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TurboTax 2023 Home and Business Review

TurboTax 2021 Home and Business is the latest version of the company’s tax-preparation software. It features tools for self-employed individuals, small businesses, and landlords.

This software is available on CD/Download and online. It has been designed to help you get your taxes done quickly and easily.

Features

TurboTax 2021 Home and Business is an impressive software and hardware suite for tax aficionados, slackers, and tinkerers alike. Among its many features are an innovative way to document and track all your financial activity, an interactive smart-phone app that can be used to scan the QR code on your credit card, a slick-looking online tax return filing portal, and a well-designed UI courtesy of the tax experts at Intuit.

As you would expect, the company’s tax products are a tad pricey. That’s where our savvy tax partners come in to save the day with cash back on your purchase.

Ease Of Use

Turbotax 2021 Home and Business offer a user-friendly interface that makes it easy to get started. It includes a variety of tools for tax prep and filing, including an estimate of your refund. It also keeps prior years’ information saved so that you can quickly file next year’s return.

It’s one of the most popular tax software options, and it’s available online or downloadable for Windows and Mac computers. It costs $120 for the Self-Employed version, which provides tax forms for personal and business income and expenses. It includes 5 federal e-files, but additional states cost $45.

For small businesses, TurboTax has a lot to offer, including industry-specific deductions and the ability to create W-2s and 1099 tax forms for employees and contractors. It’s also up-to-date with the latest tax laws and can import W-2s, investment, and mortgage information from participating companies (may require a free Intuit account).

The company has a 100% Accurate Expert-Approved Guarantee that covers penalties and interest paid because of an error made by a TurboTax tax expert or CPA while providing topic-specific tax advice, a section review, or acting as a signed preparer for your return. It also offers free audit support from a tax professional, who can help you figure out what’s going on with your tax return in case the IRS sends you an audit letter.

Tax Calculations

Before you start entering information, Turbo Tax performs thousands of checks to make sure you’ve included all the necessary deductions or credits. It then generates a detailed report and helps you correct any errors.

If you are self-employed, your taxable income depends on how much money you earned. You must first determine your adjusted gross income, then deduct your expenses and any business deductions you qualify for.

Once you have your taxable income, you can calculate how much you need to pay in taxes. This calculation involves dividing your expected annual gross income by the number of deductible business expenses you have, plus the amount of any other qualifying business deductions.

For example, if you expect to earn $100,000 in 2021 and you have $30,000 in deductible business expenses, your taxable income is $70,000. This amount is then divided by four and paid throughout the year as quarterly estimated taxes, using the IRS’s tax payment schedule.

Unlike other tax preparation software, TurboTax 2021 Home and Business lets you enter multiple business expenses and deduct them in one transaction. This allows you to avoid double-counting items that are used for both personal and business purposes, such as flashlight batteries, laundry detergent, light bulbs, tinfoil, window cleaner, and toilet paper.

Customer Service

Turbotax 2021 Home and Business is a reputable tax preparation system, boasting several features to enhance your experience. For starters, you can e-file your federal taxes for free. You can also take advantage of a variety of TurboTax mobile apps that can be downloaded to your smartphone or tablet.

The company has a customer service team that is available to answer your questions and provide tips on saving tax dollars, minimizing penalties and fees, and keeping your personal information private. If you have any questions about your return, you can also enlist the help of an IRS-certified preparer or tax professional at no extra charge.

You can even get your hands on a set of TurboTax CDs for a small fee. The company offers the largest selection of digital products in the tax preparation industry, including a variety of software packages to suit your budget. For a limited time, you can save up to 50% on some of the most popular digital products. The company also provides a robust online support portal for users to access helpful information and assistance.

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