What does the company do well? Prepares tax returns and provides access to audit defense. Summarizes data, organizes data entry, and provides access to instructional material.
What does the company not do well? "The company" is irrelevant, it's the product that is of concern. The major flaw in the product is its linearity. It is basically an intelligent form application, but it could be more intelligent regarding how to best optimize one's taxes. It could provide greater overview, and greater navigation. In its current form one must reenter the long and linear circuits of questions in order to get an overview of what is being asked in each area. There are some areas where this is myopic, such as where best to report unusual income: is it a royalty, a payout, an asset sale? I have had trouble when the IRS receives information from one form, but I have records indicating a different form. Thankfully, the Audit Defense option, which is not actually handled by TurboTax but through an affiliate, straightened things out after submission.
What do you wish you had known about the company before using? Given my complex tax reporting, TurboTax has been both a large cost savings and a great educational tool. They provide reference to IRS memos and documents that would otherwise be hard to find, so that one can read the correct instructions pertinent to any issue. This has been a greatest cost savings for business tax returns, as those are an area where accountants overcharge for their services. My tax preparation fee for my business dropped from $2,000/year to $200/year and provided me with a great education in record keeping and tax reporting at the same time.
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