Paying taxes is a common thing in all the nations, The formalities for filing the taxes maybe hectic and confusing. There will be a lot of forms to fill, a lot of calculations to be done before filing the taxes. Doing all these things manually will be time consuming and in this hectic way of life, time is one luxury which we can’t afford to spare, As the technology has advanced, there are many things created to make things easier using the modern technology and computer is one of the inventions among several which makes life a lot easier these days. Now what is the connection between the computers and taxes? The solution for the tax problem and the previous question is the same. It is Tax preparation software which will make the process easier. Turbo Tax is one such software in use in the American system. The Turbo Tax was developed by Mr. Michael A. Chipman in the mid 1980s. It was first developed by Chipsoft software and then Chipsoft was taken over by Intuit in 1993 and the Chipsoft is now known as Intuit Consumer Tax Group.
Turbo Tax is an income tax preparation software which is available inn various versions namely Turbo Tax Premier, Turbo Tax Deluxe etc. Turbo Tax can be used for both federal income tax returns as well as state income tax returns. The software guides the users in a step by step manner through the tax returns. New versions of Turbo Tax will be released as and when the IRS revises its forms and the Turbo Tax gains the approval of IRS. The Turbo Tax software for federal taxes is released at the end of each year and the software for state tax returns is released in the first quarter of the year. Turbo Tax is also designed for Canadian Tax system and named as Quick Tax.