TurboTax Premier Tax Software
Ok, so it's time to start thinking about income tax preparation
again, yuck! This is the time of year I tend to get a little
stressed in the head thinking about what's in store for me with my
IRS tax obligations.
Last year I made a switch due to my investment accounts that
insured simple tax software wasn't going to do the trick for me
anymore. Uncle Sam likes to know all about my portfolio, and
reporting all that data can be a monstrous task in itself. TurboTax
Premier to the rescue!
season always seems overwhelming to me but, fortunately, I have
found anxiety relief from this overblown burden since I realized the
benefits of using the TurboTax Premier Edition. I've found this
software to be the perfect tool to help me navigate my investment
tax preparation process with far more ease than I had ever expected.
TurboTax Premier is designed specifically for investment minded tax
filers that have several sources of income they need to report.
Frankly speaking, this program helps clarify what needs to be
reported and how to do it in the most economical way.
TurboTax Premier is Available in Two Formats
Premier Internet Based Online Tax Preparation
PC Desktop Tax Software
Review - Using TurboTax Premier 2013 -
2014 Investment Accounts, Buying and Selling Stocks
used TurboTax Premier Tax Software to help me report my managed investment account
last year. My account can be classified as a little eclectic with
the odds and ends I own of 50 shares of this, and 70 shares
of that, etc. I along with my account manager made about 150
trades that I had to report on a Schedule D Tax
click to enlarge features >>
Now for the first time doing this by myself, I must say I felt a
little overwhelmed to say the least. I
figured it was going to take me at least a couple days to record all those
transactions with my hunt and peck typing skills.
Fortunately, while entering other data into the TurboTax Premier Software
I proceeded to the investment area and was prompted to enter my brokerage
account number, so I did and within about 15 seconds ALL of the
transactions were transferred and recorded on my Schedule D. Plus, it was all done accurately, which is more than I can
say for what would have happened if I were entering it all with my
I then entered my other
Vanguard Account Number for those transactions to be transferred and it only took 5 seconds
or so for that data to be entered in the proper location on my tax return.
This all saved me a tremendous amount of
time and effort without having to worry about errors. From my
experience the TurboTax Premier Edition is well worth the cost of a
premium software if your like me and have many
different investment transactions that you need to report. I highly
recommend it especially if you have poor typing skills.
Using TurboTax Premier for
Investment Rental Property Income, Expenses, and Deductions
With investment rental properties the costs that you incur to
keep your rental property in service, including repairs,
maintenance, advertizing, and management fees are generally tax deductible. Even if your rental property
is temporarily vacant, the expenses related to maintaining it are still deductible while the
property is being held out for rent.
What rental property expenses are deductible?
Deductible expenses include, but are not limited to:
Ownership Related Expenses
association dues and condo fees
- Property insurance premiums
- Local property taxes
- Interest expense
- Rental Related Advertising
- Cleaning and maintenance
- Yard maintenance
- Utilities and trash removal fees
- Pest control
- Management fees
- Professional fees
- Rental related travel expenses
Any expenses that you plan to deduct must be ordinary and necessary
to the rental property, but not
Deductable expenses may include any costs directly related to
efforts you put into the rental property to keep it in service. For
example. you can deduct the cost of travel to and from your rental property if the
primary purpose of the trip is to check on the property or perform
routine tasks and maintenance related to maintaining it in rentable
short, if your traveling to inspect or work on the property those
costs are deductable. However, you are not allowed to mix business with
pleasure, though, so costs
that are not property related need to be singled out as
With the complications of what does and what doesn't qualify for
being a qualified tax deduction, the TurboTax Premier tax software
program is a very handy tool to help you make sure you aren't
crossing the line by listing something that should be considered a
personal expense. After all, the last thing you want is for the
Internal Revenue Service to come knocking on your door looking to
shake you down.
Here Is What Our Review TurboTax
Premier Home And Business Tax Software Reveled
TurboTax Premier Home & Business Software is a dual package that
contains TurboTax Premier and along with small business tax
Every year, Intuit has its hands full getting new tax codes
updated into the TurboTax software lineup. With that being said, we
loaded up TurboTax Premier Home & Business software to take it for a
TurboTax is set up to allow consumers to use a standard
installation wizard that guides tax filers through the software
installation process. With the license agreement, users are granted
permission to install and use the tax software on a single computer.
Once installed TurboTax allows you to select which tax service
you would like to prepare — Form 1040, Form W-2, Form 1099 for
payments made to contractors. If your a single self employed small
business owner it's pretty straight forward.
The TurboTax Software Operation
A guided tour function allows tax filers to answer a few
questions in the same format required to prepare a tax return. For
self employed businesses you will need the common data required such
as your business name, address, federal and state tax identification
numbers, and pertinent contact details for any employees or
contractors you have working for you, if any.
With TurboTax you get free internet chat support that is
available 24 hours a day, seven days a week and our test revealed
that the chat support was generally faster than our attempt at phone
With TurboTax it was easy to jump to a different sections of a
return and keep track of where we were based on the progress bar at
the top of the screen. You can jump around and make corrections as
needed by revisiting an interview question or navigating to it on
the actual tax form.
Premier is loaded with tax advice and support venues for everything
from the frequently asked questions database (FAQs) to live chat and
TurboTax also guides you through any home office deductions along
with asset depreciation for self employed and small business needs.
Once your all done with the preparation process electronic filing
of your documents is free, and certainly the fastest way to file
your return and get a refund. TurboTax offers a multitude of pay per
product add-on services including live advice from a professional