Tax season is generally dreaded by everyone, fortunately TurboTax is doing everything possible to make the experience as smooth as possible. New features and the easy to use interface make TurboTax 2014 the industry leading software solution. Our Turbo Tax review will cover all of the new and existing features, the pricing structure and what you need to know to get started with the most daunting task of the season.
Tax Season is Here
The Internal Revenue Service (IRS) has begun processing tax returns which means the time has come to get moving on taxes. Most employers have mailed out W-2s so there’s no excuse (except maybe the Super Bowl!) to keep you from filing, especially if you are due a refund!
An Overview of the TurboTax Software
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TurboTax software is available to assist users in filing federal and state income taxes for themselves or their business. There are a number of versions of the software available depending upon the individual circumstances of the filer, such as whether they own rental property, own a business or trade stocks regularly. Regardless of which version of the TurboTax software an individual or company purchases, the software is designed to make filing as easy as possible with a step-by-step approach to tax returns. Each version of Turbo Tax is released later in the year prior to the version year, so for example TurboTax 2014 is released late in 2013. The late year release allows for users to file federal tax returns promptly, if they so desire. State return software is not available until early in the following year.
The Proprietary License on TurboTax
The TurboTax tax preparation software is what is referred to as a proprietary license. This means that the software for the TurboTax program is licensed under the exclusive right of the person, persons or company that holds the copyright for the software. The person who purchases this software receives a license to utilize it, however, they are not allowed to modify, reverse engineer or further distribute the software. This differs from an “open source software” and is often referred to as a “closed source software.”
The 2014 Edition of TurboTax
The 2014 version of TurboTax is like earlier versions in that it can be purchased as a CD software or it can be downloaded directly to your computer. Users can also establish an online log-in that can be used to file individual tax returns by directly accessing online software databases. Using an online log-in for Turbo Tax will allow users to retrieve previous year’s tax returns that were filed in the same manner.
TurboTax 2014 Personal Tax Products
There are currently five personal tax filing software options from 2014 TurboTax. The Federal Free Edition is only available online and the other four are available online, as a software download or as an installation CD.
Federal Free Edition
The Federal Free Edition is for those individuals with simple tax returns. This software helps users in filing 1040EZ forms and other very simple federal tax returns. This software uses layman terms and searches for every tax credit you may be eligible for. This version of Turbo Tax 2014 can be used online to prepare and E-file a Federal return. State returns can only be filed at a cost. For a limited time the price is only $14.99. Down from the original price of $27.99. Also, customers using this edition can qualify for a 5% bonus on top of their refund.
The Basic edition is for individuals who require step-by-step guidance with their W2 and 1099 forms. This software will transfer last years tax information to save time and easily imports W-2 forms and 1099 forms from more than 100,000 employers and financial institutions. Users of this version receive FREE technical support via phone. This software version can be used online, purchased as a CD or downloaded. Online users can E-file one federal return with no additional charge, while state returns come at a cost. Users can E-file up to five returns for free, but again state filings are additional.
- Online: $19.99
- Download or CD: $29.99
The Deluxe edition is for individuals who want to maximize their tax deductions. In addition to the features that are included in the Basic TurboTax software, this version will search for more than 350 tax deductions, providing accurate donation values and alerting users to audit risks. This software version can also be used online or purchased as a CD or download. Included in the initial cost, online users can E-file one federal tax return and as with other versions, while state returns incur a fee. A FREE trial is available for users to try it out before paying for the software. Users can E-file up to five federal tax returns (State returns cost extra)
- Online: $29.99
- Download or CD: $59.99
The Premier edition of TurboTax 2014 is for individuals who have investment income or who own rental property. This option includes everything that the Deluxe version offers, but also calculates gains and deducts investment losses. This package also finds rental property deductions and guides users through reporting sales through employee stock purchase plans. Users that utilize the TurboTax 2014 Premier can E-file one federal tax return with no extra charge but the State return will incur a, incremental fee.
- Online: $49.99
- Download or CD: $89.99
Home and Business
The Home and Business 2014 TurboTax software is the final personal tax software solution offered by Turbo Tax in 2014. This software option includes everything in the Premier program in addition to finding refund boosting business write-offs and industry specific deductions while also helping find depreciation methods that will yield the biggest refund.
- Online: $74.99
- Download or CD: $99.99
TurboTax 2014 Small Business Options
Home and Business
This option is best for users that are self-employed or who receive income from a side job. This is also a good solution for those who are a sole proprietor, consultant, 1099 contractor or single owner of an LLC business.
- Download Option or CD: $99.99
This is a better option than the previous program for those who own an S-corporation, a partnership, a C corporation or a multiple owner LLC. The Business Edition of TurboTax 2014 can be downloaded directly to a PC or purchased on a CD. This software makes filing business taxes easy by asking questions in layman terms and then helping to maximize business deductions. This version of TurboTax offers more business forms than ever before.
- Download Option or CD: $149.99
TY13 Refund Bonus Program
TurboTax has a better Federal Free Filing offer this tax season that affiliates can promote and leverage to increase conversion rates. Purchase an Amazon.com gift card with your federal refund (in product), you can get up to 10% more on the Amazon gift card.
- Federal Free Edition (available online only) or Basic, you can get an extra 5% on the gift card
- Deluxe, Premier, or Home and Business, you can get an additional 10% on the gift card
Why Choose TurboTax 2014?
With so many tax filing software options available, you may find yourself asking why you should consider purchasing TurboTax 2014. There are a number of reasons why Turbo Tax makes a good choice for tax filers and is our #1 pick for your needs in 2014:
- TurboTax is our 2014 winner of the Best Tax Preparation Software
- TurboTax 2014 offers a variety of products catered to individual tax filing needs
- Easy to understand terminology
- Step-by-step guidance
- A trusted and reputable software company
- Live help with real people is only a phone call or chat window away
- TurboTax 2014 offers an Audit Risk Meter and Audit support when needed
- TurboTax is the top selling tax software
The Canadian TurboTax 2014*
Canada is the only other country that has its own TurboTax tax filing software, and TurboTax is Canada’s #1 Best Selling Tax Software. Canadian TurboTax is also available in the French language and is sold as “ImpôtRapide” to residents of Quebec or other French speaking areas. As with the United States versions of this software, the Canadian versions of TurboTax can also be accessed online.
*IMPORTANT NOTE: TO FILE IN CANADA, YOU MUST USE THE CANADIAN VERSION OF TURBOTAX – YOU CANNOT USE THE U.S. SERVICE TO FILE A CANADIAN TAX RETURN.
TurboTax Canada Versions
- EasyStep Interview for claiming T4 slips and deductions
- Government approved forms
- Online FAQs
- All of the features of the Basic version
- RRSP and CPP optimizers
- Pension income splitting tool
- Multiple child tax credits guidance
- All of the features of the Standard Version
- Live Tax Advice
- Rental income advice
- Investment Income Tools
Home & Business
- All of the features in Premier
- Ability to file business and personal taxes together
- Money saving analyzers
- Business tax advantage locator
- File corporate T2 taxes
- Track your finances all year
- Tax saving tools for RRSPs, stocks and other investments
- Find family and spousal tax deductions
What Do You Think of TurboTax?
No that you’ve read our review, let us know your experience when you start using TurboTax 2014. Leave comments below to help others make the right choice when selecting the best tax software for their needs.
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