Published:
How do we keep this site running? This post may contain affiliate links, for which we may receive a referral fee. The cost is the same to you and any compensation we may receive does not affect our reviews or rankings. Thanks!
TurboTax 2016 Release
Now that the election is over, hopefully we can all get back to our normal lives. Part of that includes preparing tax returns and getting ready for the new year.
TurboTax 2016 is here just in time to help you with that. It was officially released on November 9, 2016, the day after the 2016 Presidential Election.
You can expect TurboTax to be as good as ever, with the normal layout and helpful step-by-step guide to walk you through preparing your tax return. It will have the latest updates and changes to IRS regulations to make sure you’re doing your return right.
TurboTax Versions
There are five major versions of TurboTax this year: Basic, Deluxe, Premier, Home & Business, and Business. You can check the updated version comparison chart for help deciding which one you should use, plus get help finding the best price.
End-of-year Tax Considerations
As we head into the last few weeks of the year, now is a good time to review your finances. Be on the lookout for any last minute donations, business expenses, or other deductions you might want to get in before December 31st.
Also, make sure to think about retirement account contributions and how that might affect the amount of tax you owe.
It might also be a good time to check into energy efficient home improvements as 2016 is the last year those are allowed.
Using Quicken to Prepare for Tax Time
One of the best tools for helping you prepare for tax time is Quicken. You can use it to track all your expenses, including tax-related items.
It will also help you identify tax-deductions. You can transfer everything over to TurboTax at the end of the year, making filing your taxes a breeze.
The built-in tax planner tool will help you stay on top of your tax situation throughout the year so there are no surprises when you file.
If you are an investor, you can also use Quicken’s investment tax optimizer to help optimize your investments to minimize the impact on your tax status.
Conclusion
Whatever you do, don’t panic. Tax time is coming, but if you take a few simple steps to keep track of your finances throughout the year, filing your tax return will be much easier.
Using a tool like TurboTax can be an excellent help for finding all the deductions you should get and minimizing your tax bill or increasing your refund.
Nate Phillips has been using Quicken and TurboTax for over 20 years. He has spent part of that time as a Quicken beta tester, helping identify bugs and annoyances with Quicken updates before they are released. Nate holds a master’s degree in Computer Science and has numerous technology certifications.