Category Archives: Turbo Tax 2016

Turbo Tax 2008

Free Turbo Tax online + $37 off Turbotax Deluxe, Premier, Home & Business

What is better than a Free Trial deal? How about completely free for good? :-)

2016 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 $24 off the deluxe version. Also available is turbotax coupon for $36 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).

All the editions include the latest tax laws (including the ACA (Obamacare)) so that all the calculations are guaranteed for accuracy.

Enjoy the savings!

How to choose the best tax software for YOUR needs (Part 1 of 2)

With so many different versions of tax software pitched at us, do you wonder if you are getting the right tax preparation software to best fit your needs? Will you miss out on some important tax deductions? Will you miss out on some of tax refund that you would have received? Here is to simplifying the mystery to lay it out clearly.

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 2016, 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 2016
    • You made charitable donations in 2016
    • You had a lot of medical expenses in 2016
    • 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 2016
    • 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.

How to choose the best tax software for YOUR needs (Part 2 of 2)

This is Part 2 of choosing the right tax software for preparing your 2016 taxes. In this part, I will describe the pros and cons of preparing your taxes online at the turbotax online website, or on your computer locally by downloading turbotax first.

(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.

Function or Feature

TurboTax Online

TurboTax Download

the product

Free to try. Don’t pay until you print or e-file.

Purchase software on CD from a retail store or directly from TurboTax. Or,purchase over the Web for download.

Accessing or installing the product

Nothing to install. Prepare your return and e-file from
any computer with Internet access.

Install purchased product from a CD or download and install on your personal


Lower system requirements than desktop.

Higher system requirements than online.

your return

Step-by-step Interview questions make tax preparation simple.

Step-by-step Interview questions and the
ability to view and complete tax forms just as they appear on paper.


E-file, or print and mail, unlimited federal returns as long as each has a unique
User ID and Password.

Prepare and print multiple returns. E-file up to five federal returns.


E-file up to three state returns per federal return filed electronically. (Each
federal and state return is paid for separately and the cost of e-filing is included.)

E-file up to three state returns per federal return filed electronically. (Note that each federal and state e-file must be paid for separately.)

the product

Updates are automatic – no downloads required.

Download updates from the Web.

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.

Turbo Tax sale: How to get free TurboTax + Get a refund in 10 days

Turbo Tax Coupon for Free TurboTax Online + Refund from IRS in 10 Days

Here is how you can get 100% free Turbo Tax federal tax returns and free e-file, plus get a tax refund in 10 days. As April 15th IRS tax filing date is closing in, it is time to do the income-tax preparation online. Start with the Free Turbo Tax Coupon offer, where you can do your complex taxes for free with Turbo Tax online as long as your returns are simple. For complex returns, Turbo Tax Sale offers the deal where you can complete your complex returns with one of the TurboTax Deluxe, Premier, or Home & Business editions. Once you have the final numbers, and if you believe that the tax software gave you the best tax refund you can possible get, you choose to check out, else you do not owe the Intuit folks a penny.Regardless of the TurboTax edition used, you get federal e-file 100% free as well. Do make sure to specify the bank account into which you would like to get your tax refund deposited. After filing the online e-file, most people get the refund within 10 days.

So there you have it, now you know how to get Turbo Tax online free, plus get your income tax refund from IRS in 10 days.

52 most overlooked tax deductions

Do you give away your hard earned to Uncle Sam for free? That is exactly you are doing if you miss any of the tax deductions that you are eligible for. Here is an extensive list of tax deductions most often missed. I have compiled this list over last 4 years. I surprise myself how much I would miss each year if I did not have this list with me!

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 resume preparation and employment of outplacement angencie
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 :-)

turbotax 2016: turbo tax sale for free online tax filing (efile to irs)

turbo tax sale: Here is a deal that gives free online tax filing (e-file the taxes to irs).

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 2016 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 2016. 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! :-)

Official 2016 Federal Tax Table, Tax Calculator & IRS Brackets

Can you believe it, 2016 is over, and we are already talking about taxes? The 2016 Federal Tax Table & Tax Calculator are released, and they are listed below.

