![]() Phone support is near non-existent, and the few staff members who do man the phones appear to lack information and authority to necessary to provide effective assistance. The software logs you out, won't accept your password when you try to log back in, and won't let you reset your password. The free version of the personal version hits you about halfway through with a surprise, "if you want to add a 1099, you have to pay us."Ģ. Even their phone support team didn't know if NYC and NY State were necessary concurrently. For example, the business version will charge you about $175 just for the software, then another $60 or so for your state, and if you're in NYC, it'll try to charge you even more for the city. Anything you do will sneak attack you with an upcharge for a necessary feature when you're halfway through. It will not tell you everything when you're filing the taxes, it will only hint at things that you need to put down in your tax returns.Ĭons: 1. And once you know the law, once you know all these strategies, then you can actually use TurboTax properly. So you really need to know in advance how to structure your business, how to run it properly in order to minimize your taxes. You can buy some books and go through them page by page to figure out the best solution for your business because TurboTax is not a magic stick. You don't have to go through the entire tax code. My main recommendation would be to actually study the law. And with every year, it actually took me less and less time to prepare my returns for me and my company. But after a certain time, you can get familiar with the packet, you can kind of sense what you need to use as an input. And even within the package, it was not clarified enough. ![]() Sometimes I had to really dig deeper into the law because some nuances are pretty subtle. ![]() So it's kind of a little bit addictive because it suggests you certain deductions and certain tricks. So starting with TurboTax was pretty easy actually and there are lots of hints and a lot of information online, and it even feels like a game in a sense. So I was really hooked and I never switched to anything else. It was actually cheaper than using a CPA, so I decided to give it a try and I really, really loved it. So the reason I picked TurboTax was because this is probably one of the best known packages on the market, and the price looked all right. And on top of that, what I like about TurboTax is that I can actually play with numbers a little bit to figure out my strategy for the next year. So if you have 1, 2, 3, 10 rentals or slightly more, it's still the same price. So for TurboTax, I actually did not have any serious limitations on the number of rentals, as I know they have certain figure, but it's pretty high. And especially when you have many rentals, you will be looking at pretty serious bills. And actually my CPA fees were running a lot. And also with time when my business was growing, the amount of information that I had to put into the tax returns was too much. Either I can make a mistake when calculating everything by hand or my CPA would make a mistake, which she actually did. And this didn't really work for me because I didn't really know what was going on behind the scenes and also, I was afraid that there could be a mistake. And when the amount of paperwork became too much, I hired a CPA. So before I switched to TurboTax, I actually filled out all the forms myself by hand. I would like to give TurboTax Business a rating of five. So basically the first business deals with buying, selling, renovating, renting out homes, and the second business is all about calculations, analytical calculations in numerics. I run two businesses, one in real estate and another one is in financial analytical consulting.
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