Updated on Tuesday, December 31, 2024: Tax season is here, and whether you’re filing independently or seeking professional assistance, there are several ways to reduce costs on tax preparation software and services. If you’re planning on using TurboTax this year then here’s a breakdown of the current offers available from now through the end of January, 2025:
10% Off TurboTax Online Versions
TurboTax is offering an additional 10% instant coupon on all online federal products when purchased directly through Intuit. This is on top of early-season discounts of up to 40%, making it an attractive option for those filing early. Note that the savings do not apply to state products, and this deal cannot be combined with other offers. The promotion runs until January 31, 2025.
Free Edition for Simple Tax Returns
For taxpayers with basic financial situations, TurboTax’s Free Edition enables free filing of both federal and state returns. This edition is ideal for straightforward filings, such as Form 1040 submissions, and supports limited credits, including the Earned Income Tax Credit (EITC), Child Tax Credit, and Student Loan Interest Deduction. However, the Free Edition is not suitable for more complex scenarios, like itemized deductions, investment income, or business ownership. Roughly 37% of taxpayers qualify for this option.
QuickBooks Solopreneur Bundle – 50% Off
If you’re self-employed, the QuickBooks Solopreneur Bundle could streamline your bookkeeping and tax preparation. For a limited time, TurboTax is offering this bundle at half price for the first three months. Instead of the usual $20 per month, you’ll pay just $10 per month.
Free TurboTax Freedom Edition for Military Personnel
TurboTax supports active military members (ranks E1 through E9) by providing free access to its Freedom Edition. Higher-ranking personnel are not eligible for free access but can still receive a significant discount. To qualify, a military W-2 tax form from 2024 is required.
Credit Union and Financial Institution Discounts
TurboTax collaborates with numerous banks and credit unions to provide exclusive savings. Some of the major partnerships include Bank of America, Fidelity Investments, AAA, Suncoast Credit Union, Capital One, and BECU. These deals are typically listed under the “deals” or “partnerships” sections of online banking portals. For example, First Technology Federal Credit Union members can save 20% on TurboTax federal products this year (details below).
H&R Block Alternative – 20% Off
If you prefer to explore other options, H&R Block offers 20% off its tax preparation software through January 31, 2025. Their software supports seamless data import from TurboTax, allowing users to switch platforms without hassle. Versions such as Basic, Deluxe+State, Premium, and Premium & Business are included in the discount.
First Technology Federal Credit Union and TurboTax Discounts for Members
Members of First Technology Federal Credit Union (commonly known as First Tech) can take advantage of a 20% discount on TurboTax federal products. This exclusive offer is available through a dedicated link within members’ online accounts. It’s important to note that the discount applies only to federal products, excluding state filings. Additionally, the deal cannot be combined with other TurboTax promotions.
First Technology Federal Credit Union: A Guide for Tax Season and Beyond
Background and History
First Technology Federal Credit Union is a member-owned, not-for-profit financial institution that primarily serves professionals in the tech industry. Established in 1952, First Tech is headquartered in Hillsboro, Oregon, and operates branches across the United States. Over the years, it has grown to become one of the largest credit unions, with more than 720,000 members and assets exceeding $16 billion.
First Tech distinguishes itself by focusing on technology-driven solutions and personalized financial services. Its offerings include savings and checking accounts, loans, credit cards, investment services, and various digital tools to help members manage their finances effectively.
Membership and Benefits
To join First Tech, individuals must meet certain eligibility criteria, such as being employed by a partner company, affiliated with an eligible organization, or residing in certain geographic areas. Family members of eligible individuals may also qualify.
First Tech members enjoy numerous benefits, including:
- Low Fees: As a credit union, First Tech typically charges lower fees compared to traditional banks.
- Competitive Rates: Members can access attractive rates on savings accounts, loans, and mortgages.
- Digital Accessibility: Advanced online and mobile banking platforms make it easy to manage accounts and access services.
- Community Focus: First Tech reinvests profits into member benefits, community programs, and financial education.
Potential Drawbacks
While First Tech offers a wide range of advantages, there are some considerations to keep in mind:
- Limited Branch Availability: Compared to national banks, First Tech has fewer physical branches, which may be inconvenient for some members.
- Eligibility Requirements: Membership is not open to everyone, as it depends on specific employment or geographic criteria.
First Tech provides various resources to help members navigate tax season efficiently. From discounts on tax software to financial planning tools, here’s how you can make the most of your membership during this time.
Getting Started with Tax Preparation
Before diving into tax preparation, it’s crucial to organize all necessary documents. Here’s a checklist to guide you:
- Personal Information: Gather Social Security numbers, dates of birth, and bank account details for direct deposits.
- Income Documents: Collect W-2s, 1099s, and K-1s, as applicable.
- Deduction Records: Compile receipts for deductible expenses, such as business costs, student loan interest, and charitable donations.
First Tech offers tools like transaction summaries and budgeting software to help members track expenses throughout the year, simplifying the documentation process.
Additional Tips for a Stress-Free Tax Season
- Check Your Refund Status: Use the IRS “Where’s My Refund?” tool to track your refund without needing to contact your tax preparer.
- Stay Alert to Scams: Protect yourself from tax-related fraud by filing early and avoiding suspicious communications claiming to be from the IRS.
- Understand Tax Reforms: Keep up-to-date with any legislative changes that could impact your return.
Financial Planning Beyond Tax Season
Tax season is an excellent time to assess your overall financial health and plan for the future. First Tech offers several tools and resources to help members achieve their financial goals, including savings accounts, retirement planning, and investment services.
For those receiving a tax refund, consider using it strategically. For example:
- Pay Down Debt: Reduce high-interest debt to improve your financial stability.
- Build Emergency Savings: Strengthen your financial safety net by increasing your savings.
- Invest for the Future: Explore First Tech’s investment options to grow your wealth over time.
Additionally, members can take advantage of flexible spending accounts (FSAs) and other pre-tax benefits to maximize their savings throughout the year.