Filing Your Return with Turbo Tax

Filling out a tax return can be difficult, even intimidating. You don't want to make a mistake that will cost you money or get you into trouble. So what do you do? Turbo Tax is an inexpensive software program that simplifies the process, making it easy and stress-free.

Turbo Tax is an easy-to-use program that walks you through the return step by step. Once you have entered your personal information, you move on to income, then tax payments and deductions. Next the program reviews your return and highlights any errors found.

After all errors have been corrected, it checks again to be sure the return is accurate. Finally, Turbo Tax checks for updates and changes in tax law to be sure you are filing your return with the most up-to-date information. You then have the option of printing your return to be mailed, or e-filing for a small fee.

There are several versions of the software, ranging from Basic, for the simplest of returns, to Home and Business, with more features for people who are self-employed. I use the Home and Business version which is helpful for filing a Schedule C for my business.

Turbo Tax also has several features that help to ensure your return is correct and complete. It helps you maximize your deductions by going through a checklist of possible deductions in case there is anything you forgot. Audit risk meter checks for anything that may be a red flag to the IRS that would increase your chance of an audit.

When using Turbo Tax, you have the option of importing information from QuickBooks, as well as from the previous year's return. This saves the time of having to reenter personal information such as your name, address, and social security number. This also allows for a year-to-year comparison of income, deductions and taxes paid. This feature is especially helpful for those who are self-employed, as it shows a comparison of business income and expenses.

Another feature of Turbo Tax that I like is that it shows a running total of your taxes owed or refund due in the upper left corner of the screen. This makes it easy to see just how much each of your expenses or deductions affects your return.