Turbotax is a globally accepted tax preparation software. It is ranked top among its competitors Jackson Hewitt, H&R Block at Home, TaxSlayer, and TaxAct. Among all TurboTax is the maximum choice for business owners and domestic purposes. The different versions are as follows: TurboTax basic, TurboTax Deluxe, TurboTax Premier and TurboTax Home & Business. These versions are compatible with federal as well as state income tax returns. Tax filing for any business is imperative and crucial. This tax preparation software exempts the need of qualified tax professional/accountant for making financial decisions or filing the tax returns for the company.
The different TurboTax versions are designed according to the business demands of various sectors. Get an idea of the highlights of different versions.
- TurboTax Basic: It is suggested for the beginners/newbies. It includes comprehensive user guide that helps the user to get started with the software.
- TurboTax Deluxe: The deluxe version is crafted for users who are planning to expand the business horizons.
- TurboTax Premier: The TT premier version is maximum employed version and is suggested for investments and rental property business sector.
- TurboTax Home & Business: It is recommended for the self-employed or for personal use.
Common TurboTax Errors:
- TT Error code 7284: while the user tries installing TurboTax for Windows.
- TT Error Code 70001: unexpected error while running the software.
- E-file reject IND-181-01: when the Identity Protection PIN (IP PIN) for the first taxpayer on your return is not found.
- E-file reject R0000-507-01: it happens when the dependent on your return has demanded on another return.
- E-file reject R0000-500-01: It crops up when the name mismatches or Social Security number for the first taxpayer with the IRS records.
- E-file reject FW2-502: When the EIN for an employer on your W-2 mismatches with the IRS records.
- E-file reject R0000-504-02: The SSN for a dependent on your return mismatches doesn’t match IRS records.
- Error: “Incomplete Tax Return – All of the following lines have a zero value”.
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