The 2016 tax forms: Form 1040, 1040A, or 1040EZ are not available from the irs yet. The tax softwares like Turbo Tax 2016 and others are available, and they are able to do these tax calculations online for free. But in the mean time, here is the latest tax info for 2016 (for filing in April 2017).

2016 IRS Tax Brackets (Tax Rate Schedules)

Depending upon your filing status (Single, Head of Household, Married Filing Jointly or Married Filing Separately, your tax brackets are different. Please note that the income in all the tables below refers to your Taxable Income not Gross Income. i.e. your gross income minus all the deductions, exemptions and credits. The first table below gives you an idea which marginal tax bracket you fall into for the 2016 tax year.

[table "1" not found /]

The tables below show you exactly how much tax you owe (or have already paid) for 2016 year. Once again, the income below refers to your gross income minus the standard or itemized deductions, exemptions and tax credits. The easiest way to ensure you get every single deduction and credit available to you, make sure to either read all the documentation on the IRS website, or use free turbo tax online or software.

Filing Single

Use this table if you were not married any time during 2016.

[table "2" not found /]

Head of Household

You may be eligible to pay lower taxes that the single status if you are unmarried by the end of 2016, and you paid more than 50% of the cost of keeping up a home for 2016 and have a qualifying dependent who lived in your home for more than 50% of the tax year.

[table "3" not found /]

Married Filing Jointly or Qualifying Widow(er)

If you are married on Dec 31st 2016, you are eligible to file in this category. If your spouse died during 2016, you can still file a joint return for this year.

[table "5" not found /]

Married, Filing Separately

Depending upon your incomes and deductions, you may consider filing separately.

[table "4" not found /]

$25 off Quicken & Turbo Tax Coupon

$25 off Quicken 2017 & 2016 Turbo Tax Coupon

If you have not bought the Quicken 2017 software yet, this is a great deal to save on it along with Turbo Tax Coupon deals. Since bot these software programs are developed by the same company (Intuit), they naturally integrate well with each other. This is key to read data back and forth between these 2 software from one year to another and from one program to the other.

This offer gives you instant $25 off with any version of TurboTax and one of Quicken Deluxe, Premier, Home & Business 2017, or Quicken Mac 2017. Given this deal’s popularity, Intuit is limiting 5 copies per customer.

Last Chance Turbo Tax Coupons Today

Turbo Tax Coupons: Use it Or Lose it!

If you filed for an extension for your taxes, October 15th is the last day to file your taxes. This is your last chance to use the Turbo Tax coupons for free online tax filing this year. You would not be able to use these turbo tax coupons after today, as you can not file an extension any longer.

This is also a great time to plan your year 2016 taxes proactively.? You can use turbo tax 2016 coupons for advance purchase of this tax software to get $10+ off the 2008 prices.? In addition, I highly recommend Quicken 2017 coupons to save 36% Off Intuit Quicken 2017 software with free shipping.? You can then export your entire year of financial planning data into TurboTax 2016 for the tax time next year.

Turbo Tax professional tax preparation service review

Turbo tax recently started this new service for tax preparation by professionals.? They offer a free trial so that you pay only if you like the tax refund it finds for you.? In addition they also offer 100% money back guarantee if you are not happy with the results.? Now for the service, here is the how it works:

As you would do with a professional tax preparers, you give some basic information online.? Then you meet with one of the experienced tax pros over the phone.? You can also chat online with tax pros if you like (in addition to or instead of the phone meting).? There is no limit on the time you take to work with the experts.? The experts ask you questions, point out any deductions you may be missing, and alert you if any item on your return is likely to cause an IRS audit.

After the meeting they work offline, and come back with your completed return for a review with you. When you are happy with the return, they will sign it as a professional preparer, and guide you through eFiling (which is free).

They are so confident on their expertise that in an unlikely event of an IRS audit, they will fully stand behind it, and will handle everything on your behalf.

The expert tax preparation service covers almost all the types of returns. But if you have income from more than 3 states that require separate state returns, you are better off not using this service.

All in all, this is a better service (quality and value) compared to the H & R Block tax preparation.