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Tag: TurboTax

  • DOJ Reviewing Intuit’s Credit Karma Deal

    DOJ Reviewing Intuit’s Credit Karma Deal

    The Department of Justice (DOJ) is reviewing Intuit’s recent attempt to acquire Credit Karma over anticompetitive concerns.

    Intuit moved to purchase Credit Karma for roughly $7 billion in cash and stocks. While the deal appears to join two complimentary services on the surface, almost immediately it came under scrutiny over concerns Intuit was merely trying to eliminate a competitor. While Credit Karma is primarily known for helping individuals monitor and improve their credit score, it had launched a free tax preparation service in 2017.

    ProPublica is reporting the concerns were valid enough to warrant the DOJ’s attention. In particular, Credit Karma’s innovative approach to tax preparation threatened to upend the whole market. In a company memo ProPublica obtained that outlined Intuit’s legal strategy, it appears the government is looking at “the influence that Intuit’s purchase of Credit Karma will have on consumer tax preparation platforms and [the] software market.”

    Once Credit Karma and Intuit respond to the government’s request for information, the DOJ will decide what to do. While it’s too early to tell which way the DOJ will rule, given the government’s renewed interest in anticompetitive behavior in the tech industry, Intuit’s deal may face significant hurdles.

  • TurboTax 2014: Compare Cost to Other Online Tax Services

    Tax filing season is finally underway, so now it’s time to decide how you want to file your taxes. If you don’t much care for using an accountant or tax preparation chain such as H&R Block to file your taxes and prefer to prepare your return yourself, you’ve no doubt heard of TurboTax. TurboTax is one of the most popular online tax services available, so there is no doubt that people will be using the TurboTax 2014 software by the droves, but how does the cost compare to other online tax services? Check out a comparison of TurboTax 2014 to two other online tax services below to make sure you’re getting the biggest bang for your buck.

    TurboTax 2014

    Whether you want to file a 1040EZ or need something more complicated to file a return for your small business, TurboTax 2014 has you covered. Like most online tax preparation services, TurboTax offers free federal tax preparation for simple returns, plus offers three other packages: Deluxe ($29.99), Premier ($49.99), Home & Business ($74.99). You’ll also get free phone and online chat support with TurboTax 2014.

    While TurboTax’s Deluxe package costs a little more than twice as much as its competitors’ comparable services ($12.99 vs. $29.99), if you expect a decent return, you can take advantage of TurboTax’s refund bonus offer to make up for the extra cost. If you use one of their paid packages to process your return, TurboTax gives you the option to get all or part of your refund back on an Amazon gift card and will tack on an additional 10 percent. If you use Amazon frequently and expect a return of at least $500, you can more than make the added cost of using TurboTax pay for itself.

    TaxACT

    Not only does TaxACT undercut TurboTax by at least 50 percent on their software costs ($12.99 vs. $29.99 on the Deluxe packages and $17.99 vs. $49.99 for the next level), you won’t pay nearly as much if you have to file an additional state. TurboTax’s cost for each state is $36.99. With TaxACT, you’ll only pay $5 for an additional state. Even though TurboTax would be a sure bet if you are expecting a large return and want to get the Amazon gift card bonus, if you worked out your deductions early in the year so that you have to pay in a little or will only get a small return, then using TaxACT will certainly save you some money.

    TaxACT also offers free phone support, plus offers a number of apps on Apple App Store and Google Play for you to check the status of your return, itemize deductions, etc.

    TaxSlayer

    Like TaxACT, TaxSlayer is much cheaper than TurboTax. Choose from two paid packages with TaxSlayer: $12.95 for the Classic Edition or $32.95 for the Premium Edition. You receive live tax advice with the most expensive option, but will receive free phone support with all options, including the free edition. While TaxSlayer doesn’t charge as much as TurboTax to file state tax returns, the cost is quite a bit higher than TaxACT at $14.95.

    TaxSlayer doesn’t offer any perks that give you back any additional money and does cost more than TaxACT, but if you are a previous TaxSlayer user, then having easy access to your previous returns would certainly be desirable.

    Image via Twitter

  • IRS e-file Season Begins This Weekend

    The IRS officially began processing 2013 tax returns this Friday, starting this year’s tax season. The IRS hopes that their e-filing process, along with their direct deposit system, will encourage users to process their return early, instead of waiting until April 15th. The IRS’ e-file is free for anyone who earned less than $58,000 in 2013. Using e-file and direct deposit, the IRS estimates that you could see your return in as early as 10 days, with the reminder that it usually takes up to 21 days. The IRS is even rolling out a “Where’s My Refund?” site, but advise that you only check once a day to avoid overwhelming the system.

