions about your life and taxes. When you need help from a tax expert, just select the “Live Help” button, and we’ll connect you.

What is TurboTax Audit Defense?

Get quick answers from our live human specialists, online FAQs, or customer forums. We’ll help you determine what you can deduct and do all the calculations for you, along with tips on how to best manage your home office deductions. We’ll figure out if you get a bigger deduction by claiming actual expenses or by using the standard mileage rate.

To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. You’ll only need your email address and a phone number to get started. Whether you’re getting started or been self-employed for a while, we’re uniquely designed for independent contractors, gig-workers, and freelancers. Rather than wait for your tax refund check to arrive in the mail, you can choose to have it automatically deposited into your bank account. If you have net earnings from self-employment of $400 or more, you’ll also need to file Schedule SE (Self-Employment Tax). Note that the 12.4% Social Security portion of the self-employment tax applies only to earnings up to a certain limit (the Social Security wage base).

The primary drawback is that direct tax professional support is limited to premium packages. The software’s intuitive design and quick filing process are key strengths. While the premium versions offer the best features, the free version could use more detailed tax concept explanations. Okay, after inputting all of our data, we went back and cleared the whole shebang!

While these features offer peace of mind, it’s important to note that audit support is limited to guidance rather than full representation. While active-duty and reserve military members may be eligible to file their federal and state tax returns for free. At $44.99, TurboTax MAX will provide Audit Defense for when IRS has their eye on you.

As a CPA, I’ve used countless types of tax return preparation software over the years, so I love digging into the details whenever a new edition is released as well as sharing with my readers my take on it. Although TurboTax offers an easy-to-use process with helpful interview-style questions and many ways to obtain help when needed, it’s a bit pricier than its competitors. TurboTax has long been the most popular do-it-yourself tax software option, thanks to the company’s focus on design and user experience.

TurboTax Security

• You’ll only need your email address and a phone number to get started.
• Features like document import and deduction-finding tools can help maximize your refund, but it’s important to consider whether you actually need the higher-tier upgrades or expert help.
• You can either buy the CD and install the full software or access the software through TurboTax’s website.

Prices for paid products are determined based on the product you use and the time of print or e-file and are subject to change without notice. Filing your taxes early not only helps you avoid the last-minute rush but also reduces the risk of errors and delays in processing. TurboTax allows you to file your taxes as soon as you have all the necessary information, giving you peace of mind and ensuring timely submission. Additionally, be vigilant in reviewing your tax return for accuracy and completeness before filing.

Deluxe is suitable for homeowners and those with itemized deductions, while Premium caters to investors and individuals with rental properties. Self-Employed is designed for freelancers and small business owners who need support for self-employment income and deductions. By understanding the features and suitability of each option, taxpayers can choose the package that best aligns with their tax needs, ensuring accurate and efficient tax filing. The Federal Free Edition is reserved for the simplest tax situations (no businesses owned, no deductions, no credits, and no previous taxes owed). It lets you file 1040EZ or 1040A forms for federal and state returns for free. However, its coverage is limited and doesn’t support most tax schedules.

In our testing, we did find some drawbacks that you should be aware of. If your small business accepts cryptocurrency as a payment method, you need specialized tax assistance. Last year, TurboTax introduced a feature that allows users to report cryptocurrency gains or losses. Even though there are multiple service tiers under the Intuit TurboTax umbrella, small business owners should choose either the TurboTax Self-Employed online package or the TurboTax Business application. The following features were just some of the highlights that we found. You’re required to file Form 1040 (Individual Income Tax Return) and Schedule C (Profit or Loss from Business) with your tax return.