Turbo Tax

Turbo Tax is your best choice in personal tax preparation software. It will make your job easy in preparing your 2012 income tax return.

Turbo Tax Program Interview

The Turbo Tax program has an interview format which navigates you through the tax input options with easy to understand questions. Turbo Tax will explain the different options to you so you can choose what is best in your situation.

Turbo Tax advice is Free
From February 10th through May 4th 2012, TurboTax Free Tax Advice is available by phone or live chat. Highly-trained Canadian tax professionals will help guide you through your taxes, 24/7. Their experts are knowledgeable in all facets of Canadian taxes. They’re professional accountants, MBAs and tax professionals who have collectively filed thousands of tax returns for Canadians just like you.
Limitation with Turbo Tax

Turbo Tax can only prepare your return based on your input into the program. For example, if you decided to rent out your principal residence for a few years then you might want to file a special election form to avoid paying capital gains tax on any appreciation during the rental period. This is where tax consultation with your tax accountant is always valuable. You can still prepare your own return(s) and save money, but consider getting a tax checkup especially when your circumstances have changed.

Turbo Tax planning

TurboTax Premier includes everything in Standard, plus powerful tools to help you easily claim investments & rental property income.
Even if you’re using TurboTax for the first time, you’ll find it easy to minimize taxes owed & optimize deductions. (Which means more $$$ in your pocket.)
What’s new:
Audit Risk Alert: See what tax claims may trigger a CRA audit prior to filing your return
Free Tax Advice: Connect live, 1-on-1 with a tax pro, 24/7
And you always get:
Step-by-Step Guidance: Just like a GPS, it helps you make the most of your investments and rental property income
12 Returns: With your purchase of TurboTax Premier
RRSP Guidance: Find RRSP-related deductions & plan for the retirement you want

Turbo Tax has Different packages
Turbo Tax provides five basic levels starting with the basic at $19.95 for simple returns and all the way up to Turbo Tax 20 for more complicated returns. Go to Turbo Tax comparison chart to clearly see the features provided in each level.

Turbo Tax Integration with Quicken and QuickBooks

If you have a small business, then it is especially useful to setup QuickBooks with the tax codes so you can import all your income and expenses directly to Turbo Tax. Of course, you want to make sure all your year adjustments are posted to QuickBooks before starting the import. The nice thing about the import feature besides saving time, is the clear audit trail between your tax return and your books, especially if you have a tax audit a few years after you have filed the tax returns. I recommend QuickBooks if you have a business and Quicken for investment income only.

Turbo Tax has everything you need in preparing your income tax returns. The first step is to choose the right package to meet the complexity of your return, so be sure to check the comparison chart before purchasing your 2011 tax year, Turbo Tax program, Also, do not hesitate to contact a tax consultant should you become uncertain about your tax situation.

John Whiteley, CGA, CMA — January 18, 2013