As January 2025 kicks off, tax season is just around the corner, and if you’re like many others, you’re probably already starting to think about how to file your taxes. TurboTax, one of the most popular and trusted tax preparation platforms, offers several discounts throughout the year to make the process a bit easier and more affordable. If you’re looking to save money on filing your taxes, January brings some great opportunities, and there’s even more if you’re an American Express (AMEX) cardholder.
In this article, I’ll walk you through the top TurboTax discounts available this month, including an exclusive 10% off promotion, a special deal for self-employed individuals, and a quick look at how AMEX cardholders can access additional savings. I’ll also provide information on the TurboTax Free Edition, and even a few backup strategies if you’re not able to take advantage of the AMEX-specific discounts.
1. Extra 10% Off TurboTax Online Federal Products (Up to 50% Off)
One of the standout promotions TurboTax is offering in January 2025 is an extra 10% off their already discounted federal online products. This deal is part of TurboTax’s early-season sale, which allows you to save up to 50% on tax preparation services. The best part is that this promotion applies to all service tiers, so you can pick the plan that best suits your needs.
Let’s break down the different TurboTax options and what you can expect with this extra 10% off:
Do-It-Yourself Versions
If you’re confident in your ability to file taxes on your own, the Do-It-Yourself versions of TurboTax might be the most affordable option. These versions are designed to guide you through the tax filing process step by step, with intuitive software that asks simple questions to make sure you don’t miss anything. This is ideal for individuals who feel comfortable doing everything on their own, but still want the support of TurboTax’s guidance.
Live Assisted Versions
For those who want a little more help but still prefer to manage their tax filing independently, the Live Assisted versions are a great option. These versions allow you to file your taxes with the added benefit of speaking to a tax expert if you have any questions. The experts can provide advice and help you navigate the complexities of tax preparation. This can be useful if you have a few questions along the way but still want to keep the process under your control.
Full Service Versions
If you’d rather pass off the entire process to a professional, the Full Service versions are what you’ll want. With this option, TurboTax experts handle all the work for you. You upload your tax documents, and the team takes care of everything else, from filing your return to ensuring you get the maximum refund possible. This is a great option for those with complicated tax situations or for those who simply don’t want to deal with filing their taxes themselves.
No matter which version you choose, the extra 10% off applies to all service levels. This gives you the flexibility to choose the level of assistance that fits your needs, all while saving money.
Important Dates:
The extra 10% discount is available through January 31, 2025. So, if you’re planning to file your taxes early this year, this is a great opportunity to save on your tax preparation.
2. TurboTax Free Edition
If you have a relatively simple tax situation, TurboTax’s Free Edition might be all you need. This version allows you to file both your federal and state taxes for free, which can be a great option for those looking to save money while getting their taxes done quickly and efficiently. But keep in mind that the Free Edition is only available to those with basic tax needs.
Here’s what qualifies for the Free Edition:
- Filing a basic Form 1040 (without additional forms or schedules)
- Limited credits, such as the Earned Income Tax Credit, Child Tax Credit, and Student Loan Interest Deduction
- No other complex tax situations like self-employment income, investment income, or business ownership
Only around 37% of taxpayers qualify for the Free Edition. If your tax situation is more complicated—such as if you own a business or have significant investment income—you’ll likely need to upgrade to a paid version of TurboTax.
However, if you qualify, the Free Edition is a great way to file your taxes without paying a cent, and this option is available through TurboTax year-round.
3. 50% Off QuickBooks Solopreneur (With Live Assisted Tax)
For freelancers, contractors, and small business owners, TurboTax offers an exclusive deal through its partnership with QuickBooks. New QuickBooks customers can save 50% off the first three months of the QuickBooks Solopreneur plan, reducing the monthly cost from $20 to $10 per month.
This plan includes access to QuickBooks Live Assisted Tax, a service tailored specifically for those filing a Schedule C (Form 1040), such as freelancers and small business owners.
