Browse Definitions :
Definition

TurboTax

TurboTax is tax preparation software for the United States and Canadian tax returns. The software offers a user-friendly interface for processing and electronic filing of tax returns for individuals and businesses.

TurboTax allows free processing and e-filing of non-commercial federal tax returns up to $28,500 gross income in the U.S. For the 2016 tax year, free processing was available for taxpayers who made less than $33,000 for civilians or $64,000 for those in active military service. For those who make more than those limits but less than $100,000, TurboTax is free under the company’s AbsoluteZero program for individuals who:

  • Own neither a home nor a rental property.
  • Did not sell investments in the tax year.
  • Are not business owners and do not have 1099 income.
  • Are not reporting major medical expenses.

TurboTax updates their software annually for accuracy relevant to tax form revisions. Along with processing taxes, the company offers a maximum return guarantee on paid versions and a guarantee of 100% accuracy of calculations for all versions. TurboTax is CRA-certified for NETFILE in Canada and partnered with the IRS in the Free File Alliance to provide free e-file in the U.S. Audit defense is also an available option, where users can have an expert defend their return. TurboTax is offered in free and paid versions for Windows and Mac and as a mobile app for smartphones and tablets.

Originally developed by Michael A. Chipman, then chairman of Chipsoft, TurboTax is one of the most popular tax applications in the U.S. and the number one tax application in Canada. TurboTax was acquired by Intuit in 1992.

This was last updated in August 2017

Continue Reading About TurboTax

SearchCompliance
  • smart contract

    A smart contract is a decentralized application that executes business logic in response to events.

  • compliance risk

    Compliance risk is an organization's potential exposure to legal penalties, financial forfeiture and material loss, resulting ...

  • information governance

    Information governance is a holistic approach to managing corporate information by implementing processes, roles, controls and ...

SearchSecurity
  • social engineering

    Social engineering is an attack vector that relies heavily on human interaction and often involves manipulating people into ...

  • distributed denial-of-service (DDoS) attack

    A distributed denial-of-service (DDoS) attack is one in which multiple compromised computer systems attack a target, such as a ...

  • password cracking

    Password cracking is the process of using an application program to identify an unknown or forgotten password to a computer or ...

SearchHealthIT
SearchDisasterRecovery
  • change control

    Change control is a systematic approach to managing all changes made to a product or system.

  • disaster recovery (DR)

    Disaster recovery (DR) is an organization's ability to respond to and recover from an event that affects business operations.

  • risk mitigation

    Risk mitigation is a strategy to prepare for and lessen the effects of threats faced by a business.

SearchStorage
  • storage security

    Storage security is the group of parameters and settings that make storage resources available to authorized users and trusted ...

  • cloud storage

    Cloud storage is a service model in which data is transmitted and stored on remote storage systems, where it is maintained, ...

  • cloud data management

    Cloud data management is a way to manage data across cloud platforms, either with or instead of on-premises storage.

Close