TurboTax Review 2023 – CBS News

Tax season is fast approaching, but if you’re not one of those many File their returns early, You still have time. This year’s official tax deadline is April 18 – a few days later than the normal federal deadline of April 15.

per File your returnYou can complete them manually, hire an accountant or invest in one of the many Tax preparation services The most popular of these services available in the U.S. is TurboTax, which accounts for about 73% of all tax prep services, according to Bloomberg measures the second.

Are you thinking about using TurboTax to file your tax return? You can get started with TurboTax right here.

What is TurboTax?

TurboTax is a type of tax preparation software. It’s been around since 1984 and is now the most used tax program in the U.S. At its core, TurboTax is designed to walk you through the process. Filing your taxes online. It can also help identify you deduction You may not know you qualify for it.

TurboTax comes with different levels of tax support. The most basic version is a guided path to filing your taxes. The paid version gives you access to live tax experts. You can ask them questions along the way or have them prepare a complete return for you.

Here’s how TurboTax costs break down per version:

You will notice a free version of the software. According to TurboTax, this version is only for use with the simplest tax return — meaning only those filed using IRS Form 1040. If you want to itemize your return or attach any forms or schedules, you will need a higher level of service.

Explore your TurboTax options here now to determine which version is best for you

TurboTax Professional

TurboTax’s biggest advantage is that it can help you identify valuable deductions and Your refund is max. In fact, there is even one Maximum return guarantee

This can save you money on your tax preparation services. According to National Society of Accountants, the average cost to file a federal return with a CPA ranges from $220 to $323, depending on whether you itemize your return. It can be much more expensive (up to $903) if you need special forms such as Form 709 (for gift taxes) or if you operate an S corporation.

TurboTax includes free audit support at all levels, so if you find yourself in the middle of an audit, you can consult the company’s tax professionals for help. And there is an add-on product called MAX that includes audit representation and defense.

Finally, TurboTax lets you Do your taxes completely online. There are no in-person meetings, and you can stop and start your returns as your busy schedule requires. It’s easy to get started!

Turbotax cons

On the downside, TurboTax doesn’t offer expert help with every package, so if you opt for the free and basic version, you may need more guidance along the way.

There is also no physical location like H&R Block and other similar services offer. If you’re not well-versed in the tax process or need extra hand-holding with your return, this can be a dealbreaker.

Last but not least, TurboTax is not ideal for those with complex tax situations. If you have a more complex tax situation, you may be best served with a dedicated accountant who can get to know your financial situation personally. Online guidance may not be sufficient to properly file your return or maximize your refund.

How should you file your tax return?

The best tax filing option depends on your financial situation and the complexity of your budget. For most taxpayers who only need a basic 1040 file, TurboTax can be a great option, offering expert guidance at a low cost (or even free, in many cases). If you need more, however, it may be worth looking into other offerings in your area or, at the very least, talking to a local account about their services and fees.