TurboTax Home and Business: File Your Taxes Before April 15th and Let TurboTax Do the Work

It's that time of the year again, the time between Jan. 31 (when we all get our 1099's and W-2's) and April 15^th when we are called into account for all we earned throughout the previous year. Several years ago I started doing my own taxes using first H&R Block's service and then switching to Turbo Tax. Over those years I have used Turbo Tax as an independent contractor, a single mom working and going to school and now with a "full size" family with several tax situations.

This year is no different, from last year, when we used TurboTax. This year we used the TurboTax Home and Business version of the on-line tax preparation service.

Features ofTurboTax Home and Business:

Imports previous year information

Imports banking, stocks, W-2's and other information

Step by step review of last year's information for accuracy this year

The choice to either be guided through each and every step of the income tax worksheets or to customize your experience to those forms you know you need.

The Home and Business version provides assistance for: standard taxes, investments, rental property, small business owners, self employed, independent contractors, stocks, bonds, mutual funds, capital gains, losses home office expenses, deductions for both personal and business as well as a step by step process for your deductions and credits to find you the best possible return (or the least possible payment).

You may then file you taxes online- through their e-file system which this year is free. However, if you need the state and local returns, you must purchase these services for an additional $19.95.

Price of TurboTax Home and Business: $79.95

My Experience with TurboTax Home and Business: To use you simply access the website or purchase a CD. I will discuss the online version. You choose the product you desire and begin your tax preparation for free. You may import last year's return or skip this step. You then begin with your income, business deductions, rental property, exemptions, and deductions even working through your charitable contributions and assigning amounts to them, for say clothing or household goods contributions.

Pros of TurboTax Home and Business:

Easy to use and incorporate our tax information from the previous year (2007)

All the features we needed to get our taxes done: standard taxes, investments, rental property as well as self employment

Would issue a 1099 if we had employees to issue it too

Fast: Taxes even with the help of the youngest tax professionals in history took approximately 2.5 hours, and we have rather involved taxes.

Quicker updates since it is online - no waiting for it to complete when you begin the program

Shows how much you owe/will get back as you complete each step

A comprehensive look at doing your taxes, I would be surprised if it "missed a trick."

On line Q&A where other customers have asked questions. The Q&A corresponds to the subject matter you are currently on. I had to use it once, but found it interesting. An online chat service is available also, for free.

Easy to read graphs and comparisons regarding your taxes, your business or your rental property.

Cons of the TurboTax Home and Business

Online storage and service: stores your tax return online, I have concerns no matter how "secure" they claim the connection to be.

Having to pay for state income tax forms (I don't because I don't have state tax, but my parents found it annoying to pay again to complete their taxes).

Last year during the review process I could quickly and easily make corrections, this year it not so easy.

More difficult to view forms this year than last.

Did not return to the place I was in the review process after fixing errors. Instead I had to go through the whole comparison, do you want to know about this or that process again, to get back to where I was in the review process and double check the changes I had made.

Too much time spent on trying to educate you, provide you with details and information. For example, while it is nice to know how much other houses are renting for in the same city as my home, it doesn't really help me since let's face it, you got to cover the mortgage no matter what the "going rate is."

Another example would be, say you are getting a return already and it begins to advice you regarding IRA's contributions and how it can help you. Simply too much information for me, all I want is for this program and my tax return to show me the money. Now, if I am not getting a return, you bet they better start showing me more options.

Overall, I will definitely use TurboTax Home and Business next year and hopefully it will work out some of the "bugs" that bug me. It does the job and does it well. For those like my financial analyst husband, it also gives him all the little details about taxes, retirements and hypothetical situations that make him happy and provide him with food for thought and possible options for the next year. I guess the best part of using TurboTax Home and Business is that it is a very intuitive service; that can take anyone through their taxes and find them the best possible return. Those not familiar with finance or taxes may feel overwhelmed or distracted by all the asides, such as information and comparisons, Q&A and chat, but you can learn to ignore them. The best part of all, my taxes are done and filed for this year! Now, if only I had the money.