Posted in Online Entrepreneurship

​TURBOTAX ONLINE SELF-EMPLOYED Review

​TURBOTAX ONLINE SELF-EMPLOYED Review Posted on

TURBOTAX ONLINE SELF-EMPLOYED Review

Name: TURBOTAX ONLINE SELF-EMPLOYED
Website: WWW. TURBOTAX.COM
Price: FREE – $179
Owners: TURBOTAX
Overall Rank: 98 out of 100

TURBOTAX ONLINE SELF-EMPLOYED, Product Overview

This is a TurboTax Online Self-Employed review. Read this article on how to file self employed taxes for entrepreneurs.

TurboTax Self-Employed is an online software product (formerly known as TurboTax Home & Business online) that enables online entrepreneurs, independent contractors, consultants, freelancers, musicians and other self-employed taxpayers to file Schedule C for their business, along with a 1040 for their personal taxes.

The TurboTax software will  ask you questions about your business, and you’ll enter your self-employment income, including 1099-MISC, 1099-K credit/debit payments, cash and checks; and your expenses.

TurboTax Self-Employed helps you get every last deduction you’re entitled to. And you can get started for FREE!

Who is TURBOTAX ONLINE SELF-EMPLOYED For?

TurboTax Online Self Employed is for those who are the owner of their own business and want to file their taxes online.

It is for people who receive a 1099-MISC or a 1099-K from the person or business that paid them.

Even if you don’t receive a 1099-MISC or a 1099-K, you’re still responsible for reporting all your income and expenses from self-employment on your tax return.

This includes any part-time businesses or private “side jobs” where you’re performing services in addition to a regular job or business.

You are self-employed if you’re an individual who:
  • is the sole proprietor of an unincorporated business
  • works as an independent contractor, consultant or freelancer
  • is a member of a business partnership
  • owns or is part of a limited liability company (LLC)
  • earns income through investments
  • earns income through rental property
  •  have multiple sources of income

You may not think of yourself as running a business, but you’re considered self-employed if you engage in business-like activities.

Business activities include any activity where you:
  • intend to make a profit (even if you operate at a loss)
  • have regular transactions or production of income
  • make ongoing efforts to sustain, grow or further the interests of your business

TURBOTAX ONLINE SELF-EMPLOYED Tools & Features

TurboTax Online Self Employed tools include:

  • Multi-factor authentication security. TurboTax works hard to safeguard your information so you can file your taxes confidently.
  • Automatically save time by easily importing a PDF transfer of last year’s information to help ensure the accuracy of your return. You can import pdf’s from other major tax prep companies.
  • The system displays and updates your federal refunds (or taxes due) as you do your income taxes, so you always know where you stand.
  • They ask you easy questions about your year and fill in the right tax forms for you.
  • You can import your W-2 from over 1 million companies or snap a photo of your W-2.
  • Tracks expenses in real time allowing you to stay on top of all your expenses and categorize them throughout the year so you don’t miss a thing.
  • Tracks miles automatically by keeping every trip logged with on-the-go mileage tracking right from your mobile phone.
  • Captures receipts in a simply point, snap, and store your receipts and never lose proof of an expense.
  • You get 24/7 access to all of your completed tax returns and avoid paying the IRS $50 every time you need a copy.
  • Prepare and print unlimited W-2 and 1099 tax forms for your employees and contractors.
  • Get your biggest tax deduction with the best depreciation method and their guidance through calculations.
  • Free tax calculators and money-finding tools.
  • If you change jobs, get married, buy a home or have a baby, they’ll guide you through common life changes, explain how they impact your taxes, and find any new tax deductions and credits you may qualify for.
  • It searches 350 + tax deductions and credits.
  • Maximizes mortgage property tax deductions.
  • Covers rental property income and tax deductions.
  • Turns charitable donations into big tax deductions with, its deductible tool.
  • Covers stocks and bonds, ESPPs and other investment income.
  • Automatically imports investment income including cost basis.
  • Uncovers industry-specific deductions and handles the unique situations of online entrepreneurs, musicians, artist, performers, independent contractors, freelancers and small business owners. It is unique to you and your line of work.
  • Maximizes business deductions for vehicle mileage, phone, supplies, home office and more.
  • They’ll show you who qualifies as your dependent, and find tax-saving deductions and credits like the Child & Dependent Care CreditEarned Income Credit (EIC) and child tax credit.
  • If you or your children attended college, trade school, or even took classes for work, they’ll help you find refund-boosting education tax credits and deductions (1098-E1098-T) for tuition, books, and student loan interest.
  • You can choose to receive your tax refund by check, direct deposit to your bank account, or to a pre-paid TurboSM Prepaid Visa® Card.
  • Get a comprehensive review of your tax return before you file so you can be confident nothing gets missed.
  • Their calculations are 100% accurate so your taxes will be done right, guaranteed or they’ll pay you any IRS penalties.
  • Get your maximum tax refund — guaranteed

*Includes TurboTax State

TurboTax Federal automatically transfers your information to TurboTax State.

Once you’ve completed your federal tax return, they’ll automatically transfer your information and give you the option of completing your state taxes using TurboTax.

What’s included with TurboTax State?

