TurboTax is a well-known tax preparation software. Though there are other players strongly competing with the software including Jackson Hewitt, H&R Block at Home, TaxSlayer, and TaxAct, TT is still widely accepted. It is one of the most popular Tax preparation apps in Canada. The software is available in different versions that include TurboTax basic, TurboTax Deluxe, TurboTax Premier and Turbo Tax Home & Business. Though it is simple to use the program with the bit of knowledge if you feel the need then get in touch with “TurboTax Canada support“.
Contact TurboTax by Phone in Canada:
TurboTax program is available for both federal and state income tax returns. If you ever feel the need to get in touch with TurboTax professionals then do give us a call at our TurboTax 1800 phone number file your return then you can get in touch with.
TurboTax is a number one tax preparing software that is widely used in Canada. For every business, filing tax is a crucial task. And you always seek the expertise of a tax professional or accountant prior making any decisions or filing any tax returns. No matter what is the business sector, your business makes money or loses it, but still, it is compulsory to file your business taxes every year with the Canada Revenue Agency (CRA).
The different TurboTax versions/products are specially designed to meet the different requirements of the businesses. The different TT versions are detailed below:
- TurboTax Basic: This version is specially designed for the beginners that include a stepwise guide for easy usability of the software.
- TurboTax Deluxe: This TurboTax version is suggested for the users for maximizing your deductions.
- TurboTax Premier: This Premier TurboTax version is recommended for that business who deal with investments and rental property.
- TurboTax Home & Business: This TT version is specially designed for the self-employed or for personal use.
All these different versions make it possible for you to choose the right product that suits your business and financial needs. The various versions are upgraded with latest releases to improve the existing features and the same is used to optimize additional features. These releases can be downloaded by going to the official website of Intuit. Once downloaded install it and run it to implement the new features to your business. You can even contact TurboTax Canada support team at askforaccounting.com to help you guide with your Taxing software purchase.
Powerful Features within TurboTax:
With the development of TurboTax versions, the features were enhanced compared to the previous program. Each version was integrated with advanced new features depending upon the tax preparation needs. The employment of the software helps to import your data from the previous year TurboTax, Quicken, QuickBooks, or other tax preparation software. This feature exempts the need of tons of data input resulting in accurate output and saves abundant time. TurboTax allows you to import your W-2 and 1099 data from over 100,000 companies.
The software offers simple usability features and in case you need support from a tax professional, you need to pay a minimal fee amount for each TurboTax version. Make use of TurboTax live chat feature provided within the site and get your queries sorted all with ease.
Benefits of the Software
The situations that TurboTax software can handle are as follows:
- Controls entirely the storage of tax return and tax data file
- Develop returns for previous years
- Imports data from Quicken and QuickBooks accounting software
- Generate multiple returns for family members
- File separately state returns for spouses
- Include all the tax scenarios
- Corporation, S-Corporation, Partnership, Estate, and Trust returns (these are handled in TurboTax Business).
- Approach the Forms Mode
- Capable to download more than 500 stock transactions
Main Features of TurboTax Software:
The TT software is blended with strong features that ease tax preparation like a stroll in the park. But please note that though the interface is a bit easy to understand, you will still need expert knowledge to use the software. If you feel, you are not good at using the program then let TurboTax Canada support professionals guide you through every step. With that said, here are the features that you can make use of while filing your taxes.
- TurboTax includes all business costs, vehicle & advertising costs, traveling expenses to ensure the minimal tax payment.
- Quality and accuracy in all calculations guaranteed.
- Manage multiple businesses of different industries. Federal e-files are attached to avoid paper filing.
- TurboTax assists in identifying industry-specific deductions to calculate common expenses that are usually ignored or overlooked. Learn new tax saving strategies for your business. TurboTax reviews your largest investments/assets to seek the best tax-saving strategy for your business.
The small-sized businesses can file their taxes either via paper forms that can be emailed to the CRA or submit them online, landing the CRA website. For the incorporated businesses, you need to file your taxes within six months after the end of your fiscal year. For the unincorporated businesses, the last date for filing taxes is until June 15.
For arranging and accuracy in the tax return, you need the assistance of experienced and qualified professional or software, who will make tax filing itself a breeze! You need to be aware of certain important considerations that determine what and when to be filed and when to file. It is imperative to have an understanding of the legal form that your business actually takes. The legal form of your business will elaborate the type of tax return you need to file and when to file.
Legal Forms of your Business Varies
The business may be a sole proprietorship, a partnership, or a corporation. It depends upon the nature of your business that tax deadlines and requirements differ. As per CRA types of businesses are as mentioned below:
- In case the business is not incorporated the owner is a sole proprietor.
- In case the business is not incorporated and you are a partner in the business along with another person then you are in a partnership situation.
- And if you have your business incorporated then you are a corporation.
T1 General Return
For the Sole Proprietors need to file and pay their taxes on the return that is known as T1. It is kind of personal income taxes return. Here you need to fill an additional form such as a T2125 – Statement of Business or Professional Activities extra to the regular T1 forms. You have time until June 15 to file your personal and business tax return. If you don’t want to miss out on dates then contact TurboTax by phone.
For the Partnerships, business tax filing is similar to a sole proprietorship. There is no separate partnership tax return filed. Here both the partners comprise their percentage of income and expense as part of their personal tax return via forms such as the T2125 – Statement of Business or Professional Activities. Also, need to file T5013 form for partnership information return. The due dates for partnership business is similar as for sole proprietorship. Only the T5013 form has the due date by the end of March.
