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TurboTax Canada Makes Tax Filing Easier

April 6, 2013 by CreditCardsCo™

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Tax time can be rather daunting because of all of the technical financial details involved with filing federal and provincial taxes. TurboTax simplifies the process of filing taxes and also makes filing more affordable for individual and business taxpayers at all levels.

TurboTax has been helping individuals self-prepare their taxes for over a decade. For a low cost, taxpayers can avoid the lines and the cost of going to a professional taxpayer's office. Instead, taxpayers are able to file their taxes in the comfort of their homes and in their own time. With life being busy for so many, this is a convenient option that helps get the job done quickly and accurately.

What makes TurboTax high in demand is that for a small charge, individuals and businesses are able to file their taxes on their own. Through step-by-step instructions, taxpayers can easily identify deductions and credits that will assist in getting the largest refund possible, which is a guarantee by TurboTax. They guarantee that taxpayers who accurately file their taxes will get the biggest refund. They also guarantee the accuracy of the software, which has bank level security and is NETFILE Certified for Quebec and Canada.

Personal Taxes

TurboTax gives personal income tax filers several options when filing their taxes. They are Standard filing, Premier filing, and Home and Business filing. Each was developed for specific types of taxpayers.

Standard filing is for individuals, couples, and families. It contains hundreds of deductions, allows for the claiming of child tax credits and many others, optimizes RRSP contributions for all taxpayers in the household, data can be carried forward from other tax software, and e-tax slips can be imported.

Premier filing allows for Free Live Tax Advice and is ideal for property owners and investors. It also includes everything that is available with Standard filing and a spousal return can be added for a small fee. When choosing this option, taxpayers receive the extra guidance needed when filing information on investment sale income, mutual funds, bonds, stocks, and employee stock plans. This is also an option that is beneficial for those who need to track capital gains and losses and who have to report rental property expenses and income. All tax situations for members of the family are covered under this option.

The Home and Business option is ideal for contractors and consultants. It contains all of the features of Standard and Premier, along with the Free Live Tax Advice. A spousal return can also be added to this option. Home and Business filers go through a Business Expert Interview to ensure all information is accurate. Both personal and self-employment income is handled through this and the business is analyzed so hidden deductions can be uncovered. This analysis is important to ensure all self-employment deductions are taken.

Business Taxes

In addition to the Home & Business filing option, there are other options for businesses. The first is TurboTax 20. TurboTax 20 is ideal for those that must file up to 20 returns for their families. It doesn't matter the tax situation of each individual, there are hundreds of deductions that can be taken advantage of, such as rental income, home office costs, childcare, and investments. Income can be claimed from investments like mutual funds, stocks, and bonds. There is also extra guidance for any refinancing activities that occurred on rental property and capital gains and losses can be tracked. TurboTax has also put in place what is called the Audit Risk Alert, which shows what tax claims could trigger an audit.

The second business option is Business Inc, which is necessary for Corporate T2 returns. All of the standard features are available with this software in addition to a business analysis to help detect hidden deductions, data import from Quicken and other accounting programs, a Business Expert Interview, and all self-employment deductions are maximized.

Students

Students have the option of using the TurboTax Free Student Edition. As long as a student paid tuition during the tax year and their annual household income does not gross more than the minimum specified by Turbotax, they qualify to file for free. Other individuals who only have a simple tax return to file can also file for free without any income restrictions. Free tax filing is a feature that TurboTax has offered for quite some time for returns that are much simpler than the Standard type of return.

Students whose household income exceeds the minimum amount can use the standard program to file their tax return. For a small fee, they have access to all of the information and tools that they need to file.

Desktop Software

While many individuals choose to file their taxes through the web-based software due to its convenience, there are many individuals who like to have the full-featured TurboTax software on their desktop. The reason is because that enables the software to be available offline and also means the taxpayer owns the copy. The different types of desktop software that is available includes Basic, Standard, Premier, Home and Business, and Business Incorporated. The cost is higher than the web-based software, but contains a great deal of features that help taxpayers manage their financial details as they relate to their taxes.

Just like the web-based software, the guidance and support is available to help with the filing of the return. Taxpayers also have access to all of the same resources in order to learn as much about filing and paying taxes as possible. This makes sure that all deductions are taken advantage of and that any refunds that are owed to the taxpayer are in the full amount.

Conclusion

TurboTax is an efficient way to file taxes. The company has put in place tools that produce accurate results when the correct information is input into the software, plenty of help to ensure any and all questions are answered, and software options that conform to the customer’s preferences.

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