Intuit Turbo Tax basic edition is now 100% free, with free e-file.  Free turbo tax online edition is good for 1040EZ. For 1040 form, use turbo tax coupon for $22 off the deluxe version.  Also available is turbotax coupon for $25 off for the Premier and Home & Business version. You need the Home & Business version only if you need to file the Schedule C (if you own a business, LLC, or a rental property).

Enjoy the savings!

Do note that income tax is a complicated subject, so do not use this guide as a replacement of advice from a trained tax consultant. If you do not want to spend money on a tax consultant, you may check out the turbo tax coupon for free turbotax online.

Drum roll…. The (not yet) famous list of 52 most overlooked tax deductions

(Just for fun, count how many of these you would have missed without this list. I will have a scoring at the end of the list!).

1. Any taxes paid to a foreign government
2. Appraisal fees for charitable donations
3. Appreciation on property before it was donated to a charity
4. Cars and boats state personal property taxes
5. Casualty or theft losses
6. Commissions and closing costs paid on sale of property
7. Contact lenses and eyeglasses
8. Cost for alcoholism and drug abuse treatment
9. Costs incurred for looking for a new job in your present occupation, including fees for résumé preparation and employment of outplacement angencies
10. Education expenses required by law or your employer or needed to maintain or improve your skills
11. Employee’s moving expenses
12. Federal state tax on income with respect to a decedent
13. Fees paid for charitable donations appraisal
14. Fees paid for childbirth preparation classes if related to obstetrical care
15. Foster child care expenses
16. Gambling losses (can only be used to offset gambling winnings)
17. Half of self-employment tax
18. Health insurance premiums (If self-employed)
19. Hearing devices
20. Home computer depreciation
21. Home improvement expenses
22. Home mortgage prepayment penalties and late fees
23. Hospital services fees (laboratory work, therapy, nursing services, and surgery)
24. Impairment-related work expenses for a disabled individual
25. Investment advise broker fees
26. IRA trustee’s administrative fees (f billed separately)
27. Labor union dues
28. Laundry fees when traveling
29. Lead paint removal cost
30. Legal fees for obtaining or collecting alimony
31. Long-term care insurance premiums
32. Margin account interest paid
33. Medical transportation, including standard mileage deduction plus lodging expenses for medical reasons while away from home
34. Office equipment depreciation
35. Out-of-pocket expenses relating to charitable activities, including the standard mileage deduction
36. Personal liability insurance for wrongful acts as an employee
37. Points on a home mortgage and refinancing
38. Professional journal subscriptions
39. Premium on taxable bonds amortization
40. Prescription contraceptives
41. Protective clothing required at work
42. Real estate taxes with the purchase or sale of property
43. Safe-deposit box charges for holding investments (e.g. share certificates)
44. Savings early withdrawal penalty
45. Seller-paid points on the purchase of a home
46. Special equipment for the disabled
47. Special schools and separately stated fees for medical care included in tuition
48. Tax income preparation services and IRS audits fees
49. Theft or embezzlement losses
50. Trade or business tools with life of 1 year or less
51. Worthless stock or securities
52. Your (not your employer’s) contributions to a state disability fund

Now for the scoring – If you missed:

0         You are either not good at counting, or lying . Seriously, if you got all, send me any additional tips you may have

1-5      Excellent

6-10   Average

10-15 Not bad

15+     You need to get out more often

Details: Fantastic turbo tax sale for federal and state income tax efile online. Guaranteed biggest possible tax refund within just 10 days. The turbotax sale applies to turbotax 2009 basic, turbo tax deluxe with state, turbo tax premier with state, turbo tax deluxe with state and turbo tax for business.

With this turbo tax sale, you get an absolutely free trial for turbotax 2009. You pay ONLY if you like the results. The online tax filing (efile to irs) comes free with this offer, regardless of the tax software package you try (or buy).

In summary, you get:

• A no risk, absolutely free turbotax online trial
• turbotax free efile (free electronic tax filing)
• Guarantee that you will get the most possible tax deductions, and tax refund
• And you will get your tax refund within 10 days

Enjoy!

(Part 1 of the series explained different types of turbotax packages for personal and business tax filings).

Turbotax Online or Download?

There are two versions of TurboTax, online and desktop. TurboTax Online products allow you to complete your taxes on the Web, while the desktop products allow you to install the software and complete your taxes right on your computer. First, we’ll look at the differences between the two, and then if you still can’t decide which one you want, we’ll ask you some questions to help you decide.

For most of the people, filing taxes online would be the better option, since you can access you data from anywhere, no need to keep checking for tax software updates, and because you can file unlimited tax returns online without any additionl charges. Finally, you can get to try turbotax online free, something that turbotax download does not offer.

