TurboTax Review 2023: Is The Tax Filing Software Worth It?

When you are ready to get your taxes done, your expert will take care of everything and get it done right – guaranteed. TurboTax Live Basic includes all of the things found in TurboTax Free and works for the same simple tax situations, including those with W-2 income and a few what is turbotax live self employed other tax forms to report. Those with simple tax returns can also file for free using TurboTax’s Live Basic, but only if you file by March 31. There are several advantages to choosing one of TurboTax’s tax filing software, from live support to simple uploading interfaces.

  • However, if you need to itemize deductions or if you earned freelance income you’ll need to select a pricier package to make sure you get the support you need.
  • In my TurboTax Self-Employed review, I’ll go over how TurboTax makes filing easy and why it may be the best solution for freelancers and self-employed individuals.
  • For more complex tax situations you may need additional documents, like mortgage statements or other detailed financial information.
  • Packages beyond the free version can run at least $100 total for a federal and state return.

If by chance you need more help or have any additional questions, you can allow the expert to co-browse or do a 1-way video chat (you see them, they don’t see you). I personally didn’t need to co-browse or do video, but it was nice to have that option. You’ll then be asked to type in your question and to provide a phone number. The reason they’ll call you back is so they can review your question and have the answer ready when they speak to you. I loved this as I felt like it was educating and informing me about my tax return. Now, if you prefer to have someone file your taxes for you, you can use TurboTax Full Service Self-Employed.

TurboTax vs. H&R Block

With TurboTax Live Assisted, you can file confidently with experts by your side. No matter how complex your tax situation, you can get advice from tax experts who can help you finish your taxes error-free, review your return at the end, and guarantee you’ll get every dollar you deserve. If you want someone else to do your taxes, TurboTax Live Full Service Basic could help you get your taxes done, and get year-round tax advice. The basic service will only work for those with simple taxes, like W-2 income, earned income and child tax credits, and student loan interest.

what is turbotax live self employed

For most tax situations, TurboTax does a great job of covering your needs. I’m a self-employed freelance writer with a mortgage, bank interest, investment accounts, and other complexities, but I feel confident doing my taxes myself with TurboTax. TurboTax packages up the things most people need to file their taxes. While some people with very complex or unique situations may feel more comfortable with the direct assistance of a tax professional, the majority of tax situations are easily covered by TurboTax.

TurboTax User Experience

Check out our Self-employed Expenses Calculator to estimate the impact your business expenses could have on your tax return. TurboTax stacks up well against its competition but is also a bit more expensive. Here’s what you need to know about how Turbotax compares to other tax software products on the market. Below, CNBC Select breaks down TurboTax’s tax software and services to help you decide if it’s the right service to help you do your taxes this year. TurboTax is a good fit if you’re looking for access to live expert assistance and an easy-to-follow interface and don’t mind paying to make your experience better.

what is turbotax live self employed

With all versions except desktop computer software, you can start and enter your information for free. You only pay at the end when filing your federal and state tax returns. We offer free one-on-one audit guidance year-round from our experienced and knowledgeable tax experts. We’ll let you know what to expect and how to prepare in the unlikely event you receive an audit letter from the IRS. We also offer full audit representation for an additional fee with MAX Defend & Restore.

File your small business taxes with confidence

Import expenses directly from your bank account and effortlessly sort business from personal. For many self-employed individuals, working with an accountant is something that would be nice to do, but it can be expensive. It’s not that anyone doubts the value of using a professional, but when you’re freelancing or trying to manage your own business, every dollar counts. You can claim 58.5 cents per mile for miles driven from January 1 to June 30, 2022 and 62.5 cents per mile for miles driven from July 1, 2022 to December 31, 2022, plus the cost of parking and any tolls you paid. Be sure to track your business mileage so that you have substantiation for your mileage deduction. The most common for self-employed is a Simplified Employee Pension Plan (SEP).

  • The choice is up to you, but keep in mind that there are other tax preparation options available to you.
  • Now, xmasbaby0 actually gave a pretty good answer, but my point is that these answers are oftentimes completely anonymous, and you have no idea of how trustworthy the individual answering actually is.
  • Like other tax programs, TurboTax is driven by a series of questions and answers about your household, income, and opportunities for deductions and credits.
  • If you’ve received your W-2 or other tax forms digitally, you won’t need to worry about manually entering your information.

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