TurboTax Self Employed Edition has increased in popularity as more people become freelancers, side-hustlers, and small business owners. If you are self-employed, other editions of TurboTax probably won’t meet your needs because they won’t find all of the industry-specific deductions you qualify for.
That’s why TurboTax calls their Self-Employed Edition, “The perfect personal and small business tax solution.”
The best part might be that TurboTax Self Employed costs a lot less than employing a CPA, so you’ll get to keep more of your hard-earned money.
Here’s what you need to know about the cost of TurboTax Self-Employed, what reviews say, and how to get the best possible price.
TurboTax Self-Employed Cost in 2022:
So, exactly how much does the Self-Employed Edition cost? Here is the current online pricing for TurboTax Self-Employed and Self Employed LIVE:
$119($104 w/ coupon) + $49 State filing fee
- Self Employed LIVE:
$199($184 w/ coupon) + $49 State filing fee
Your total cost for TurboTax Self-Employed depends on:
- When you e-file – TurboTax products, including Self-Employed, are up to $20 cheaper early in the tax season. After March 15th prices go up!
- Wether You want “Live” – TurboTax offers the optional live help of a real CPA or tax pro on your screen, but it’s an extra $80 expense
- Whether you use a coupon – A coupon is available here that drops the price of TurboTax online products including up to $20 off Self-Employed
So, should you invest in the more expensive LIVE Edition? Here’s how it works.
What Is Self-Employed LIVE?
TurboTax Self-Employed Live includes unlimited assistance and advice from a real tax professional. If you need help at any time, just click, “live help” and you’ll be connected to a tax expert on your screen. LIVE also includes a review of your tax return before you file it with the IRS.
If you have questions about your taxes or feel you’d benefit from personalized guidance and live support, then consider paying more by upgrading to Self-Employed LIVE.
TurboTax Self Employed Best Price?
You already give the government enough of your hard-earned self-employment income, so there’s no need to pay more than you have to when filing your taxes.
Here are 3 ways to get a discount on TurboTax Self-Employed:
- File your taxes early in the season (before March 15th) when the prices are lower
- Buy TurboTax Self-Employed online for the best price instead of downloading software or buying in-stores like Staples where it’s more expensive
- Access the TurboTax website this exclusive link for up to an extra $20 off the Self-Employed Edition
Now that you know how to get the cheapest price on TurboTax Self-Employed, let’s look at what customers say in their reviews.
Is TurboTax Self-Employed Ever Free?
The Self-Employed Edition is not free unless you qualify to get it at no cost as a member of the military or as a benefit from your financial institution or other organization. For example, banks like Chase or Fidelity might provide TurboTax Self-Employed free to preferred customers.
TurboTax Self-Employed Reviews:
The best place to read reviews is actually on the product pages on turbotax.intuit.com, where there are thousands of honest and verified customer ratings and reviews.
It’s also helpful to look at both good and bad reviews when evaluating any product or service. Now that we know reviews are mostly positive, let’s look at the best features of TurboTax Self-Employed:
Self-Employed Edition Features:
TurboTax’s Self-Employed Edition was designed to handle a myriad of personal and business income and expenses. So, whether you’re a small business owner, consultant, freelancer, independent contractor, or just file a 1099-MISC, Self-Employed will cover your unique tax situation and search for every possible deduction. Here’s a review of the best features.
Top 7 features of the Self Employed Edition:
- Industry-specific tax deductions: TurboTax helps you uncover deductions in areas like: ride-share (Uber, Lyft), web development, design and performing arts, photography, real estate, construction, home contracting, and more
- 1099-NEC Snap & Auto-Fill: Use your phone to take a photo of your 1099 to quickly upload it to TurboTax
- Vehicle tax deduction: TurboTax calculates whether the standard mileage rate or your actual expenses will get you the better tax deduction
- Audit Assessment: Self-Employed analyzes your expenses and income and looks for potential IRS red flags
- Self-Employed deductions: TurboTax searches over 400 potential tax deductions including business travel, entertainment, business supplies, and costs to make sure you get every small business tax deduction
- Track expenses in real-time: Self-employed works directly with Quickbooks Self Employed to help you stay on top of every expense throughout the year so there’s no confusion or headache during tax season
- Snap and save receipts: Never lose proof of an expense with this handy feature
Who Should Use the Self-Employed Edition? Small Business Owners, Consultants, Freelancers…
Remember that a single missed deduction can cost you hundreds of dollars, so buying the #1-ranked tax software for self-employed individuals is more of an investment than an expense.
Here are some examples of common write-offs that no “free” or basic tax software can handle properly:
- Ride-share driver: Car repairs, car insurance, cell phone, gas
- Consultant: Training courses, computer / devices, software, online training
- Real estate agent: Marketing materials like business cards, home office expenses
- Freelance designer: Software, conference fees, fonts, photography
- Instructors: Supplies, cost of courses, training, travel
We live in a gig economy, and many of us have more than one job or stream of income. For example, I’m a web designer, coach, and teacher, and my wife is a drama teacher and blogger. That’s why Self-Employed editions from top names like TurboTax and H&R Block are more popular than ever.
Is Self-Employed the Best Edition of TurboTax For You?
Wondering if the TurboTax Self-Employed Edition is best for your tax situation? If you own your own business, do freelance work, or are an Uber / Lyft driver, then the answer is probably, “yes.”
While I hope we clarified the cost and how to get a discount, remember that death and taxes are unfortunately unavoidable, so we can’t get you out of paying your share.
If you do end up using TurboTax Self-Employed or Premier, then good luck! I’m sure they will find every industry-specific tax deduction that you qualify for.
If you aren’t sold on TurboTax Self-Employed, then I also recommend the second most popular name in taxes, H&R Block.
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