klsnyder
- 459
TurboTax: Home & Business vs. Deluxe Edition
Click For Summary
Discussion Overview
The thread discusses the experiences and preferences of participants regarding the use of TurboTax, specifically comparing the Home & Business edition to the Deluxe edition. Participants share their personal choices and insights on the software's features and pricing.
Discussion Character
- Opinion-based
- Anecdotal
Main Points Raised
- One participant, identifying as a consultant, uses the Home & Business edition.
- Another participant mentions that a VP from Intuit indicated the Deluxe version includes Schedule C and can be sufficient for many users, suggesting starting with Deluxe before considering an upgrade.
- One participant notes a coupon available for TurboTax through Costco.
- Another participant shares their experience using the Deluxe version online, finding it cheaper than purchasing in-store and appreciating the user-friendly interface.
- One participant discusses using Taxact.com for free online filing, highlighting the cost differences between federal and state submissions.
- Another participant expresses concern about whether to invest in the Home & Business version, having only used the basic version previously.
- One participant, who has always used the Deluxe edition, contemplates switching to Home & Business due to their new role selling Pampered Chef products but decides to start with Deluxe.
Areas of Agreement / Disagreement
Views differ on which edition is preferable, with some participants favoring the Home & Business edition while others are satisfied with the Deluxe edition. No clear consensus emerges on the best choice.
Contextual Notes
Participants share their personal experiences with TurboTax editions in the context of their business activities, particularly in relation to their roles as Pampered Chef consultants.
Who May Find This Useful
Consultants considering which TurboTax edition to use for their tax preparation may find the shared experiences and insights relevant.
PamperedChefDebi
Silver Member
- 1,176
strasfamily
- 149
I was curious about this as well. The VP of Intuit which is the company who makes the software is on another board that I visit and answered this question for me. He said that the deluxe version also has Schedule C and should work just fine. If you need more help and guidance through it, he said you could upgrade on line to the home and business one but suggested to start out with deluxe first.
chefann
Gold Member
- 22,050
jwpamp
- 1,614
jenniferlynne
- 1,995
I use the Turbo Tax Deluxe Edition. I log onto their website and do it. It's cheaper than buying it in the store that way. You don't pay until you submit. It's great. You just put in your business info and it asks you all the right questions. I don't remember what my final cost ended up being last year, I just remember being shocked. Seems like it was $40 or $50 cheaper than I thought it would be.
sailortena
- 439
I was considering using the Home and Business online version ... it costs $75 to use this one!!! I have never used the Deluxe version ... just the basic before, but I had never had a home business. Should I invest the extra $25 in the Home Business version? I know I can write off for 2007 the cost of preparing my taxes, I just wanted some input from other people.
klsnyder
- 459
Frequently Asked Questions
What are the main differences between TurboTax Home & Business and Deluxe Edition?
The main differences between TurboTax Home & Business and Deluxe Edition lie in their target users and features. Home & Business is designed for self-employed individuals and small business owners, providing tools for reporting business income and expenses, as well as maximizing deductions. Deluxe Edition, on the other hand, is geared towards individual taxpayers and offers features for maximizing personal deductions, such as mortgage interest and property taxes, but lacks the business-specific tools found in Home & Business.
Who should use TurboTax Home & Business?
TurboTax Home & Business is ideal for self-employed individuals, freelancers, and small business owners who need to report business income and expenses. It is particularly useful for those who want to take advantage of business deductions and credits, as it provides guidance on how to maximize these benefits.
Can I file personal and business taxes with TurboTax Deluxe Edition?
While you can file personal taxes with TurboTax Deluxe Edition, it does not support business income reporting or self-employment income. If you have business income or need to report expenses related to your business, you will need to use TurboTax Home & Business for those specific needs.
Does TurboTax Home & Business offer support for tax deductions specific to self-employed individuals?
Yes, TurboTax Home & Business offers extensive support for tax deductions specific to self-employed individuals. It provides guidance on various deductions such as home office expenses, vehicle expenses, and business-related expenses, ensuring that users can maximize their tax savings.
Is there a price difference between TurboTax Home & Business and Deluxe Edition?
Yes, there is typically a price difference between TurboTax Home & Business and Deluxe Edition. Home & Business is generally more expensive due to its additional features tailored for self-employed individuals and small business owners. Pricing may vary based on promotions and the specific version (online or desktop), so it's advisable to check the TurboTax website for the most current pricing information.
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