    On average, most users taking early advantage of the e-filing system are those expecting a large refund. Which makes sense – who wants to wait around to receive their money? For those expecting to owe, they tend to wait until closer to the deadline, as there’s no discount or tax break for filing early. (You can even file for an extension too, if you can’t pay by April 15th.) But for most of us – 75% of all taxpayers, to be precise – can expect to see some sort of refund this year (the average refund last year was over $2,500).

    Of course, private companies like TurboTax and H&R Block encourage filers to use their free system, too – with TurboTax even offering extra incentives this year. With its Refund Bonus program, users can choose to use part of their refund to purchase an Amazon.com gift card, and TurboTax will add an extra 5 to 10 percent to the amount of the gift card. Of course, the choice of which program to use to e-file is up to you; just remember to double check all of your important documents and get that e-file in by the deadline to enjoy your maximum refund.

    Image via IRS Official Facebook

  • Weird Things To Write Off On Your Taxes [Infographic]

    I love covering pseudo-holidays. Earlier this month we had Pie Day, Steak and a BJ Day (same day, actually — great day, actually), and the Ides of March. And, of course, April Fools’ Day is just over them thar hills. But you know what other special day is coming up fast, right?

    You cheated. You read the headline. Yup, Tax Time is nigh upon us.

    Video Related: Boo!

    Of course, you’re a prudent, organized, and responsible taxpayer-cum-reader-of-blogs, so you’ve already filed and are reading this on the new tablet you bought with your refund. I am sure of this.

    Video Related: You paid your taxes already.

    But even if you also paid your taxes this year, you might have missed out on a handful of bizarre write-offs that could have netted you even more on that refund check. And if you’re still waiting to file, you might want to look over this infographic from TurboTax and see if you’ve missed anything. Maybe you’re a bodybuilder with a costly body oil habit, or maybe you’ve donated your venison to charity. You could even write off some of your fitness expenses, provided your doctor officially declares it necessary. (Does that mean you can write off a box of Cheerios, too?) So that’s three of twelve. Have a look and see nine other weird things people have gotten away with deducting from their taxes:

    (image)
    Free Tax Filing, Efile Taxes, Income Tax Returns – TurboTax.com

    Did they miss anything? Let us know about weird tax deductions you’ve claimed or heard about. It would be especially timely if you comment on this before April 15th.

    [Via TurboTax, H/T: AllTop, Video Credit: Matt Groenig/Fox/The Simpsons, Image Source: ThinkStock]

  • Mobile App Offers Tax Filing For iPhone And Android

    TurboTax has introduced SnapTax, a mobile app that lets people file their taxes from their iPhone or Android devices.

    SnapTax allows users with simple returns to take a photo of their W-2 with their mobile phones and then automatically enters the information into their tax return.  Users answer a few basic questions, review their their return for accuracy and tap “File Now” to electronically file their federal and state tax returns.

     

     

    “SnapTax offers an entirely new and unique way to file taxes,” said Barry Saik, vice president of product management for TurboTax. 

    “Now, millions of taxpayers across the country can do their taxes easily and accurately from their mobile phones in just minutes.”

    Users can download the mobile app for free and pay when they electronically file their return. The price is $14.99 and includes one federal 1040EZ and one state tax return plus e-filing.  SnapTax is available in the Apple App Store and Android Market.

     

  • TurboTax Taps Twitter To Offer Tax Help

    TurboTax said today taxpayers on Twitter can tweet questions to @TeamTurboTax and get free answers from a team of tax, tech and product experts to help make tax time easier.

    TurboTax said it created @TurboTax in response to the growing use of Twitter by its customers.

    @TeamTurboTax will cover everything from tax matters to product questions and technical support, the team will answer product questions, troubleshoot problems, and resolve customer service issues.

    TurboTax-twitter

    "People are increasingly going online to file their taxes. Now they can just as easily go online to get answers from @TeamTurboTax on Twitter," said Scott Gulbransen, lead for @TeamTurboTax.

    "This expands the options people have to get answers – whether it’s on Twitter, on the Web or on the phone."
    Twitter users can also follow the site to see what questions have previously been asked and answered.
     

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