There are those three letters that everyone hates hearing and that is T-A-X. As much as we love our work and businesses, it’s always dreadful when it comes to filing our income tax returns. Lucky for those whose employers file them for you but for those who have to do it themselves (like me), well, it’s a long and huge SIGH.
So to all those people who are once again trying to learn the ever-changing rules of filing and the possible deductions that are applicable then, here’s a piece of good news. There are a number of tax sites that help you fill out those forms and ensure that you get to maximize those credits. Now, not all sites provide you with the ease that they are supposed to be for so it’s best to choose the right one. Among all the sites that I’ve used so far, TurboTax proves to be the most efficient, not the mention the value of money it gives you.
For those who have already used it then, that’s great! But for those who are still contemplating about it then, here are a few good reasons why you should definitely jump into the new bandwagon.
Why You Should Use Tax Sites in this Time and Age
We’re in the 21st century! Unlike two or three decades ago where everything has to be done manually and be done by experts, now we can do it ourselves. The fact that it’s available online and gives taxpayers the chance for a better and advanced filing is enough reason to use it. But for those who are extra careful, here are a few good reasons.
1. Tax filing newbie
Not everyone has someone to assist us and tell us what the to-do’s are for data entry and filing processes. Oftentimes, we would panic and try to ask around a number of questions. What are the necessary forms? What kind of income should be included? What should I do if I have more than one source of income? When’s the deadline? How can I maximize my credits? It’s a good thing if we know someone who’s pretty experienced in this kind of thing but what if it’s the opposite?
Day in and day out, we try to keep up with dates, information and even more deadlines. With all these things going on around us, the last thing we need is another deadline to remember. That’s what these tax sites are for. They help us compile everything we need, from the necessary forms to the applicable deductions to the information on the filing process. It’s always best to have someone or at least something to remind us and keep all those in check. Since if we can try to pry ourselves away from that then, we would, right?
3. Aspiring entrepreneurs
Anyone and everyone can be an entrepreneur these days. We’d jump right into those opportunities without taking the time to understand the federal and state tax requirements that come with it. More often than not, we would fail to submit the necessary tax requirements and incur additional penalties. Now, that’s not ideal for someone who’s trying so hard to maximize the profits and minimize the costs, right?
4. Constantly changing rules
Every year, there are rules and regulations to be followed. Worse, they change from year to year. More clauses are added and we can only comply. It’s just so confusing sometimes. And it becomes a huge headache for us to even keep up with all these requirements.
5. Pricey tax consultants
The only other option we have is to seek out an expert, say an accountant or tax consultant to help us out. But here’s the thing, they cost us. If we don’t know who to approach, their fee may be too costly as compared to the service that tax sites offer.
6. Hassle-free filing
Now, one of the perks in using TurboTax is that it allows us the ease in tax filing. We no longer need to manually do them, no more mailing or going to another website to file it. You can do it straight from the tax site. Cool, right?
7. Every penny counts!
Perhaps one of the most challenging things is to ensure that we get the right refund that we deserve. These sites would ask the user to input the necessary information. It’s meticulous like that. But it’s a good thing too! It ensures that the figures you provide are the most accurate.
10 Features Why TurboTax is Your New Best Friend
Now that you’re fully convinced that using tax sites are way more practical than any of your other options, it’s time to let you know all the wonderful benefits the best tax site has to offer. Here, you’ll see why TurboTax remains to be the most widely used and preferred tax site by taxpayers.
1. Provides you a step-by-step tutorial
Perfect for all those who are complete strangers to tax filing! TurboTax provides you with a comprehensive guidance to help you out every step of the way. It tells you what you need to fill up based on your current status and situation, the number of steps you have to do and where you already are while filling out your information. It tells us everything we need to know on what to do and what not to do.
2. Suits everyone regardless of occupation and status
You might be thinking that TurboTax is suitable only for those with businesses. Wrong! TurboTax is for everyone regardless of your status and occupation. Whether you’re single, with dependents or with children, you can use it. It doesn’t matter whether you’re involved in a partnership, corporation or single proprietorship, TurboTax fits all your needs. Just make sure to fill in all the necessary information like your house, other properties and any other income-generating activities that you’re involved in such as the buying and selling in the stock market.