  • Free e-file — With TurboTax State you can e-file your return at no additional cost.
  • Automatic Transfer of Your Federal Information — Your federal info automatically transfers into TurboTax State, so you don’t have to type it twice.
  • Biggest State Refund, Guaranteed — If you get a larger state refund using another tax preparation method, they’ll give you your money back. No questions asked.
  • 100% Accurate Calculations, Guaranteed — They guarantee their calculations are 100% accurate, or they’ll pay you any IRS penalties plus interest.
  • Tax Guidance on Demand — Get expert answers to your questions. TurboTax State coaches you step by step to help you get your taxes done right.
  • Refund Monitor — TurboTax State dynamically displays your tax savings to show how each deduction affects your refund.

*Special Offers

TurboTax and QuickBooks self employed are integrated to make the self employment filing process easier than it’s ever been.

TurboTax Self-Employed users will be offered a complimentary 1yr subscription to QuickBooks Self-Employed.

TurboTax has also teamed up with Lyft and Uber drivers to offer a $20 discount on this combo!

File a current year TurboTax Self-Employed return between 4/19/18 and 10/16/18 to receive a complimentary subscription to QuickBooks Self-Employed until 10/31/19. Activation required by 12/31/18.

When you enroll in TurboTax Self-Employed to file your taxes, you will have the option to renew your QuickBooks Self-Employed subscription.

What is QuickBooks Self-Employed (QBSE?)

QuickBooks Self-Employed (QBSE) is an income and expense tracking product developed for self-employed individuals, to help them stay organized and prepare for tax time.

This online and mobile app product saves customers time and money by allowing them to track and manage their business income and expenses through the year and on-the-go and helps them estimate quarterly tax payments.

Benefits of QBSE:

  • Effortless expense tracking, year round!
  • Track expenses in real time.
  • Track miles automatically.
  • Capture receipts.
  • Mobile App – Free mobile app, available for both iOS and Android, which reviews transactions and automatically tracks mileage right from a phone.

Turbo

To better understand your true financial health, Turbo will help you to get the three numbers that matter: income, credit score, and debt-to-income ratio.

Your credit score alone isn’t enough. You will know where you truly stand and what it means by getting more personalized advice to help get all you deserve.

TURBOTAX ONLINE SELF-EMPLOYED Support

There is plenty of support for  TurboTax Online Products. TurboTax Support is here to get you the tax and product support you need. Just ask a question or search answers from experts and customers, 24/7.

Or you can upgrade to TurboTax Live and connect one-on-one with a Turbo Tax specialist for answer on demand

Your TurboTax specialist will provide customized answers to your questions and guide you by drawing on your screen*.

The Benefits of Turbo Live

  • Covers personal and work income, including complex situations.
  • Do your taxes and have a one-on-one review with a TurboTax CPA or EA before you file.
  • Live tax advice from experienced tax experts who know your unique situation are by your side.
  • Quickly connect to a CPA or EA on your computer screen as often as you’d like.
  • Works with you to make any changes and back it with our 100% Accuracy Guarantee.

TURBOTAX ONLINE SELF-EMPLOYED Price

TurboTax Online Self Employed is free to get started. Once you’re ready to e-file your return, which is included free for your federal, you have the option of paying for the software at the time of the e-file or have it deducted from your federal refund for $119.99.

If you decided to upgrade to Turbo Tax Live the cost increase to  $179.99

The price per state $39.99*

My Final Opinion of TURBOTAX ONLINE SELF-EMPLOYED

I have always used TurboTax as my DIY choice. This year with the TurboTax Online Self Employed product I felt more confident doing my taxes.

The software really does make it easy to do your own taxes. It even offers the expert support to guarantee the accuracy of my return.

It gave me every credit and deduction for my multiple sources of income. At the time of writing this post I had not used the QuickBooks Self Employed software because it was not offered until this year as part of signing up to TurboTax Online Self Employed.

However, I have set up my free subscription and can’t wait to do my taxes for next year because this software will make filing business taxes online for free effortless.

I highly recommend this product to all self employed online entrepreneurs!

TURBOTAX ONLINE SELF-EMPLOYED at a Glance…

Name: TURBOTAX ONLINE SELF-EMPLOYED
Website: WWW.TURBOTAX.COM
Owners: INTUIT
Price: FREE-$179.99
Overall Scam Rank: 98 out of 100

PROs CONs
  • Perfect for independent contractors (1099-MISC) and small businesses.
  • Every detail reviewed.
  • 100% accurate calculations.
  • One-on-one help, on demand.
  • Help from experts like CPA, EA.
  • Uncover industry-specific deductions.
  • See your refund in real time.
  • Get tax deductions for your dependents.
  • See your refund in real time.
  • Free to start.
  • Deduct Software cost from Federal refund.
  • Transfers data to State.
  • Track expenses in real time.
  • Track miles automatically.
  • Automatic import of your W-2 info.
  • Capture receipts in a snap.
  • You can do it yourself.
  • Available online only (alternative for Desktop).
  • Still have to pay for cost of software. 

 

 

 

 

VERDICT: LEGIT

What are your thoughts on paying taxes as a self employed person? Would you choose the DIY option with a program like TurboTax?

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