Here’s how TurboTax is changing its tax preparation software for 2024.

This is happening again. I am using TurboTax to file for the 2023 tax year. Even though you’ve trimmed your tax refund as much as possible, tax software doesn’t come cheap. It’s worth the convenience.

TurboTax is updated annually. Here’s how the company changed its tax filing software for 2024.

auto race mode

First the bad news: TurboTax is dragging “Race Mode” into the new year, starting in 2023. This feature tracks your time in real time and encourages you to beat your previous tax filing records. Do you know what’s worse than filing your taxes? File your taxes under pressure.

I hate it. What’s worse is that once you start submitting your documents, you automatically go into race mode. The good news is: You can disable it by clicking the top left toggle. If you want to take things at your own pace, that’s a good idea.

Linked bank and credit card accounts

Green light alert: TurboTax is introducing linked accounts that will allow you to quickly import purchases made in 2023. This speeds up the reporting process, and if you had a business checking account, it might have gone even faster. But it worked fine on my personal account.

Here’s how it works: Connect your bank and credit card accounts to TurboTax. The tax reporting system automatically imports your purchases. You can sort your purchases and mark them as deductions. You can report multiple items at once by selecting multiple items.

Two reasons why this is amazing is that you can scan through your purchase history and quickly remember business-related expenses, and you can label them in bulk. We recommend using the search bar. For example, if you search for “ChatGPT,” you can find all ChatGPT-related costs and mark them as relevant to your business.

Why do I mark purchases as business related? Business-related purchases may be included in the deduction. TurboTax calculates whether you should itemize deductions or use the standard deduction to keep your taxable income as low as possible.

AI-assisted chatbot

It’s not 2024 without chatbots in the mix. TurboTax offers a 24/7 chatbot to answer your tax questions. maybe. In my experience, it’s a bit janky.

To talk to the bot, click “Help” in the top right corner of the desktop platform. A window will open in the sidebar. You can ask the chatbot anything in natural language. If you don’t know the answer, we’ll direct you to the TurboTax Community Forums or provide expert (human) help.

The AI ​​assistant called Intuit Assist is far from a game changer. On a scale of 1 to 5, I would give it a 3 for usability. Still, it’s worth a try. This feature is fast and free.

TurboTax costs in 2024

Despite misleading advertising promises, TurboTax usually costs money. Most tax filers are not eligible for free tax preparation services. Turbotax Premium users, including freelancers and small business owners, sometimes pay hundreds of dollars to file their returns. Eck.

Despite this, it ranks #1 on our list of best tax preparation software. TurboTax makes money by making tax season fast and virtually painless. Last year, even though it was my first time, it took me hours to submit all my taxes through the platform. For me it was well worth the money.

When to file taxes in 2024

commonwealth tax return The 2024 deadline is April 15. If you want to start early, now is the time. Even if you run out of forms, your progress is automatically saved so you can get started in TurboTax today.

Or, you could start with a free tax preparation software alternative. TurboTax isn’t the only player. Cash App users can file their taxes for free through the app. It doesn’t try to upsell you. Additionally, the IRS is making Direct File 100% free in some states. You may be eligible.

Start early. Or…can you wait until the last minute to submit? Perhaps you like the rush of barely meeting deadlines. Maybe cutting it close is one of many small ways to rage against the machine. confident. you are. As long as you avoid late payment penalties, you’re golden.

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