Taxpayers that want to file their tax returns electronically have no option but to utilize the services of a tax preparation service. When it comes to picking the one that suits your needs the best, there is one that stands out the most.
TurboTax has been the most popular tax preparation software for years. As the tax law changes every year, the tax preparation services need to keep up with them and adjust their services accordingly. The same applies not only to TurboTax but any other tax preparation service that’s out there.
When is TurboTax for 2021 taxes come out?
Intuit, the company developing TurboTax, generally releases new software for every tax year two to three months before the start of the tax season. You can expect the new software around November or December.
However, the new software release doesn’t always include every tax form you’ll need to file your federal or state income tax return. If changes are made to the tax law after the software release, they will be added, but it’s best to wait until the end of the year.
When there are changes, and you have already prepared your tax return, you will have to go back and refile it, which isn’t something time-efficient.