TurboTax Online Tax Software 2010 Review

No Easier, Faster Way to Get Your Biggest Possible Tax Refund – How so?

TurboTax 2010 is all about making things easier and more accurate this year.

They take out the hassle of manually entering your information by automatically filling in:

• Your earnings and account information from your job, bank or credit union
• Info from last year’s tax return, even if it was prepared using different software
• Any income you received in interest, thanks to the integration with Mint.com

Yes, they’re still the GPS for your taxes, guiding you through the entire process. Features include:

• Recommendations for what you should deduct or credits based on your personal situation
• All the tax laws have been updated in the system
• Keeps you informed as to how much you’re saving every time you add a deduction or credit
• A clear summary of what you should expect
• If you make a mistake, TurboTax will let you know right away
• If you’re having trouble with one area, you can flag it and come back later
• If you need any help along the way, there’s an extensive FAQs section, free customer support, expert advice (for a fee), or you can tweet them at @TeamTurboTax

The cool thing about TurboTax.com 2010 is that they have an Audit Risk Meter, which will show you what kind of things draw attention and could increase your chances of being audited.  There’s also a download available to guide you through the process in case the IRS calls you.

When it comes to your refund, you have the option to deposit some or all of your refund deposited onto a prepaid debit card, the TurboTax Refund Card, which is helpful if you don’t have a bank account.  If you do have a bank account, you can deposit your refund in up to three accounts.

You can choose between five TurboTax packages: Free Edition, Basic, Deluxe, Premier, and Home & Business. You can start them all for free, and choose which one works best for you, and pay when you file.  Some people are beginners and need help step-by-step, others have additional properties that may need more detail.  Whatever your situation, there’s a package for you.

TurboTax Online Free (Free)

The Free edition is for those with simple returns (1040EZ, 1040A, and 1040) who can do the return themselves without the step-by-step guidance that paid editions of TurboTax offers. (Learn more about the Free Edition.)

TurboTax Online Basic ($19.95)

This package is for beginners,with a basic return, who need guidance along the way.  Feel confident that you will have accurate information and all the help you may need.

• Transfers last year’s tax info to help ensure accuracy and save you time
• Imports W-2 and 1099 forms from over 100,000 employers and financial institutions
• Free technical support by phone

(Learn more about the Basic edition.)

TurboTax Online Deluxe ($29.95)

If you want the most bang for your buck when it comes to deductions, this is the package for you.  You get all the perks of the basic package, plus the ability to see how your taxes will change when your life does.  You also get the chance to find deductions you may not have known about, and reduce your chances of an audit.

Everything in Basic, plus:

• Quickly searches for more than 350 deductions
• Gives you accurate values for your donations
• Alerts you to audit risks and offers tips to reduce your chance of an audit

(Learn more about the Deluxe edition.)

TurboTax Online Premier ($49.95)

For the more sophisticated filer who has more to report, the Premier package gives you the benefits of the Deluxe, but also helps you figure out the best options for your investments and rental properties.  This includes your retirement accounts like 401(k)s and IRAs, and little known deductions of being a landlord from advertisements, insurance and more.

Everything in Deluxe, plus:

• Calculates gains and helps you deduct investment losses
• Finds tax-saving rental property deductions
• Guides you through reporting sales from employee stock purchase plans (ESPP)

(Learn more about the Premier edition.)

TurboTax Online Home & Business ($74.95)

The all-in-one package has everything mentioned above, and more!  If you need to file taxes for your home life and your business, look no further.  This is excellent for those who are self-employed and operate as sole proprietors, LLC owners, consultants or contractors who file a 1099.  If you run a startup, you can find even more deductions.

Everything in Premier, plus:

• Uncovers refund-boosting business write-offs
• Finds industry-specific deductions for bigger tax savings
• Helps you find the depreciation method that will get your biggest refund

(Learn more about the Home & Business edition.)

If you start with one edition and figure “I need a different one!”, you have the ability to do that.  If you’re still confused, check out the comparison chart on TurboTax’s website.  If you want to get all the dirty work of putting the information in, but feel like consulting a professional to file it, you can do it for free!

Whatever your tax needs, TurboTax has an option for you.