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!
I've found this software to be the perfect tool to help me navigate my stocks and bonds 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
- TurboTax Premier Internet Based Online Tax Preparation
- TurboTax Premier Download/CD, PC Desktop Tax Software
Review - Using TurboTax Premier 2019 - 2020 Investment Accounts, Buying and Selling Stocks
I 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 Form.
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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 trade 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 typing skills.
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:
- Homeowner 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 extravagant.
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 condition.
In 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 non-deductible.
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 On TurboTax Premier Tax Software Reveled
TurboTax Premier Home & Business Software is a dual package that contains TurboTax Premier and along with small business tax software.
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 spin.
TurboTax Software Installation Process
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 Review
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 support.
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.
TurboTax Premier is loaded with tax advice and support venues for everything from the frequently asked questions database (FAQs) to live chat and phone support.
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 tax advisor.