Updated on Sunday, December 22, 2024: TurboTax is currently running several offers through the month of January aimed at making tax filing easier and more affordable. Here are the key discounts available:
- Extra 10% Off TurboTax Online
TurboTax is offering an additional 10% discount on its federal online products for users who file directly through Intuit. This discount applies to federal products only, not state filings, and is available until January 31, 2025. It can be combined with early-season pricing discounts but not with other TurboTax offers. - TurboTax Free Edition for Simple Returns
For taxpayers with basic tax situations, TurboTax’s Free Edition allows free filing for both federal and state taxes. This edition is ideal for straightforward returns, such as Form 1040 filings, and supports limited credits, including the Earned Income Tax Credit (EITC), Child Tax Credit, and Student Loan Interest Deduction. However, only about 37% of taxpayers qualify for the Free Edition since it doesn’t cover more complex scenarios like itemized deductions or business income. - 50% Off QuickBooks Solopreneur Bundle
Entrepreneurs can take advantage of the QuickBooks Solopreneur Bundle at 50% off for the first three months. This reduces the cost from $20/month to $10/month, providing valuable tools for managing finances. - TurboTax Freedom Edition for Military Members
Active military members (rank E1 through E9) qualify for free TurboTax software under the Freedom Edition for the 2025 tax season. Higher-ranked military personnel can access additional discounts by providing a military W2 tax form for the 2024 fiscal year. - Partnership Discounts with Financial Institutions
TurboTax partners with financial institutions and credit unions to offer exclusive discounts. To check for eligibility, members can log into their institution’s online portal and explore available deals under “partnerships” or “discounts.”
The TurboTax and LBS Financial Credit Union Partnership
One of the most significant tax-related perks for LBS Financial members this year is the 20% discount on TurboTax products. This collaboration continues a long-standing tradition of providing members with accessible, affordable financial tools during tax season.
How to Access the Discount
The discount is available for a variety of TurboTax products, catering to different tax filing needs:
- TurboTax Deluxe: Perfect for maximizing deductions related to homeownership, charitable contributions, and medical expenses.
- TurboTax Premier: Designed for those managing investment income or rental property taxes.
- TurboTax Self-Employed: Tailored for gig workers, freelancers, and small business owners with complex tax situations.
To redeem the discount, members simply need to use the link provided by LBS Financial on its website or member portal. The discount is applied automatically, making the process seamless.
A Closer Look at LBS Financial Credit Union
Origins and Growth
LBS Financial Credit Union was established in 1935 during the Great Depression, initially serving employees of the Long Beach Unified School District. Over the years, it expanded its membership base to include a broader community while maintaining its dedication to personalized service and financial empowerment.
Today, LBS Financial serves over 140,000 members across Southern California and manages assets exceeding $2 billion. Despite its growth, the credit union remains committed to its mission of supporting the financial health of its members.
Membership Eligibility
Membership is open to individuals who live, work, worship, or attend school in select Southern California counties. Immediate family members of current members are also eligible to join, creating a network of financial inclusion.
Locations and Accessibility
Headquartered in Westminster, California, LBS Financial operates several branches across Los Angeles and Orange Counties. For members outside this region, the credit union provides extensive digital banking options, including:
- Online Banking: Account management, fund transfers, and transaction history.
- Mobile App: Features like mobile check deposit and bill payment.
- Shared Branching Network: Access to thousands of shared branches and ATMs nationwide.
Tax-Related Services Offered by LBS Financial
Direct Deposit
Members expecting tax refunds can utilize direct deposit for secure and prompt access to their funds.
Tax-Advantaged Accounts
- IRAs: LBS Financial offers Traditional and Roth IRAs. Traditional IRAs allow tax-deferred contributions, while Roth IRAs enable tax-free withdrawals in retirement.
- HSAs: Health Savings Accounts let members save pre-tax dollars for qualified medical expenses, reducing taxable income.
Loans and Credit Options
To cover tax-related expenses, LBS Financial provides:
- Personal Loans: Flexible, unsecured loans at competitive rates.
- Home Equity Loans/Lines of Credit: Ideal for larger financial needs.
Financial Education
The credit union emphasizes financial literacy, offering workshops, online resources, and one-on-one support to help members make informed decisions during tax season.
Benefits and Drawbacks of LBS Financial Credit Union
Benefits
- Lower Fees and Better Rates: Credit unions typically offer reduced fees and better rates compared to traditional banks.
- Profit Sharing: LBS Financial reinvests profits into member benefits, enhancing technology and services.
- Community Focus: Strong ties to the local community through education and charitable initiatives.
Drawbacks
- Membership Restrictions: Limited to specific Southern California counties and eligible groups.
- Regional Focus: Branch locations are concentrated in Southern California, which may inconvenience members outside this area.
- Technology Limitations: While the digital tools are robust, they may not match the sophistication of larger national banks.
Why TurboTax is a Trusted Tax Solution
TurboTax is known for its ease of use, comprehensive features, and ability to save time. Here are some standout features:
- User-Friendly Interface: Guides users through the tax filing process step by step.
- Real-Time Support: Error checks and access to tax experts ensure accurate filings.
- Flexibility: Products for every tax situation, from simple returns to complex financial setups.
The 20% discount through LBS Financial enhances TurboTax’s affordability, making it an even more valuable tool.
Tips for a Stress-Free Tax Season
- Claim Your Discount: Leverage the TurboTax partnership with LBS Financial to save on filing costs.
- Organize Early: Collect W-2s, 1099s, and other documents ahead of time.
- Maximize Contributions: Add to IRAs or HSAs to reduce taxable income.
- Understand Deductions: Research applicable deductions and credits.
- File Early: Avoid delays by submitting your return well before the deadline.
Our Final Thoughts
The partnership between TurboTax and LBS Financial Credit Union offers members a valuable opportunity to simplify their tax filing process while saving money. With a 20% discount on TurboTax products, LBS Financial continues to demonstrate its commitment to supporting members’ financial goals.
From its roots as a small credit union for educators to its role as a major financial institution in Southern California, LBS Financial has consistently prioritized member needs. By providing tax-related services, financial education, and exclusive discounts, it remains a trusted partner during tax season and beyond.
Whether you’re navigating a simple return or tackling a complex filing, the resources offered by TurboTax and LBS Financial can make the process more manageable. With a little preparation and the right tools, you can approach the 2025 tax season with confidence.