3. Updates their software on a regular basis
Rules change on a regular basis. That’s one of the reasons why it’s so hard to keep up with them. But when you’re using this tax site, there’s no need to worry that you’ll fall behind with all those regulatory requirements. TurboTax updates its features regularly through various upgrades and improvements.
4. Remembers all your information
One of the things I really hate about this whole tax filing process is the need to input all your information again and again. I’m sure you feel the same way. That’s why I was so relieved when there’s no need to do that anymore with TurboTax. Once you’ve used it for filing the previous year, it’ll be easier for you this year and the succeeding years. Why? Your data has already been saved. What you only need to do is review your information and update only the items that you have to.
5. Let’s you flag your blanks
Remember those times that it took us almost the whole day to prepare all these forms? That was really frustrating. We’d start doing it in the morning then stop after a while because we need to look for a figure that we’re not really sure about. Then, we’d forget all about it and end up having to start all over again. If you’ve ever experienced that then, you’ll be pleased to hear that TurboTax has this flag option that allows you to mark any item you’re unsure of. It’ll be easier for you to leave it at the moment, continue on with the rest of the items and just go back to it once you’re done with everything. That creates more efficiency and you no longer have to be stalled from time to time just to check whether you got the right figure or not or whether you even need to fill that one out.
6. Provides you automatic calculations and list of past figures
Now, you need not do those arithmetic operations manually. This not only saves you time and effort but also prevents you from making any mistakes and overstating or understating your returns. One thing that I love about it is that it automatically puts commas in your figures. I don’t know about you but this allows me to easily read the numbers and check if I’m inputting the right figures. It’s really better as compared to when they’re all clustered together. It’s not just the automatic calculations, TurboTax also shows you the figures from the previous years. It’s perfect for all those financial geeks! Even if you’re not, it’s still best to compare the numbers to see how you fare this year versus previous years. That’s why it really pays if you continuously use this tax site on a year-to-year basis.
7. Double checks all your inputs and returns
TurboTax has a unique feature called the ProReview. As the name suggests, it reviews all your forms and data. Once you’ve filled out all your data for your tax returns, you can submit it for double and triple checking. Now, ProReview is not just any automated system who screens your work. No! There’s an analyst who actually does that. Intuit hires a number of analysts to provide their clients better accuracy and protection. The analyst will review your numbers line by line. If you have any error, he or she will immediately notify you. The good thing here is that he or she will also give you advice that you can use to help reduce your debits and maximize your credits.
8. Assists you 24/7
Now, I’m sure the very reason why you hesitated in using tax sites is because well, it is a system and you’d rather deal with an actual person. What if you have questions or items that you need clarify, right? Here’s the good news! TurboTax provides you with 24/7 assistance by tax professionals. So all you need to do is ask. But trust me, it’s hardly necessary. The guidance given and the ProReview are enough to ensure that you get everything right. But let’s just say you have more complex taxes and you want more answers and further clarifications. If that’s the case then, just ask. They’ll immediately respond to your queries.
9. Allows you to import data from financial institutions
What sets TurboTax apart from the rest is that it allows the user the option to import their data directly from its partner financial institutions. This is their game-changer. It speeds up everything for the user. All you have to do is choose your institution, type in your username and input your password. Everything will be imported. Take your 1099 for example. You can directly import your data from these financial institutions – Wells Fargo, USAA, TD Ameritrade, Chase Bank, Betterment, Vanguard, Capital One 360, E-Trade, Pentagon Federal Credit Union, Scottrade and Citi. Within seconds, your information is filled out.
10. It’s NetFile certified
This means that you can file your returns immediately after filling out your forms and having them reviewed. For those who are strangers to NetFile, I’ll walk you through. It’s a platform or system that allows taxpayers to file their tax returns electronically. You no longer have to go to the CRA website to file your papers. You can simply accomplish everything using TurboTax. Sweet, isn’t it?
Oh! By the way, if you’re taking our advice to heart about using Mint.com as your partner financial planner then, you’ll be happy to know that TurboTax and Mint.com can be connected. How? They’re both owned by Intuit. So if you’re studiously inputting all your information on Mint.com then, all you need to do is import that data to TurboTax. And voila! You’re done!