How TurboTax Helps Find More Tax Deductions & Credits
An increasing number of people are turning to TurboTax to get their income tax prepared and filed every year. They take all the hard work and stress out of tax form preparation and will always get you the largest refund.
As you go through the process of importing income and expense information into
the TurboTax Online Software, you will see possible tax deductions and credits that you may qualify for, and how much money you can save on your tax bill.
Table of Contents
- 1 Tax Deductions & Credits You May Qualify For
- 2 TurboTax Does the Work for You
- 3 Get a Discount
- 4 Free Tax Refund Calculator
- 5 TurboTax Absolute Zero Now Available at No Cost to 60 Million Americans
- 6 TurboTax Help & Support
- 7 How to File Taxes Online in 3 Simple Steps - TurboTax Tax Tip Video
Finding more tax deductions and credits is one of the great benefits Intuit TurboTax has to offer. You will get immediate information about deductions being claimed on your taxes already and ones that you are eligible to claim.
Here are a few of the best deductions and credits:
Mortgage Interest Deduction One of the best deductions for those who own homes and itemize their deductions is the mortgage interest deduction. This deduction is claimed on Schedule A and as long as your mortgage is secured by your home, you should be able to claim it.
PMI and FHA Mortgage Insurance Premiums This could be the last year where the PMI deduction can be claimed. However, if Congress renews it for 2018 you will be able to deduct it again (usually they have no problems reauthorizing it). This deduction allows you to deduct the costs of the private mortgage insurance (PMI) as mortgage interest on Schedule A. However, the loan has to have been taken out after 2007.
Earned Income Credit Although it changes yearly, the impact of the earned income tax credit remains the same: It helps fight poverty. To be eligible for this credit, you must file a yearly tax return.
Child Tax Credit Raising children is not cheap. However, the IRS understands this, which is why they have various credits and deductions for taxpayers that have families. One of these valuable tax credits is the Child Tax Credit.
Premium Tax Credit The Premium Tax Credit is one of the refundable credits put in place to allow those who qualify to be able to afford the health insurance that was purchased via the Health Insurance Marketplace. Those with moderate incomes who do not qualify for a government or employer plan usually qualify.
TurboTax is dedicated to making sure you save as much money as you can on your income tax bill each year. This is the goal of any American and they value the same thing. Using this system to file your taxes is all about getting the maximum number of deductions and reducing your payment obligation.
TurboTax Does the Work for You
Have you ever been confused by the language or directions for the IRS tax forms? Do you have trouble determining which forms you have to use?
TurboTax’s main goal is to simplify the yearly income tax process for you. They lead you step by step using conversational English to choose the correct forms, whether it is 1040, 1040A or 1040EZ, and fill in the forms correctly so you do not have to worry.
They are also capable of automatically filling in information from your place of work, banks and other financial institution which saves you time and reduces the paper work load. All you have to do is provide some basic information and they put everything in the proper places.
TurboTax online filing service also gives you the ability to import your W2 information into your tax return so you can avoid worrying about your forms being delivered via the mail.
Get a Discount
You can already see how the TurboTax preparation system is easier than anything you have done before. It gets even better if you use this discount coupon code. They will automatically fill in forms based on last year’s information and ask if anything has changed to ensure accuracy. All of your data is secure, perfectly private and saved in their system in case you have to stop the tax preparation process and come back to it later.
Their Smart Check scans for any errors so you can rest assured that the IRS is getting correct information. Their guarantee that is so strong that they will pay any IRS penalties a plus interest if there is any error on your report. Intuit TurboTax has the latest tax laws, updates frequently, uses top of the line security features and guarantees accuracy.
Free Tax Refund Calculator
Are you curious to see how much your refund will be? One of the best ways to have an estimation about the amount you should receive is to use one of the online tax refund calculators. The number is just an estimation, so it’s not 100% accurate, but it does give you a number. The TurboTax refund calculator shows you approximately how much your refund will be.
TurboTax Absolute Zero Now Available at No Cost to 60 Million Americans
People who file IRS tax forms 1040A and 1040EZ can now use TurboTax Absolute Zero for free. Available to an estimated 60 million American taxpayers who file these forms, the service enables use of TurboTax Federal Free Edition at no cost.
To qualify, you have to file a 1040A/1040EZ form. Americans with a taxable income of less than or equal to $100,000 are qualified to use these forms and claim standard deductions. Independent contractors, homeowners, and also Americans with medical expenses qualify to use these forms and use TurboTax Absolute Zero.
TurboTax Help & Support
Help and support is available 24/7 for the entire tax season. You also have access to human tax experts who can answer any questions that you have. Phone assistance does have a price tag, but it is available if you need that one on one help. All tax experts are certified public accountants or enrolled agents.
TurboTax online software also features direct import of your W2 form. various help files and explanations that cover numerous tax topics. Most users are able to go through the software without going to the help files, but they are readily available if you need them. They even have video classes and tax guides available in addition to the active user community and social media accounts where tax topics are also discussed.
How to File Taxes Online in 3 Simple Steps - TurboTax Tax Tip VideoRemember, with TurboTax Online Tax Filing we’ll ask you simple questions and fill out the right forms for you. We’ll find every tax deduction and credit you qualify for to get you the biggest tax refund, guaranteed!
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for twelve years and has published over 1000 articles on leading financial websites.