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Does Turbo Tax Really Work?

Turbo Tax allows you to prepare and file your federal and state tax returns online. This is a popular alternative to using a CPA to do your taxes or calculating and filling out your IRS forms by hand. It’s inexpensive and it will save you the cost of having an accountant prepare your tax returns. (Taxpayers who file the 1040EZ form with the IRS can use Turbo Tax to file their federal returns for free.) When you do it this way, you will get your tax refund faster. TurboTax gives you the opportunity to calculate and receive your tax refund in a matter of nine days. There were around seventy million tax returns that were filed electronically in 2007. It’s becoming rather popular for both individuals and business because it’s so easy to do because there are directions that will guide you how to do it. When using your computer, your electronic forms will be available for download, and will be more readable than when you are handwriting your tax returns.

Turbo Tax Reviews

Yes - Turbo Tax
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Excellent product. I have used it for 10 years and highly recommend.

Tom Wagner
September 19th, 2011
Tempe, AZ
0 of 0 people found this review helpful.
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Yes - Easier than IRS forms, cheaper than a CPA
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I used to file tax returns by manually filling out the forms from the IRS and state, but as my financial situation became more sophisticated I decided to try TurboTax. I am glad I did because the online Turbo Tax software make the whole process a lot easier. You have the option of saving what you have done and then logging in and finishing your return later. The whole process took about 4 hours.

I am self-employed and for filing my 2009 tax return, I thought I should have a real CPA fill it out. I still, of course, had to gather up all my financial information to give to the CPA. It took him a lot longer to finish the return (he has other clients, after all). It ended up costing me $400, instead of the $100 for TurboTax Home & Business. For my 2010 tax return, I went back to using TurboTax and I am glad I did.

TurboTax guides you with a series of easy to understand questions about your financial situation. They will find potential tax deductions for you. (I did not know that as a self-employed person I could deduct my health insurance premiums; my CPA had missed that one!) At the end they efile your tax return with the IRS and state tax collector and you receive a PDF file as a copy. (One thing I did not like about using a CPA was that he sent me only a card copy, and I had to scan the pages to have it on my computer.) Refunds can be deposited directly into your bank account (or payments taken out).

I can’t compare it to other tax preparation software and websites because I have only used Turbo Tax.

If your situation is very simple (you just get wages and have no investments) you might take advantage of the free 1040EZ option from TurboTax; you will still need to fill out your state return manually, but since most state returns are based on the federal form it will be pretty straightforward. If you have a very complex business (especially one with a corporate structure) or if you have a lot of sophisticated investments, you might be better off using a CPA. But for sole proprietors or W2 employees, TurboTax is absolutely that way to go!

Paul Lucas
September 15th, 2011
San Mateo, California
1 of 1 people found this review helpful.
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Yes - Easy
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I have been using Turbo Tax for about 12 years. I would highly recommend this product.

September 14th, 2011
0 of 0 people found this review helpful.
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