TurboTax Deluxe Tax Software
Here we are coming into the 2016 - 2017 tax season and as if the tax code wasn't confusing enough, we still have to deal with how to conform to the new health care act and avoid tax penalties.
It does this by helping you take advantage of tax deductions that can lower your taxable income significantly. Additional tools like the TurboTax Online Health Care Hub helps you comply with the health care tax laws and determine who qualifies for a health care subsidy.
TurboTax Deluxe Tax Software is Available in Two Formats
- TurboTax Deluxe Online Internet Tax Preparation
- TurboTax Deluxe Download / CD Installation Desktop Software
Nevertheless, it's up to each of us to insure we don't pay more in taxes than we have to. Deluxe tax software is designed to help us do just that! Save some cash!
Tax Deduction come in all shapes and sizes so finding some should be easy. However, finding every one you can qualify for is a task that you may need help with.
Here is Why TurboTax Deluxe is the Most Popular Tax Software Edition Used By Taxpayers Today
Our review show us that the TurboTax Deluxe Tax Software Edition walks consumers through a formatted procedure to search out tax deductions that can be applied to your tax return. These deductions come from everyday life events that we all experience. With TurboTax Deluxe you can use deductions to offset your wages for a lower taxable income. Common everyday deductions include:
Home Mortgage: Your home mortgage interest is deductable with TurboTax Deluxe. This includes any interest paid on your primary residence as well as a second residence, some limits may apply.
Home Equity Line: Interest on up to $100,000 borrowed on a home equity loan or line of credit is deductable as well, regardless of what it was used for. Great way to get a cheap loan.
Mortgage Points: If you paid points when you purchased your home, or if the seller paid points for you, they may be deductable.
Property Taxes: Property taxes you paid, and even any prepaid taxes that you may have reimbursed the seller for are deductable. These are taxes the seller had already paid before you took ownership.
Private Mortgage Insurance: If you purchased a private mortgage insurance premium on your home after 2006. However, this deduction expires after 2013 and it is adjusted based on your gross income.
Medical Home Improvements: Home improvements you make that are required based on medical needs and medical care, may be deductible.
Tuition and Fees Deduction: You may qualify to deduct education expenses paid for yourself, your spouse, and your dependant's. These deductions can reduce taxable income by up to $4,000.
Tuition is deductable for eligible educational institutions including any, college, university, vocational school, or other postsecondary educational institution participating in student aid programs administered by the U.S. Department of Education.
Related expenses are deductable for student-activity fees and expenses for course-related books, supplies, and equipment only if the fees and expenses are paid to the institution as conditions of enrollment. Education deductions can also enhanced by dependant tax credits and deductions that are available to many taxpayers.
Education expenses are not deductable if your filing status is married filing separately, or if another person claims you as a dependent.
You are eligible for medical expense deductions if your total medical care expenses for the year exceed 7.5% of your adjusted gross income. You may deduct only the amount by which your total medical expenses exceed the qualified adjusted gross income.
Medical and dental expenses may be deducted for yourself, your spouse, and dependents. Calculate deductions on Form 1040, Schedule A.
TurboTax Deluxe Helps Maximize Tax Deductions
With TurboTax Deluxe Tax Software you can maximize deductions by searching thru more than 350 tax deductions and credits to see what applies to you. This may seem like a lot of work, but this software is designed to help you find the tax benefits that may be applied.
TurboTax ItsDeductible™ is an additional tool that is free for TurboTax users and helps to turn charitable donations into big tax savings. This tool is available for online use and by download as a mobile app. It allows users to add donations for easy import into TurboTax software. Easily enter charity donations all year-round to be prepared for tax season.
We Reviewed TurboTax Deluxe Tax Software Compared To Three Other Top Rated Deluxe Tax Software Brands Including, H&R Block At Home, eSmartTax And FreeTaxUSA
The noticeable difference with TurboTax Deluxe was how it went well beyond the common characteristics of Deluxe Tax Software editions to cover many features commonly found in the Premier and Home and Business Tax Software Editions.
This review showed us that you can cover a lot of variables with the deluxe edition so long as your needs are not particularly complex (you don't have to create employee and contractor W2s or 1099s).
TurboTax Deluxe Gets To Know You Personally!
The TurboTax Deluxe Edition gets to know you personally by asking basic questions about your income and family situation along with any changes in your life that would alter your tax filing situation. Based on answers to these questions it searches thru more than 350 tax deductions and credits to insure that you getting the biggest possible refund, or lowest tax bill, Guaranteed!
Each one of the Deluxe tax-preparation software programs we reviewed worked under a similar format of filling in fields that are eventually applied to IRS forms for submittal. This is guided by a wizard-like process through any categories required for your specific tax filing situation. Questions and options are posed for your response to provide the data required to complete the tax data entry process.
TurboTax Deluxe and the competitors provided an organized framework for entering common 1040 data along with information required to complete other commonly used forms and schedules (A, B, C, D, 1098, 1099-INT, and more). This helps make the process straight forward.
TurboTax Deluxe Accurate Calculation Guarantee
All calculations that the TurboTax Software performs are guaranteed to be accurate. However, each one of the competitors offers that same guarantee. This is based on the information you provide. Should you provide inaccurate data, the calculations will be accurate by the software, but not with the IRS, and not IRS guaranteed.
TurboTax Deluxe Easy Access Menu & Navigation
With a familiar look, TurboTax Deluxe Tax Software offers a horizontal navigation menu that runs along the top of the page and contains the primary tax preparation sections. You can click and jump to any of the specific sections to enter data should you think of something you don't want to forget. Another box above that keeps you posted on what your current tax obligation is as you proceed thru the tax preparation process.
The right side of the page offers support in the form of a help section and live community where you can see questions and answers other TurboTax users have posted, or ask a question to get an answer for yourself. It's a great way to get quick support.
There is also a section that notifies you of "Flags" or problems with your data entries like missing information or questionable entries.
Tax support is overall more accessible with TurboTax than the competitors although H&R Block and eSmartTax have widely improved their support systems over the last several year.
In the tax preparation interview process you will encounter explanatory text that often accompanies tax questions that are presented. Hyperlinked also support terms or phrases that are presented so that you have written clarifications on terms you are not familiar with.
There is also a "Contact Us" button where you can enter personal contact information and your question for further support. However, you can also use the free phone and chat help that will most likely take less time to get the answers your need.
TurboTax Deluxe 2016 - 2017 Tax Software Review Results Are Positive!
Overall, TurboTax offers easy navigation with simple but thorough explanations as you move through each section of the tax preparation process. This starts with an interview process that is designed to reduce time spent on unnecessary sections that don't apply to your filing needs.
Learn more links and hyperlinked phrases are very helpful time saving features that keep you moving at a good pace instead of stuck in the boondocks trying to figure out some confusing tax jargon.
TurboTax has organized the filing format well to to streamline and hopefully—simplify the data entry process This in turn should accelerate the time you spend on your tax preparation journey preparing your 1040 tax return along with the accompanying forms and schedules that are needed to insure your IRS filing is complete.
While all the Deluxe Software brands offer a good experience, TurboTax Deluxe is our top choice to keep you from pulling your hair out or ending up out in left field without the tools you need to avoid getting yourself all worked up in a tizzy over stress and confusion.
It's our Top Choice, Give it a Try!