 TurboTax 2021 is a tax return application used to prepare and file U.S. Federal and State tax returns for the 2021 tax year. It provides a step-by-step guide that walks you through the tax return process. TurboTax is available as a CD/download for Windows or macOS or as an online application that runs in your web browser (Google Chrome is recommended). The software can be purchased in the following editions:
The TurboTax interface provides a simple step-by-step process called "EasyStep" for completing tax returns. This system asks you basic questions and automatically fills in the tax forms with the information you provide. The "EasyStep" process consists of several sections, including Personal Info, Federal Taxes, State Taxes, Wrap-Up, and Print & File. And as you fill out your return, the program displays the current calculated total tax refund or due tax amount. Also, if you prefer to enter your information manually, you can do so by clicking the "Forms" button. Intuit guarantees that TurboTax will provide the maximum refund for all tax returns as it updates tax law standards to help ensure that your taxes are correctly filed and guarantees 100% accuracy with each return. The TurboTax guarantee applies to everyone, including individuals, home business owners, and multi-member LLC businesses. TurboTax also offers a help center with answers from tax experts for an array of tax-related questions. TurboTax 2021 can import data from previous TurboTax returns like .TAX2020 files and .PDF returns created by other tax programs such as TaxAct and H&R Block Tax Software. The software can also import data from Quicken and other financial software programs and a large number of online banking services. SummaryTurboTax is one of the most popular and best applications available for helping you file your taxes. It features a simple "EasyStep" process, accurate calculations, expert advice, and convenient data importing. If you plan to do your own taxes this tax season, Intuit TurboTax is a great solution.
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OVERVIEW The IRS grants you an automatic extension to file your taxes every year, as long as you complete Form 4868. For information on the third coronavirus relief package, please visit our “American Rescue Plan: What Does it Mean for You and a Third Stimulus Check” blog post.
Traditionally, federal tax returns are due on April 15 or the first business day thereafter if the 15th is on a weekend or holiday. However, the IRS does grant you an automatic extension to file your taxes every year, as long as you complete Form 4868. Common reasons for requesting an extension include a lack of organization, unanticipated events or tax planning purposes. Even if you obtain an extension to file, you must still pay your income tax in full by the tax deadline. Incomplete tax documentationSince the federal government will grant you an extension just for the asking, you can take advantage of this additional time to ensure your return is accurate. For example, if you’ve lost the W-2 your employer sent you and are waiting for a duplicate to arrive, you are better off filing the extension and waiting for the W-2. If you just estimate your income, it’s likely you will have to make corrections in the future anyway. Unexpected life eventsEven if you intend to file your tax return by the deadline, sometimes life events interfere with your ability to file. If you have a death or illness in your family or fall victim to a natural disaster, you may be unable to file on time. While the IRS does not need an explanation when you apply for an extension, there is no reason to prepare your tax return in a rush if other issues keep you from focusing on it. IRA conversionsSometimes taking the extra time to file your return may be a strategic decision to help you obtain more tax savings. For example, up until 2018, if you convert your traditional IRA into a Roth IRA, you must pay tax on the entire account balance at the time of conversion. However, the IRS allows you to "recharacterize" your Roth IRA back into a traditional IRA at any time before you file your tax return, which allows you to avoid paying tax on the balance. Since this conversion may take some time, a filing extension can eliminate your obligation to pay the tax. Beginning in 2018, recharacterizations are no longer permitted. Late-payment penaltiesRegardless of when you file your tax return, if you do not pay the tax you owe by the tax filing deadline, the IRS penalties can be severe. The IRS will charge you one-half percent each month on the amount of tax you still owe after the deadline. If you fail to file a return altogether by the extension date, the IRS penalty increases to 5 percent per month, for a maximum penalty of 25 percent. An easy way to avoid the penalty is to make a tax payment with your debit card before the filing deadline. When you do, this payment method serves as your extension application and you will not have to file Form 4868. Filing a tax extension with TurboTaxIf you need more time to file, you can easily file your extension online with TurboTax Easy Extension. Remember, with TurboTax, we'll ask you simple questions about your life and help you fill out all the right tax forms. With TurboTax you can be confident your taxes are done right, from simple to complex tax returns, no matter what your situation.
Answer simple questions about your life and TurboTax Free Edition will take care of the rest. For simple tax returns only
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