Introduction to TurboTax
Few other personal finance applications provide the single most valuable point with TurboTax, and that is the filing of income tax returns. Every year most individuals and families undergo this torture that is often a test of memory and skill. So, an app that can help with the tax filing has a market bound to grow with time. More than just file the taxes, the application manages the daily finance management of the average household.
There is a range of features with TurboTax. The user has to pay for some features and others are free. The kind of value often decides whether to go in for the paid version when it comes to managing finances. But some strong points simply cannot be ignored by the personal finance software client.
- Automation: One of TurboTax’s most noticeable features is that a tax return can be filed with little help from the user. The W-2 form from the employer can be uploaded onto the application in a simple manner. Just a photograph of the document is uploaded onto the software. And, it would fill in automatically the fields as required by the system to make it a hands-free affair.
- Alerts: With TurboTax, it’s possible to have a range of alerts to let the user know that specific actions are imminent. For example, low balance warnings, when filings have to be made, and similar. The alerts are there to keep the overdrafts to a minimum and to pay the bills on time. This saves money that would otherwise have gone towards late fees and overdraft charges that banks charge the customer.
- User interface: Most users would often remark that it’s one of the most user-friendly ones available. The app has an intuitive user interface, predicting the user’s actions even when filing tax returns. Most actions on the TurboTax app are simple follow-through steps that take the user to its workings’ depths.
- Tax deductions: One of the main ways a taxpayer can lower his tax profile is by using the available tax deductions. With over 350 and more deductions available to the average taxpayer, it would be a herculean task to keep track of every single one of the tax deductions. This is where an application like TurboTax comes into the picture and to good effect too. The assessed person gets the lowest tax profile at any time by making the most use of the due deductions.
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Features of TurboTax
With the different types and kinds of finance software available to the user, each has to have some unique propositions to keep people interested in them. The following are TurboTax’s strong points and most people prefer the software for them.
- Tax centric: No one can deny that paying taxes and filing the tax returns are challenging financial calendar tasks. So, if this one application can reduce the stress and work involved in the work, it would certainly be lapped up by the users. TurboTax files just more than the income statements. It maximizes the tax savings by applying over 350 deductions available to the user at any time. This is something that usually a tax consultant does after charging a hefty fee for doing so. Thus, the software does save people the effort and cost of consulting most of the time.
- Smooth onboarding: The personal onboarding that the software uses not only proves to be a time-saver but also optimizes the information that the person has to feed into the system at any time. It provides for a seamless experience be it balancing the budget or filing the annual returns. Application stores history for future use, so people do not have to fill in what has been done earlier. The application would ask for just the right information each time, and the rest of the action just follows through.
- Personalized approach: TurboTax knows that filing annual tax returns is not a great experience. It thus tries to automate the system to the large extent possible. At the beginning of the package, there are questions about how people feel about filing their taxes. According to the answers, a suitable program is offered to help with the filing of the taxes each time.
- Keeping the focus: Most people have to file taxes at the federal and state levels. Each one has its own set of operating conditions to follow. TurboTax minimizes the clashes that occur while filing taxes with the different authorities. The app keeps the client’s attention on one activity at a time, keeping the focus right throughout the process and with.
- Taking smaller steps: Filing taxes is a long and drawn-out process that takes a bit of effort as well. One of TurboTax’s main ways to keep people focused on the task is by breaking down the tax filing.
TurboTax and user experience
It’s an accepted fact that filing tax returns is not the most pleasant experience with most folks. With TurboTax, filing the tax returns is automated and autonomous to make a painful experience a manageable process. The strong point of this tax filing software is the range of deductions to the user after going through his initial filing. This would make it a lot easier to file the returns and at the same time claim the most deductions possible.