What is TurboTax?
Tax preparation software allows users to file their taxes themselves via the internet. Because the tax system in many countries is rather complicated, SaaS solutions for tax preparation are gaining popularity. TurboTax is one of them.
TurboTax is a software as a service (SaaS) tax preparation application that allows US and Canadian users to file their taxes electronically. TurboTax makes money from subscriptions for access to premium products and from the services of specialists. The base software is available for free.
TurboTax allows users to file returns in Canada and the US. The tax management software was built by TurboTax in 1984. Intuit purchased it in 1993, and in the course of the purchase, Intuit paid $225 million for TurboTax and its products.
TurboTax is a subsidiary of Intuit’s Consumer Tax Group based in San Diego, California (Intuit is based in Mountain View, California). TurboTax offers several tax preparation tools, including for employees, investors and rental property owners, freelancers, and small business owners.
TurboTax offers many free resources to help consumers file their taxes. These include a calculator, reform information, as well as tips, and videos. TurboTax is available on CD, on the company’s website, and on mobile phone and tablet apps for Android and iOS. The CD allows users to file their taxes offline, but the apps and website require an internet connection. Currently, TurboTax is one of the best tax management apps in North America.
In this article, you’ll learn about the TurboTax business model and how to build a SaaS product for tax preparation of your own.