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Intuit, the maker of TurboTax, has designed the software to make it easy and fun to do your taxes on your own. But if you don’t know how to use Turbo Tax, you might be missing out on some good features. Knowing how to use Turbo Tax in a way that helps you get the most out of it can serve to make tax filing easier than ever. Even better, you increase your chances of maximizing your refund.
With TurboTax, there is no need to have to rush through your tax prep or bring all your forms to a tax preparer. There is no need to feel stressed or anxious when using the software, as it will guide you through all the necessary steps. Read these helpful tips on how to use Turbo Tax to get the most out of your account.
The first question you might have if you never used TurboTax before is, “How do I add my prior year tax information into TurboTax?” The software makes it really easy to do. Simply create a TurboTax account and select the software package that best suits your tax filing needs. Then, you can import tax information from PDF files from other tax prep services, such as H&R Block or TaxAct.
When you first learn how to use Turbo Tax, you’ll also find it easy to import the current tax year’s information. So long as your bank, payroll provider, or employer is affiliated with TurboTax, you can import the W2 and 1099 information over with ease. Hundreds of thousands of businesses enable this feature, so chances are you won’t need to type in your information manually.
If you already know how to use Turbo Tax, then you’ve probably realized how organized it is. The process for filing your taxes is divided into different sections, helping you to move through it at an easy pace. This serves to reduce stress and ensure all information is entered correctly without anything being left out accidentally.
Simply follow the prompts provided by TurboTax. The software will ask you questions about your life, and use the information to help you file either a simple tax return or one that is more complex.
As you work with the software, you’ll be asked if you have tax forms such as W-2s, 1099s, and other forms such as mortgage interest statements. It’s a good idea to keep all your forms and records for the current tax year in one organized file. This way, you’ll have it ready when you come up to that part in the tax filing process.
Many people spend a great deal of time (and printer ink) printing out tax forms from the IRS. With TurboTax, there is no need to do this. As you learn how to use Turbo Tax, you’ll see that the software comes complete with all the tax forms you’ll need. It fills in the information for you, saving you time and hassle.
When you are learning how to use Turbo Tax, you’ll also notice that it wants to help you make all the deductions you can. Many people will often choose to itemize their deductions. Based on the information you provide to the application, TurboTax will let you know if you should itemize your deductions or take the standard deduction.
The software will also provide advice in other areas of the tax prep process. For example, it may ask you questions to decide if you are eligible for a home office deduction. It is best to follow the application’s advice to achieve the largest possible tax refund.
Taking advantage of the live advice is one of the best ways to learn how to use Turbo Tax. For an additional fee, you can opt to add live support to your TurboTax software package. TurboTax Live gives you access to real tax experts or CPAs that will assist you in your tax prep. They’ll also ensure all deductions are covered and that nothing has been missed or filled out incorrectly on your tax return.
Even without the Live Support option, you can still take advantage of great resources as you learn how to use Turbo Tax. The website contains forums, articles, videos, and community discussions. Together, these can provide you with a wealth of information that makes filing your taxes easier.
If you are getting a tax refund, it’s a good idea to file your tax return electronically. When you do so with TurboTax, you receive a lot of information in return. You’ll know when your tax returns have been submitted, and when they have been accepted. The IRS also checks electronically submitted returns to ensure they are correct. This will save you a lot of time spent correcting mistakes discovered after you sent the return through the mail.
And, when you file electronically, you often receive your refund much faster than if you were to file by mail. If you opt to have your refund delivered via direct deposit, you receive it even faster.
Lastly, all TurboTax federal products include federal e-filing at no additional charge.