Which version of TurboTax is specifically designed for self-employed individuals?

Which version of TurboTax is specifically designed for self-employed individuals?

• A. TurboTax Home and Business
• B. TurboTax Deluxe
• C. TurboTax Self-Employed
• D. TurboTax Free Edition

Answer: (C)

The version of TurboTax specifically designed for self-employed individuals is TurboTax Self-Employed. This software caters specifically to the unique tax situations faced by self-employed taxpayers, such as freelancers, independent contractors, and small business owners. It offers features that help users maximize deductions related to business expenses, including those for home office use, equipment, and supplies. Additionally, it provides guidance on estimated taxes and allows users to create detailed profit and loss statements, which are essential for self-employed individuals when filing their returns. The other options do not provide the specific focus or resources necessary for self-employed taxpayers. TurboTax Home and Business, while it does include features for small businesses, is generally more focused on a broader audience, including individuals with additional income sources. TurboTax Deluxe is geared toward standard tax situations but does not offer the specialized tools for self-employed deductions. TurboTax Free Edition is intended for simple tax situations and lacks the comprehensive features necessary for self-employment income and related deductions.

The version of TurboTax specifically designed for self-employed individuals is TurboTax Self-Employed. This software caters specifically to the unique tax situations faced by self-employed taxpayers, such as freelancers, independent contractors, and small business owners. It offers features that help users maximize deductions related to business expenses, including those for home office use, equipment, and supplies. Additionally, it provides guidance on estimated taxes and allows users to create detailed profit and loss statements, which are essential for self-employed individuals when filing their returns.

The other options do not provide the specific focus or resources necessary for self-employed taxpayers. TurboTax Home and Business, while it does include features for small businesses, is generally more focused on a broader audience, including individuals with additional income sources. TurboTax Deluxe is geared toward standard tax situations but does not offer the specialized tools for self-employed deductions. TurboTax Free Edition is intended for simple tax situations and lacks the comprehensive features necessary for self-employment income and related deductions.