Here are the key benefits of using QuickBooks Solopreneur with Live Assisted Tax:
- Unlimited Access to Tax Experts: QuickBooks gives you access to tax professionals who can help maximize your deductions and ensure that your return is accurate.
- Seamless Integration: QuickBooks automatically syncs with TurboTax, allowing tax experts to access your financial data and streamline the tax filing process. This is especially helpful for those who want to ensure their bookkeeping and tax filing are as efficient as possible.
- Personalized Advice: The service helps uncover industry-specific tax credits and deductions, which can be especially useful for self-employed individuals.
- Audit Support: If you’re audited, QuickBooks provides on-demand assistance to guide you through the process.
This deal is a great option for anyone looking to simplify their finances and tax preparation, especially if you’re self-employed or have a small business. Note: This promotion is only available to new QuickBooks customers, so if you’ve been thinking about subscribing to QuickBooks, now might be the best time to do so.
4. Exclusive AMEX Cardholder Benefits: Access to Additional TurboTax Savings
American Express (AMEX) cardholders can take advantage of various discounts and perks throughout the year, and that includes savings on TurboTax. If you’re an AMEX cardholder, you can potentially save on TurboTax products through Amex Offers, which provides exclusive discounts for online shopping, travel, and more.
Here’s how you can access the TurboTax discount through AMEX:
Steps to Use the AMEX TurboTax Offer:
- Log in to Your AMEX Account: Head over to the American Express website and log in to your account.
- Navigate to the “Offers” Section: Once you’re logged in, click on “Offers” in the top navigation bar.
- Search for “TurboTax” or “Taxes”: Use the search bar to find any available TurboTax discounts.
- Click the TurboTax Offer: If the discount is available, click on the TurboTax logo or the related offer.
- Use the AMEX Affiliate Link: Follow the link to TurboTax’s website, where the discount will be automatically applied.
This AMEX benefit typically offers up to $20 off on TurboTax’s online products. While it’s not guaranteed that the offer will be available each year, it’s worth checking early in the tax season for any new promotions. You can also monitor your AMEX account for any notifications regarding available TurboTax offers, especially during the beginning of the tax season.
Note: In 2024, the AMEX TurboTax offer is currently unavailable, but this doesn’t mean it won’t appear later in the year. Be sure to keep an eye out for it and act quickly if it becomes available.
What to Do if the AMEX Offer Isn’t Available
If you don’t find any TurboTax offers through Amex Offers this year, don’t worry! There are plenty of other ways to save on TurboTax. Several other financial institutions, including Chase, Robinhood, and Fidelity, offer discounts on TurboTax products for their customers. Additionally, you may qualify for special pricing as a student, AAA member, or AARP member. These alternative discounts are worth exploring if the AMEX offer is unavailable.
5. Other Ways to Save on TurboTax
Even without the AMEX offer, there are numerous other ways to save on TurboTax this year. Some of the most common discounts available include:
- AAA Member Discounts: As a member of the American Automobile Association (AAA), you can get up to $15 off TurboTax Online. This offer is available across various TurboTax plans, including Deluxe and Self-Employed versions. Check with your local AAA chapter for more details.
- Student Discounts: Some TurboTax plans offer special pricing for students. If you’re currently enrolled in college, be sure to check for any educational discounts.
- Bank and Financial Institution Discounts: If you bank with certain institutions, like Chase or Bank of America, you may be eligible for special TurboTax deals. These are often sent via email or available through the bank’s customer portal.
Final Thoughts
With January 2025 offering several fantastic opportunities to save on TurboTax, it’s the perfect time to start thinking about your tax preparation. Whether you’re taking advantage of the 10% off federal products, the QuickBooks Solopreneur discount, or the potential savings as an AMEX cardholder, there are plenty of ways to keep your tax preparation costs low. Just be sure to check for any exclusive offers through Amex Offers or other sources, and don’t forget to explore the different service levels TurboTax offers to find the best fit for your needs.
Make this tax season a bit easier on your wallet by taking full advantage of these deals. Happy filing!