Updated on Monday, December 23, 2024: Tax season is upon us, and as always, TurboTax has rolled out several discounts to help you save on their tax preparation software. Here’s a breakdown of the top discounts available from now through January 31, 2025:
1. Extra 10% Off Federal Products
TurboTax is offering an additional 10% discount on federal tax products when purchased directly through Intuit. This discount applies to TurboTax’s federal products only and can be combined with early-season savings of up to 40%. Note that this offer excludes state products and ends on January 31, 2025.
2. Free Edition for Simple Returns
For taxpayers with straightforward tax situations, TurboTax’s Free Edition allows both federal and state filings at no cost. This option is ideal for simple Form 1040 returns and supports limited credits, such as:
- Earned Income Tax Credit (EITC)
- Child Tax Credit
- Student Loan Interest Deduction
However, this option only applies to about 37% of taxpayers, as it doesn’t support more complex scenarios, like business income, itemized deductions, or investments.
3. 50% Off QuickBooks Solopreneur Bundle
Entrepreneurs and freelancers can take advantage of a 50% discount on the QuickBooks Solopreneur Bundle for the first three months. This reduces the cost from $20/month to $10/month and is a valuable tool for tracking expenses and preparing for tax filing.
4. Free TurboTax for Military Members
Active-duty military members ranked E1 through E9 can file federal and state taxes for free using the TurboTax Freedom Edition. For those ranked higher, a discount is available instead. A 2024 military W-2 tax form is required to redeem the offer, ensuring that service members get access to affordable and efficient filing.
5. Discounts Through Financial Institutions
TurboTax frequently collaborates with financial institutions to offer exclusive discounts. Check your bank or credit union’s online portal for promotions listed under “deals” or “partnerships.”
TurboTax and Charles Schwab: A 20% Discount for Clients
Charles Schwab clients once again have access to an exclusive TurboTax discount this year, continuing their long-standing partnership. The 20% discount applies to several TurboTax products, catering to a range of tax filing needs:
1. TurboTax Deluxe
Perfect for those looking to maximize deductions, TurboTax Deluxe helps track and apply itemized expenses like:
- Mortgage interest
- Charitable donations
- Medical expenses
2. TurboTax Premier
For individuals with investments, rental income, or cryptocurrency transactions, TurboTax Premier simplifies complex filings. It’s a great choice for those managing diverse assets or income streams.
3. TurboTax Self-Employed
Designed for freelancers, contractors, and small business owners, this version helps track business expenses, including mileage and other deductions unique to self-employment.
4. TurboTax Live and Full Service
These options are tailored for taxpayers who want professional support. TurboTax Live provides on-demand expert help, while Full Service lets a tax professional handle the entire filing process.
How to Redeem the Discount
Charles Schwab clients can access the discount by using a dedicated link provided through the Schwab platform.
Charles Schwab: History, Background, and Financial Resources
An Overview of Charles Schwab
Founded in 1971 by Charles R. Schwab, the company started as a small investment newsletter and grew into one of the largest financial institutions in the U.S. Schwab’s focus on empowering investors through low-cost, user-friendly investment solutions has made it a favorite among both individual and institutional investors.
Today, Charles Schwab offers a range of services, including brokerage accounts, retirement planning, wealth management, and tax-efficient investment strategies.
Schwab’s Mission and Approach
Schwab’s mission is centered on making investing accessible and affordable for everyone. By offering transparent pricing and a wide variety of investment options, Schwab has built a reputation for prioritizing client needs.
Charles Schwab and Taxes: How They Help During Tax Season
Tax-Efficient Investing
Schwab emphasizes tax efficiency in its investment strategies. From tax-loss harvesting to managing tax-advantaged accounts like IRAs and 401(k)s, Schwab helps clients minimize tax burdens while maximizing returns.
Financial and Tax Planning Tools
Schwab offers several tools to help clients stay on top of their taxes:
- Schwab Intelligent Portfolios: These automated portfolios are designed with tax efficiency in mind.
- Tax Resources: Schwab provides educational materials and calculators to help clients understand deductions, credits, and overall tax liability.
Tips for Tax Season Success
Here are some strategies to make the most of tax season, whether you’re using TurboTax, working with Schwab, or both:
- Stay Organized: Keep all necessary tax documents, such as W-2s and 1099s, in one place to streamline the filing process.
- Use Tax-Efficient Accounts: Maximize contributions to IRAs, HSAs, and other tax-advantaged accounts to reduce taxable income.
- Leverage Available Discounts: If you’re a Schwab client, take advantage of the 20% TurboTax discount to lower your filing costs.
- Seek Expert Advice: For complex tax situations, consulting a professional can save time and money.
Our Final Thoughts
TurboTax’s discounts and Charles Schwab’s client benefits make tax season more manageable. Whether you’re an individual filer with straightforward taxes or a business owner with more intricate needs, there are plenty of options to help you save money and file efficiently.
As always, staying informed and proactive is key to navigating tax season smoothly. By combining TurboTax’s user-friendly tools with Schwab’s financial expertise, you can feel confident about your tax preparation process this year.