TurboTax Ready for Late-Breaking Tax Law Changes
SAN DIEGO--(BUSINESS WIRE)--
As Congress debates the future of expiring tax
cuts, TurboTax® from Intuit Inc. (Nasdaq:INTU),
the nation's best-selling tax
software, is prepared to accurately and easily guide
taxpayers through these pending changes.
"Taxpayers are confused by the current uncertainty, and TurboTax
will help them navigate through late-breaking changes, no matter what
Congress decides," said Bob Meighan, CPA and vice president of TurboTax.
"TurboTax is prepared for several possible scenarios and then can flip
the switch when Congress acts. We'll be ready when people are ready to
file so they can be confident they're getting their biggest possible
A recent online poll of TurboTax customers shows that while
awareness of the expiring tax cuts is high, understanding the true
impact of these changes is low. About 65 percent of those surveyed say
they don't know how these changes could impact their 2010
The majority of those responding (70 percent) say they are not
making any changes to their year-end tax planning as a result of these
pending changes. More than half (58 percent) said they are most
concerned about the expiring
tax cuts, with 14 percent expressing most
concern about the Alternative
Minimum Tax, or AMT.
AMT, Tax Cuts Set to Expire
House and Senate tax writing committees have pledged to "do
everything possible" to adjust the existing AMT laws so that no
additional taxpayers are affected. However, tax bills will rise for an
estimated 25 million Americans if Congress fails to act, a dramatic
increase over the 4 million taxpayers today facing the AMT.
The fate of several tax
credits associated with AMT are also in question,
including the child
and dependent care credit and the earned
income tax credit for low and middle-income workers.
Additionally, Bush-era tax cuts are set to expire at the end of
this year. Without Congressional action, personal income tax rates will
go up across all income brackets. Taxpayers earning dividends, such as
retirees, will see the tax rate on dividends increase and the marriage
penalty will once again raise the tax rate on families.
However, if all the current expiring cuts are extended by Congress, the
cost will add $3.7 trillion to the national deficit over 10 years
according to the Treasury Department. While Congress and the White House
wrestle with these difficult economic choices as the expiration deadline
looms, taxpayers can rest assured that TurboTax will be ready to
simplify tax preparation.
TurboTax is already prepared to handle multiple scenarios. When
Congress does act, TurboTax Online will be automatically updated to
reflect the most current tax
laws. TurboTax desktop software customers can use the
easy, One Click Update to get the most up-to-date tax
forms before they file.
"No other tax service or software can get you your refund faster," said
Meighan. "So there's no need to delay starting your tax return with
For the latest information on expiring tax cuts and smart year-end
tax tips, visit Tax
Break, the TurboTax blog.
TurboTax is the nation's No. 1 rated, best-selling, do-it-yourself tax
preparation software. Available on desktop, online and
mobile, TurboTax helps more than 20 million people a year easily and
accurately claim every deduction and credit they're entitled to, so they
get their biggest tax
refund possible. For more information, visit the TurboTax
Intuit Inc. is a leading provider of business and financial
management solutions for small and mid-sized businesses; financial
institutions, including banks and credit unions; consumers and
accounting professionals. Its flagship products and services, including
QuickBooks®, Quicken® and TurboTax®, simplify small
business management and payroll
finance, and tax
preparation and filing. ProSeries® and Lacerte® are
Intuit's leading tax preparation offerings for professional accountants.
Intuit Financial Services helps banks and credit unions grow by
providing on-demand solutions and services that make it easier for
consumers and businesses to manage their money.
Founded in 1983, Intuit had annual revenue of $3.5 billion in its
fiscal year 2010. The company has approximately 7,700 employees with
major offices in the United States, Canada, the United Kingdom, India
and other locations. More information can be found at www.intuit.com.
Intuit, the Intuit logo and TurboTax, among others, are registered
trademarks and/or registered service marks of Intuit Inc. in the United
States and other countries.
Ashley Kirkendall, 858-215-9069
Melika Mizany, 415-345-4779
News Provided by Acquire Media
Close window | Back to top