Intuit’s TurboTax has been a popular tax preparation software option for nearly two decades. Over the years, the software has evolved into a number of package options for individuals and businesses, making it one of the most popular income tax preparation tools in the United States.
About Intuit
Intuit was founded in 1983 by Scott Cook and Tom Proulx with the creation of Quicken personal finance software, a program developed to provide common households with a simpler way to balance their checkbooks.
Since the company’s start, it has developed and acquired a number of additional finance-based products and websites, including QuickBooks, Mint.com and Intuit Financial Services. One of its most popular to date is TurboTax.
TurboTax Description and Features
TurboTax was created in the mid-1980s by Michael A. Chipman, an employee of San Diego-based Chipsoft. The software became an Intuit product when the company acquired Chipsoft in 1993.
Since that time, the company has developed a number of tax-related products, including:
- Free Edition:Allows individuals who use 1040EZ and simple federal tax returns to file online for free.
- Deluxe: This option works best for customers who have children, own a home, have medical expenses or make donations.
- Premier: Premier digs a bit deeper to serve customers who own stocks, mutual bonds, or rental properties and need more complex tax assistance.
- Personal & Business in One: Sole proprietors, consultants, contractors or single-owner LLCs are advised to use Personal & Business in One to file business and personal taxes simultaneously.
- Business: The Business software was created for business owners (corporations, partnerships, multi-member LLCs) who need expansive assistance with filing.
All of the TurboTax services are revered for their simple question-and-answer format and verification system that ensures no filing mistakes are made. The products allow customers to file with their state — in some cases, free of charge — and also provide customers with free live tax advice.
