When the topic of discussion is the best tax preparation software TurboTax grabs the top position. Besides TurboTax the other software for preparing tax are Jackson Hewitt, H&R Block at Home, TaxSlayer, and Tax Act. But TurboTax is the most preferred among all and employed by business and domestic purposes. The software is available in different versions. They are TurboTax basic, TurboTax Deluxe, TurboTax Premier and Turbo Tax Home & Business. This application is feasible for federal as well as state income tax returns.
Tax filing is a crucial task for all businesses. No matter small, medium or big, tax filing is imperative for all. Often business owners look for proficiency of a tax professional/accountant prior making any decisions or filing the tax returns for the company. This applies to all business sectors and it is mandatory to file your business taxes yearly whether the business is making money or losing money.
TurboTax Versions
The different TurboTax versions are tailored so as to fulfill the specific requirements of the businesses. Glance the specifications of the different TT software versions mentioned below:
- TurboTax Basic: It is designed specially for the beginners/new users. It comprise a detailed step wise guide for that helps the user to go through the usability of the software version.
- TurboTax Deluxe: This version targets those users who are on to maximizing business deductions.
- TurboTax Premier: It is the most used version. This is recommended for the businesses dealing with investments and rental property.
- TurboTax Home & Business: It is crafted and suggested for the self-employed or for personal use.
TurboTax application offers free trial version for the users. So prior making the final purchase it is wise to check the right version matching the requirements of your business. Choosing the right version of the software determines the growth of the business. All these versions keep on upgrading with the latest release to enhance the business performance with improved features and optimization of fresh features. You can download the latest updates from the official Intuit website. After downloading the software, install then run to get set with the new features.
Product Highlights – TurboTax
The different TurboTax versions were incorporated with features for enhancing the program. The fresh features of the software helps to fulfill your business demands accordingly. With the of the application the user can perform seamless import of the financial data of the earlier year’s TurboTax other tax preparation software. This feature exempts the need of tons of data input resulting in accurate output and saves abundant time. It also permits to import your W-2 and 1099 data from over thousands of companies. The main software highlight is easy usable features.
Benefits of Software
A TurboTax user is benefited for the following activities:
- Authorize the storage of tax return and tax data file
- Generate tax returns for earlier years
- Seamless import of data from Quicken and QuickBooks accounting software
- Develop multiple returns for family members
- Separate filing for state returns for spouses
- Comprise all the tax scenarios
- Corporation, S-Corporation, Partnership, Estate, and Trust returns (easy management of these businesses).
- Quick access to the Forms Mode
- Easily download more than 500 stock transactions
Major TurboTax Features
Powerful and advanced features are amalgamated in the software that eases tax preparation process.
- TT software includes entire business costs, vehicle costs as well as the advertising costs. Also the travelling expenses so as to curtail the tax payment.
- Guaranteed accuracy and authenticity in the calculations made.
- Easy management of multiple businesses of different size and sector. The federal e-files are combined so that paper filing process could be avoided.
- TurboTax helps in knowing the exact deductions related to the specific sector to sum up the usual business expenses that are not considered many a times. You gain knowledge on new tax saving strategies for your business. The software performs a research over your investments/assets to provide excellent tax saving strategy for your business.
Common TurboTax Errors
The common TurboTax errors reported by the users are as following:
TurboTax Error 7284
Occurs while the user attempts installing TurboTax for Windows.
TurboTax Error Code 70001
While running the software the error occurs unexpectedly.
TurboTax E-file Rejects IND-181-01
The user faces the error when the Identity Protection PIN (IP PIN) for the first taxpayer on your return is missing/not there.
TurboTax E-file Rejects R0000-507-01
When dependent on your return has already been demanded (or claimed themselves) on another return the error crops up.
TurboTax E-file Reject R0000-500-01
Occurs when there is a mismatch in the name or Social Security number for the first taxpayer with the IRS records.
TurboTax E-file Reject FW2-502
The name or EIN for an employer on your W-2 doesn’t match IRS records.
TurboTax E-file Reject R0000-504-02
The name or Social Security number for a dependent on your return doesn’t match IRS records.
TurboTax Error: “Incomplete Tax Return
All of the following lines have a zero value”.
TurboTax Error: (SSN, Name, Address etc.)
It should not be directly mentioned on Worksheet.
Contact Accounting Problem.co:
Accounting Problem.co is a reliable Accounting support agency that has a strong in house team of TurboTax experts. The expert team is capable in handling all the queries and errors that the users reports in a very short wait time. They are highly competent and assure feasible support to the users. You can connect with the team through email, live chat and toll free phone number. The team is approach round the clock to assist the best possible way.