In this first of the 2 part series, I will cover the type of tax software to get. In the second part, I will cover how to make a decision on whether to do your taxes online or download the tax software and do it on your computer.

Personal tax software: You need this category if you do not own a business.

• TurboTax Basic I recommend this product if:
  • You have taxable income in 2009, such as W-2, 1099, social security, or alimony.
  • You don’t pay state taxes.
  • You rent your home or apartment (don’t own a home).
  • You have education expenses.
  • You don’t make many charitable contributions or have many deductions to claim (if any).
  • You didn’t sell investments, such as stocks, bonds, or mutual funds.
• TurboTax Deluxe Deduction Maximizer I recommend this product if:
  • You file one or more state returns
  • You own a home or sold your home in 2009
  • You made charitable donations in 2009
  • You had a lot of medical expenses in 2009
  • You didn’t sell investments, such as stocks, bonds, or mutual funds
  • You don’t own rental property
  • You don’t have your own business (or file a Schedule C).
• TurboTax Premier Investments I recommend this product if:
  • You need to file one or more state tax returns
  • You owned rental property in 2009
  • You sold investments, such as stocks, bonds, or mutual funds
  • You sold options from an employee stock plan, such as Non-qualified Stock Options (NQSOs), Incentive Stock Options (ISOs), or Employee Stock Purchase Plans (ESPPs)
  • You’re a partner in a partnership business where you received a Schedule K-1
  • You’re the beneficiary of an estate or trust where you received a Schedule K-1
  • You don’t have your own business. (or file a Schedule C)
  • You don’t receive self-employment income from contract, consulting, or freelance work.

Business tax software: You need this category if you own a business.

• TurboTax Home & Business I recommend this product if:
  • You receive income from a business you run from your home or from a separate office (that isn’t incorporated or an LLC)
  • You receive income from a side job, such as home-party sales like Avon or your eBay business
  • You receive self-employment income from contract work, freelancing, or consulting services
  • You have multiple sole proprietor businesses
  • You need to prepare W-2 or 1099-MISC forms for employees and contractors (not available in TurboTax Online)
  • You don’t file separate returns for your business and personal income taxes
  • Your business is not an S corporation (Form 1120S), a partnership or limited liability company (LLC) (Form 1065), a C corporation (Form 1120), or an estate or trust (Form 1041)
• TurboTax Business I recommend this product if:
  • You are incorporated or a partnership/LLC, you’ll need to use TurboTax Business to do your business return
  • When you use TurboTax Business, you must also file a personal tax return separately using one of the products from the personal list above.

Now in part 2 of this series, I will cover the questions you need to ask to find out whether you need to download turbotax or you should use turbotax online to do your taxes.

When you click on the Turbo tax coupons link, it takes you to the Turbotax discount coupons official page. The offer is to “get your biggest tax refundthe fastest way”. They offer special online promotional discount on all of their turbotax products.  All of them offer free online trial. You can choose to pay at the end if you like the results, otherwise you do not pay anything.

• Turbo Tax Online basic
  • Free E-filing
  • Ideal for relatively simple tax returns like 1040EZ
  • Free trial. If you like the refund it can find for you, you can choose to pay $14.95
• Turbo tax deluxe
  • Free E-filing
  • Ideal for maximizing tax deductions: They guarantee maximum refund, within 10 days
  • Find out how to qualify for over 350 deductions, including those for mortgage interest and donations
  • Free trial. If you like the refund it can find for you, you can choose to pay $29.95
• Turbo tax premier
  • Free E-filing
  • Make the most of your stocks, bonds, mutual funds, and rental properties
  • Ideal for maximizing tax deductions when you have investments
  • They guarantee maximum refund, within 10 days
  • Find out how to qualify for over 350 deductions, including those for mortgage interest and donations
  • Free trial. If you like the refund it can find for you, you can choose to pay $49.95
• Turbo Tax home & business: The works
  • Free E-filing
  • Ideal for maximizing tax deductions for sole proprietors, consultants, contractors, or LLC owners
  • They guarantee maximum refund, within 10 days
  • Find out how to qualify for over 350 deductions, including those for mortgage interest and donations
  • Get extended help for your Schedule C. Find more business write-offs, and easily determine depreciation of your assets.
  • Free trial. If you like the refund it can find for you, you can choose to pay $74.95

If you like an old fashion turbo tax  download, that is available at a discount coupon as well.

So no need to spend much money to save money.  And certainly do not pay for e-file, as paying for taxes is hard enough .