Does TurboTax do tax planning? (2024)

Does TurboTax do tax planning?

Tax Advice, Expert Review and TurboTax Live: Access to tax advice and Expert Review (the ability to have a Tax Expert review and/or sign your tax return) is included with TurboTax Live Assisted or as an upgrade from another version, and available through December 31, 2024.

Does TurboTax have tax advisors?

Our tax experts are available 7 days a week from 5 AM to 9 PM PT from the January date the IRS starts accepting tax returns through the April filing deadline. From mid-April through early January, they're available Monday-Friday from 5 AM through 5 PM PT.

Can you do a tax payment plan through TurboTax?

If you haven't filed yet, go to the File section of TurboTax, and on the How do you want to pay your federal taxes? screen, select Request an IRS payment plan.

How much does it cost to have TurboTax prepare your taxes?

What is the downside of TurboTax?

Another drawback previously mentioned is the price. TurboTax is the most expensive online tax filing software , especially for freelancers and rental property owners. But it can also become pricey for individuals who need to file multiple state tax returns. (TurboTax charges $64 to file state taxes, per return.)

Is it better to use an accountant or TurboTax?

Choosing to work with a professional is better if you lack the time, patience and expertise with the ever-changing tax laws. You might consider outsourcing your taxes to an accountant if you believe the time you would have to devote to them would be better spent elsewhere.

How do I get a tax expert on TurboTax?

Select the floating Live help button. Select Connect with live help at the top of the chat window. Enter your question or topic area and select Continue. Select your preferred method for connecting with a tax expert.

Can you file taxes and pay later?

If you want to wait until later in the tax season to file your return and pay your taxes, you can do that. You can also file your tax return now, and wait to pay your tax amount due until April 15, 2024.

What happens if I can't pay my taxes?

File your return by April 15 even if you can't pay

By comparison, the late payment penalty, or the failure-to-pay penalty, is 0.5% per month or partial month, with a maximum fee of 25% of unpaid taxes.

What if I can't pay my taxes?

Ask for a short-term payment extension

The IRS allows a short-term extension for many taxpayers who can't afford to pay. You must agree to pay your tax bill in full within 180 days. You can usually apply online for a short-term payment plan if you owe less than $100,000.

What is $40 TurboTax fee about?

There's a $40 processing fee charged by the bank that handles the transaction when the IRS processes your return. If your return is rejected, you might have to enter your bank account information again, but you won't be charged a second time.

Is TurboTax Deluxe worth it?

In particular, the TurboTax Deluxe might be a good option if you own a home, have significant medical or educational expenses or made significant charitable contributions. For example, the popular mortgage interest deduction is a below-the-line option, meaning that you must itemize your taxes to claim it.

What is the difference between TurboTax Deluxe and Standard?

Core Features of TurboTax Basic and Deluxe

If you've had the same job all year, only have a W-2 to contend with, and plan to take the standard deduction, Basic has you covered. On the other hand, TurboTax Deluxe includes all the features of Basic but adds more for those with more detailed financial situations.

Is it better to use a tax preparer or TurboTax?

The IRS says it takes the average person about 13 hours to file Form 1040 or 1040-SR. 8 If you don't have the time to spare, then using a preparer is the better choice. Tax preparation fees vary widely, depending on the preparer's credentials, the complexity of your return, and your geographic location.

What is cheaper H&R Block or TurboTax?

Can be pricey. While H&R Block is cheaper than TurboTax, it's more expensive than some other DIY tax-filing options. You'll pay $35 to e-file a federal tax return, plus $37 for each e-filed state return, which can add up quickly if you need to file in more than one state.

Why is TurboTax charging me $39?

Yes, there is a $39 fee for using the "Pay With My Refund" option to have TurboTax fees deducted from your federal tax refund. You can always remove that option to save the $39 fee, as long as you haven't yet e-filed. How do I remove Pay With My Refund fees in TurboTax Online?

Why is TurboTax being investigated by the IRS?

The Federal Trade Commission has issued an Opinion and Final Order that Intuit Inc., the maker of the popular TurboTax tax filing software, engaged in deceptive advertising in violation of the FTC Act and deceived consumers when it ran ads for “free” tax products and services for which many consumers were ineligible.

Is it worth paying someone to do your taxes?

If you have "a complicated tax situation with dependents, investments, or significant assets or charitable contributions," then hiring a professional might be helpful, said Business Insider. That is because "the more transactions you have, the more things you need to take into consideration."

Is it worth doing your own taxes?

Not only is the process usually more efficient than commuting to your tax professional's office, it's often less expensive as well. Depending on the details of your return, you may even be able to file it for free.

Are TurboTax experts free?

TurboTax Help and Support: Access to a TurboTax product specialist is included with TurboTax Deluxe, Premium, TurboTax Live Assisted and TurboTax Live Full Service; not included with Free Edition (but is available as an upgrade).

Why are my tax returns so low 2024?

You may be in line for a smaller tax refund this year if your income rose in 2023. Earning a lot of interest in a bank account could also lead to a smaller refund. A smaller refund isn't necessarily terrible, since it means you got paid sooner rather than loaning the IRS money for no good reason.

Is full service TurboTax worth it?

TurboTax is generally pricier than everything else out there. Confident filers may not need all the bells and whistles that most TurboTax online products offer, but some people may find the streamlined program and the availability of human help worth the extra cost.

How many years can you go without filing taxes?

Additionally, you have to consider the state you live in. For example, if you live in California, they have a legal right to collect state taxes up to 20 years after the date of the assessment!

What if I owe the IRS but can't afford to pay?

They can apply for a payment plan at IRS.gov/paymentplan. These plans can be either short- or long-term. Short-term payment plan – The payment period is 180 days or less, and the total amount owed is less than $100,000 in combined tax, penalties and interest.

What is the IRS Fresh Start Program?

The IRS Fresh Start program is a set of initiatives that the IRS offers to help taxpayers who are struggling to pay their taxes. These initiatives include payment plans, streamlined procedures for filing taxes, and more. If you owe taxes and are struggling to pay them, the IRS Fresh Start Program may help you.