Updated on Sunday, December 22, 2024: The 2025 tax season is here and as always, TurboTax is offering several discounts to help you save on your tax preparation costs. Whether you’re a first-time filer, self-employed, or a military service member, TurboTax has several options available to fit your needs. Here’s a breakdown of the current offers available for the 2025 tax year.
1. 10% Off TurboTax Online Versions (Expires January 31, 2025)
TurboTax is providing an additional 10% off discount on all online versions of its software when purchased directly from Intuit. This offer applies only to federal TurboTax products and excludes state filings. The savings are in addition to the early-season discounts (which can be as high as 40%) and are valid until January 31, 2025. However, this promotion cannot be combined with any other TurboTax offers, so be mindful of other discounts you may be considering.
2. Free TurboTax Edition for Simple Returns
For taxpayers with straightforward tax situations, TurboTax offers a Free Edition that allows users to file both federal and state taxes at no cost. This option is ideal for individuals who file a basic Form 1040 return, and it supports common credits like the Earned Income Tax Credit (EITC), Child Tax Credit, and Student Loan Interest Deduction.
While the Free Edition is a great option for those with simple returns, it is important to note that only about 37% of taxpayers qualify for this edition. It doesn’t support more complex tax situations, such as business ownership, itemized deductions, or investment income. If your tax situation involves more complexity, you may need to opt for a paid version of TurboTax.
3. 50% Off QuickBooks Solopreneur Bundle
For small business owners and freelancers, TurboTax offers the QuickBooks Solopreneur Bundle at 50% off for the first three months. This bundle provides QuickBooks tools to help track income and expenses, with the price reduced from $20/month to $10/month for the initial period. It’s a useful resource for those looking to manage their business finances efficiently while saving on bookkeeping costs.
4. TurboTax Freedom Edition for Military Personnel
Active-duty military members (rank E1 through E9) can access TurboTax Freedom Edition, which offers free filing for both federal and state taxes. This is a great benefit for military service members, as it eliminates filing costs for those eligible. If your rank is above E9, you may still qualify for a discount, though the software will not be free. To apply the discount, a military W-2 form from the 2024 tax year is required.
5. Exclusive TurboTax Discounts Through Banks and Credit Unions
TurboTax partners with many financial institutions and credit unions across the country to provide exclusive discounts for their members. To access these offers, customers should visit their bank or credit union’s online portal and look for the “deals” or “partnerships” sections, where these promotions are typically listed. These discounts are a great way to save on TurboTax software if you already have an account with a participating financial institution.
What the 20% Discount for Wealthfront Customers Covers
Wealthfront clients who use TurboTax can enjoy the 20% discount on several key versions of the software, each tailored to different types of tax filers:
- TurboTax Deluxe: Ideal for those looking to maximize deductions. It’s particularly useful if you have itemized expenses such as mortgage interest, medical costs, or charitable donations.
- TurboTax Premier: This version is geared towards individuals with investments, rental income, or cryptocurrency transactions. If you have more complex assets or income sources, Premier helps simplify the filing process.
- TurboTax Self-Employed: Specifically designed for freelancers, contractors, and small business owners, TurboTax Self-Employed helps track business expenses, including mileage, and ensures you don’t miss out on industry-specific deductions.
- TurboTax Live and Full Service: These options are great for those who want professional assistance. TurboTax Live provides expert help on demand, while Full Service lets you outsource the entire filing process, with a tax expert handling all the details.
To redeem this offer, Wealthfront customers can use a special link provided by the platform. This ensures that the discount is automatically applied at checkout, making the process easy and straightforward.
TurboTax and Wealthfront: A Continuing Partnership
TurboTax and Wealthfront have partnered for several years to offer tax filing solutions and discounts for Wealthfront clients. Wealthfront is an online wealth management platform that helps individuals manage their finances, investments, and tax strategies. By offering a 20% discount on TurboTax, Wealthfront is ensuring that its users can benefit from an easy-to-use, reliable tax software while also saving money during tax season.
The collaboration between TurboTax and Wealthfront is beneficial for customers who use Wealthfront’s financial services and want to keep their tax filing process simple and cost-effective. As with other bank and credit union partnerships, Wealthfront customers gain access to this discount through a special link, ensuring they can apply the savings without additional hassle.
Wealthfront: A Key Player in Automated Financial Services
Wealthfront is an automated financial services company that has made managing money easier for many Americans. Founded in 2008, the platform uses algorithms to offer a range of investment services, from retirement accounts to tax-loss harvesting. Its approach to wealth management is designed to be hands-off, allowing users to set up their investments and let Wealthfront’s platform handle the rest.
One of Wealthfront’s main features is its tax-loss harvesting tool, which automatically helps users reduce their taxable income by selling investments that have lost value. This can be particularly beneficial for individuals looking to minimize their capital gains taxes. Wealthfront also offers tax-advantaged accounts, such as IRAs, to help customers save for retirement in a tax-efficient way.
In addition to its investment tools, Wealthfront provides customers with a comprehensive financial plan and access to low-cost, diversified portfolios. For many, Wealthfront represents a more affordable and accessible alternative to traditional wealth management services.
How to Sign Up for Wealthfront
Signing up for Wealthfront is straightforward. To get started, you’ll need to visit the Wealthfront website and create an account. The process involves answering a few questions about your financial goals and risk tolerance, which helps Wealthfront recommend an investment strategy that aligns with your preferences. After setting up your account, you can start funding your investment portfolio with as little as $500.
Wealthfront also makes it easy to manage your accounts, track your progress, and adjust your financial plan as needed. Once you’re a Wealthfront customer, you’ll have access to the TurboTax discount as well as other financial tools and resources.
Benefits and Drawbacks of Wealthfront
Benefits of Wealthfront
- Low Management Fees: Wealthfront charges a competitive management fee of 0.25% per year on assets under management, making it an affordable option for many users.
- Automated Investing: Wealthfront’s algorithms handle the day-to-day management of your portfolio, saving you time and effort.
- Tax-Advantaged Accounts: Wealthfront offers accounts like IRAs, allowing users to save for retirement while minimizing their tax liability.
- Tax-Loss Harvesting: This feature automatically sells investments at a loss to offset gains, reducing your taxable income.
Drawbacks of Wealthfront
- Limited Personal Interaction: Since Wealthfront is an automated service, users have limited access to human advisors, which may not suit those who prefer personalized advice.
- Less Customization: Wealthfront’s portfolios are designed to be efficient and diversified, but they may not offer the level of customization that some investors seek.
Conclusion
As we move into the 2025 tax season, TurboTax continues to offer a range of valuable discounts and promotions, helping taxpayers save on the cost of filing. Whether you’re a Wealthfront customer, a member of the military, or a small business owner, there are options that can make your tax season easier and more affordable. With TurboTax’s comprehensive tools and the 20% discount for Wealthfront customers, it’s a good time to take advantage of these savings and simplify your tax filing process.