What version of TurboTax do I need for small business?
2020 TurboTax Products Available as Download or CD
| Version | Intuit recommends it for: |
|---|---|
| Basic | Employment income, a few deductions |
| Deluxe | Homeowners and people who want to deduct charitable or medical expenses |
| Premier | People who sold investments or have rental income |
| Home & Business | Self-employed people and small business owners |
What does TurboTax home and business tax software do?
TurboTax Home & Business CD/Download tax software allows you to prepare both personal income taxes and business taxes. File self-employment and personal taxes with ease. Discover the most overlooked tax deductions in your industry, receive guidance on vehicle tax deductions, and much more.
Is it worth it to use Turbo Tax?
Working on your own taxes can be frustrating no matter what software program you’re using. First, full disclosure: I love Turbo Tax. I used to tell people that I’d do TV commercials for it. I even seriously considered going to work for the company. I have worked for one of their competitors – and I still like Turbo Tax better.
Is it a Turbo Tax problem or user error?
This isn’t a Turbo Tax problem so much as it is a user error. You have to install the updates before you file your tax return or it could easily be wrong. Let’s be realistic about this. Turbo Tax tries to get its product to the shelves by December for customers to buy it. This is a pretty good business plan.
When do I need to use TurboTax Premier?
If you sold any investments (stocks, bonds, mutual funds, options, etc.) then you’ll have to file a Schedule D – which also means you’ll need TurboTax Premier. If you received a Schedule K-1 (Form 1065), which you would get if you are in a partnership, that’s another reason you’ll need TurboTax Premier.
