TurboTax offers various desktop versions of its tax software, and each is tailored to meet specific tax situations. TurboTax Premier and TurboTax Home & Business are two of its most popular options. While both have very similar features, I really like the extra guidance that Premier provides.
Over a decade of tax experience has made me a small business superfan. You’ll find me on the sidelines yelling “DEFENSE” (of your deductions), and “SHOW ME WHAT YOU GOT” (by April 15, please). You’ll also find me avidly ranking tax products with the zeal of a sports commentator. My goal is to help you tackle tough topics without dropping the ball.
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Comparison of TurboTax Premier vs Home & Business
Use cases and pros & cons
Pros
- Has a comprehensive resource for landlords
- Is ideal for reporting cryptocurrency sales
- Is easy to navigate
Cons
- Lacks support for S- and C-corp tax filings
- Limits tax year access to three years
- Has occasional prompts to purchase unavailable services
Use Cases
- Rental property owners: Home & Business wouldn’t be ideal in this situation since it’s intended for independent contractors. Meanwhile, Premier provides extra guidance for rental property income, expenses, and refinancing. You can also access step-by-step guidance on setting up new rental properties and determining the fair market rent value using the median monthly rent calculator.
- Investors: Premier can handle reporting for investments like stocks, bonds, and mutual funds, and it offers cryptocurrency support. It is well-suited for individuals with more advanced tax scenarios and those wanting guidance on investments and related tax implications, while Home & Business is not set up to accommodate this function.
- Individuals who don’t need to file Schedule C: Premier is a good fit for individuals who don’t have their own business and, therefore, don’t need to file a Schedule C. Home & Business is the better solution for Schedule C filers.
Pros
- Offers detailed assistance to contractors
- Has knowledgeable tech support
- Provides practical diagnostics for troubleshooting errors
Cons
- Has more glitches than TurboTax’s online software products
- Can’t receive direct import of business activity from QuickBooks Online
- Makes it difficult to get back to certain navigation screens
Use cases
- Individuals with both personal and self-employed business income: Premier doesn’t support Schedule C, while Home & Business can handle reporting for business income and expenses — plus personal income and deductions.
- Freelancers needing to prepare W-2s or 1099s: If you need to file W-2s for your employees or 1099s for your contractors, Home & Business can satisfy this requirement, whereas TurboTax Premier cannot.
- New businesses seeking guidance: You get free product support by phone and access to 24/7 assistance online with Home & Business, which helps new businesses find startup tax deductions. This feature is unavailable for Premier subscribers.
- S-corps and partnerships wanting to file their business returns: Neither Premier nor Home & Business allow for the filing of business tax returns, so I recommend that you check out TurboTax Business to file returns on Form 1120, 1120S, or 1065. You can import your QuickBooks Desktop income and expense accounts, and TurboTax Business will classify it for you.
- Taxpayers requiring help from a tax professional: Both desktop versions listed don’t come with help from a tax professional. If that is a service you’re seeking, I suggest you visit TurboTax Online.
- Small business owners looking to file their taxes online: TaxAct offers a feature that neither Premier nor Home & Business provide — the ability to file your taxes using online software. Head over to TaxAct for more information.
- Freelancers seeking a free tax filing solution: FreeTaxUSA offers free federal tax filing for individuals needing to file a Schedule C for their business. Check out FreeTaxUSA for details.
Pricing Comparison: Tie
When assessing TurboTax Premier vs Home & Business in terms of cost, I declared a tie given that they are equally valuable depending on your business needs. For instance, Home & Business provides excellent value for Schedule C filers and those needing guidance with either self-employed or startup tax deductions. However, if you only need support for Form 1040, Schedules 1-3, rental property, investments, and cryptocurrency transactions, then you’ll find Premier enough.
Each program is available as an annual subscription for the same price as the one-time purchase. Your subscription will automatically renew in November at the early season price. A subscription comes with
- Free audit defense
- Dedicated phone support
- The option to upgrade live expert tax advice
Customer service and ease of use: TurboTax Premier wins
Phone and live chat support are available for both versions, but users report a more positive experience with Premier. As a result, it takes the lead in this category.
Both, however, provide a clean interface that is easy to navigate. Premier is just slightly more user-friendly, likely due to Home & Business’s additional information required for filing a Schedule C.
When it comes to helpful tools, there are a few differences between TurboTax Premier vs Home & Business. These include Premier’s inability to handle anything related to small businesses, such as creating and filing W-2 and 1099 tax forms. Because of the nature of TurboTax’s desktop platform, neither version allows for cloud-based features such as automatic updates and real-time collaboration.
User reviews: Tie
There are limited reviews for these specific versions of TurboTax Desktop, as they only seem to have been reviewed on Intuit’s site and a few third-party vendors.
Many reviewers of both products are dedicated consumers with brand loyalty. However, as TurboTax has transitioned to electronic means of delivering both desktop products, a growing number of users have reported issues with getting the software to work seamlessly and, in some cases, getting support to resolve the issues.
How I evaluated TurboTax Home & Business vs Premier
I compared TurboTax Premier with TurboTax Home & Business based on these criteria:
- Features: I considered product characteristics such as data import, navigation, and in-product support.
- Pricing: I confirmed pricing for both versions and presented details on the features provided under each.
- Technical support: Getting help when needed is a primary concern for users, so I assessed the ease of access to product experts via phone, email, or chat.
- Ease of use: Particularly with DIY software, software must be easy to navigate. I reviewed how easy it is to move around the product from inception to completion of the tax return.
Frequently Asked Questions (FAQs)
The difference between TurboTax Home & Business vs Premier is that Premier focuses on investment-related tax scenarios, while Home & Business includes support for that, plus self-employed business income and expenses.
Yes, TurboTax Home & Business can handle multiple businesses. If you have more than one business, the software will guide you through the process of entering income and expenses for each business separately.
TurboTax Premier supports a wide range of investment types, including stocks, bonds, mutual funds, rental properties, and other investment income and expenses. It provides guidance for reporting and optimizing taxes related to those investments.
Yes, both Premier and Home & Business allow you to import your previous year’s tax return, as long as it was prepared using TurboTax. This can save you time and ensure consistency in your tax filing.
Each TurboTax software license is typically valid for installation on one computer. If you need to use TurboTax on multiple devices, you may need to purchase additional licenses or consider TurboTax Online, which allows you to access your tax return from any device connected to the internet.
Bottom Line
TurboTax Premier is focused on helping users with investments and related tax matters, such as stocks, bonds, rental properties, and investment income. Cryptocurrency transactions are also included. Meanwhile, TurboTax Home & Business is geared toward individuals needing to handle personal tax matters along with business-related income and expenses that are filed on a Schedule C.