T2 Corporate Income Tax Return
The Corporations are unique as they are a separate legal entity so they demand a totally different tax return called a T2. For the incorporated business there are forms to fill out and fees to pay and very often require legal advice. The Corporations are taxed based on their fiscal year that might differ from the calendar year. They are supposed to file their taxes within six months after the end of their fiscal year.
Amalgamation of your tax return
The blending of the tax return for your business is imperative and must be handled by a tax preparation expert. A good tax professional can help your business save on taxes and avoid costly errors that result in fines or interest. In case you are interested you can use TurboTax software: TurboTax for sole proprietorships or TurboTax for Business for corporations. But if you are still in doubt then give a call at TurboTax customer service telephone number, who will clear all your doubts related to your taxes.
The Canada Revenue Agency (CRA) makes all T1 tax returns for sole proprietorships as well as the T2 returns available on its official website. For Corporations, There is a T2 Short Return which is a shorter, available for Corporations. It is a simpler version of the return that offers assistance to verify your business qualifications. No matter it is manual or using a software you need to enter all the detailed information and complete the forms resulting in printed forms or a data file that can be submitted to the CRA.
Filing your Tax Return via TurboTax Canada Support:
Tax filing is the complex part of a business tax return. Once you are done with all mentioned above you must file it with the CRA through e-FILE, postal mail or electronically on the Internet with NETFILE.
The e-FILE service is accorded by tax preparing professionals and allows directly to transmit your tax return to the CRA. Further, the CRA lists its mailing centers for income tax returns on its website. At last, NETFILE allows you to send your individual income tax return directly to the CRA using the Internet and certified software such as TurboTax. Once you have filed remember to pay any balance owing by the due date, which is April 30 for unincorporated sole proprietorships and partnerships, and 6 months after your fiscal year end for incorporated businesses.
System Requirements for TurboTax:
Before you make your purchase for the software you would need to make sure that your system is fully compatible with it. Intuit has recommended the minimum requirements for your computer for TurboTax software installed on a Windows computer. Though the below-given requirement works fine in many cases you would need additional setup. If you are unsure of what we mean then connect with TurboTax ph0ne support number 1800-865-4183 and let us help you with the process.
Processor: 1 GHz 32-bit (x86) or faster processor
- Windows XP (32-bit) Home/Pro with Service Pack 3 or higher
- Windows Vista (32-bit and 64-bit) Home Basic/Home Premium/Business/Ultimate
- Windows 7 (32-bit and 64-bit)
- Windows 8 (32-bit and 64-bit)
- Administrative rights required
RAM: 512 MB (1 GB recommended),
CD-ROM Drive: 2X CD-ROM drive,
Monitor: 800×600 screen resolution (1024×768 recommended),
Internet Connection: 56 Kbps modem (Broadband connection recommended),
Third Party Software
Microsoft .NET 4 (included with TurboTax Installer)
Adobe Reader 8 or higher
Hard Disk Space required to install TurboTax:
Federal Products: 500 MB for TurboTax (plus up to 1.5 GB for Microsoft .NET 4 if not already installed)
State Products: 15 MB
Federal plus State Products: 515 MB for TurboTax (plus up to 1.5 GB for Microsoft .NET 4 if not already installed)
Printer: Any Windows-compatible inkjet or laser printer
TurboTax Error Codes:
The common TurboTax errors are as following:
- Error 7284: It happens while attempting to install TurboTax for Windows.
- Error Code 70001: It occurs while using TurboTax.
- E-file reject IND-181-01: The Identity Protection PIN (IP PIN) for the first taxpayer on your return is missing.
- TurboTax Error TT3015: TurboTax update error when trying to upgrade premier version of the software.
- E-file reject R0000-507-01: A dependent on your return has already been claimed (or claimed themselves) on another return.
- E-file reject R0000-500-01: The name or Social Security number for the first taxpayer doesn’t match IRS records.
- E-file reject FW2-502: The name or EIN of an employer on your W-2 doesn’t match IRS records.
- E-file reject R0000-504-02: The name or Social Security number for a dependent on your return doesn’t match IRS records.
- Error: “Incomplete Tax Return– All of the following lines have a zero value”.
- TurboTax Script Error: This occurs while attempting to start the program affecting the net filing of your return.
- Error: (SSN, Name, Address etc.) Should Not be Entered Directly on Worksheet.
The TurboTax error codes are not only technical but go beyond the understanding of an average person. If you have ever confronted with these errors then it’s better you seek expert support. Because otherwise, not only you will play with your financial data but loose opportunity to save on taxes. If you don’t want this happening to you then contact TurboTax by phone for instant support at 1800-865-4183.
TurboTax integration with Other Software
TurboTax designed for business owners with a purpose for making the tax process a breeze. It is recommended as it gives more flexibility to prepare your taxes and provides latest authentic version.
How Can askforaccounting.com Help you File Taxes?
askforaccounting.com is an independent third party support agency for TurboTax software. The agency roofs highly qualified QuickBooks professionals who are through with the process of tax filing for all kinds of businesses comprising all forms. The tax experts are round the clock available to assist you with all the possible steps to file your tax form successfully for your business.
TurboTax software helps you to stay confident about your taxes. For assistance and support, you can approach the tax professionals who remain available to assists when you want. You can try reaching a TurboTax live chat on askforaccounting.com website. You can also import your profits & loss statements that will be mentioned in appropriate tax categories for your business.
The team assures quick support in a very short time. They provide authentic tax filing information to the clients and assure feasible resolutions. You can approach the Tax expert team via the phone support, email or live chat option. Call TurboTax Canada Support and garner immediate assistance for filing your tax return.