TurboTax Business 2012 is expected to be released in early December!
Inuit.com begins releasing their new versions of TurboTax at the end of the year around the first week of December. Keep an eye out for the release right after Black Friday/Cyber Monday in late November or early December. As soon as the latest deals arrive, we will post the latest TurboTax Business 2012 coupon codes and discounts here at uCouponCode.com. If you still looking to buy the older 2011 version of TurboTax Business because of your tax extension, we still have some pretty good deals and promotions listed here.
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Our review of TurboTax Business:
TurboTax Business 2011/2012, similar to the Business & Home edition, was designed to help corporations, partnerships, and LLCs to prepare and file business taxes. It covers the following federal business tax returns:
- Multi-Member LLCs – Form 1065
- Partnerships – Form 1065
- S Corporations – Form 1120S
- C Corporations – Form 1120
- Estates and Trusts – Form 1041
If you fall under any of these, then the Premier, Deluxe, and Basic editions are probably not the best choice for you to use this year. TurboTax Business 2012 is best suited for businesses organized as C or S corporations, partnerships, or multi-members LLCs, have less than $250,000 in annual revenues, and employ less than 5 people. If your business brings in revenues just over $250,000 annually, you can still use TurboTax Business but you are required to present a balance sheet; the software also has features to aid with the preparation of this.
Some of the most important characteristics of TurboTax Business and what it has to offer are highlighted below:
- It’s simple to use with plenty of help as you go along, including help with filing K-1 forms electronically.
- Imports your data from QuickBooks. This is a very useful feature as it automatically fills the appropriate boxes with information even if your QuickBooks’ chart of accounts isn’t tax-ready (that information can be later edited).
- Creates unlimited number of W-2, 1099-MISC, 1099-INT, and 1099-DIV forms for all your employees, contractors, shareholders, and partners.
- Easy Income and Expenses recording, with added help in preparing tax statements for several businesses.
- Guidance for new businesses and tips for the new entrepreneurs on which expenses are deductible.
- Covers activities related to real estate rental property – it’s a step by step process that allows you to properly account for all income and expenses related to this type of business activity.
- Unique aids with state taxes by allowing to transfer information provided while filing federal taxes; this saves time and assures accuracy of the information provided.
- Includes federal eFile for faster paperless filing. Not only does this reduce the audit risk but TurboTax Business 2011 will point out deductions that often lead to IRS audits but it also guarantees the accuracy of its tax calculations so there is nothing to stress about if there is an audit. In case of an error Intuit will pay any fines caused by its error for you.
- Support and guidance – provides the following Help and Education tools: 24/7 website support, FAQs, tips, articles and instructions, publications, videos, technical support (phone or live chat), Live Community, and one-on-one sessions with a tax expert in federal tax law.
- Maximize all the deductions – it breaks down what can be deducted including such areas as expenses related to vehicle use (actual expenses vs. standard mileage rate; business vs. personal use), supplies, capital assets (deduct fully vs. depreciation), expenses related to marketing (catalogs, website, brochures, business cards), travel; it provides list of typical deductions related to a particular industry and helps to determine the best depreciation options for fixed assets in order to achieve maximum refund.
Reviews from the existing customers have been generally positive with the score of 4 out of 5 stars. One that particularly caught my attention mentions the very things that make TurboTax Business 2012 so good and help build loyal customers. It says that the software “is getting easier and the comprehension with its easy explanation is wonderful.” The user goes on to say “each year …I learn more and more” and that the on-screen do’s and don’ts are very educational. As for a con, he lists “patience to read all.” But don’t think that just by purchasing TurboTax Business 2012 your taxes will be done. It still takes effort and time and some other members leaving their feedback felt that not enough support was given to account for countless individual situations.
Be sure to visit us here at uCouponCode.com again as soon as TurboTax Business 2012 is released at the end of this year. We usually see most of the best offers available earlier in the season vs. days before the tax deadline. We will also bring you any other good deals and coupons that we come across for TurboTax coupons available from Intuit’s authorized resellers like Costco, Best Buy, Walmart, and BJ’s Wholesale.
No changes are expected in the Freedom Edition and we should continue to see the free editions from TurboTax available for low-income families and those that only need to complete basic Federal tax returns.