Updated on Sunday, April 6, 2025: While some discounts, such as the one previously available for State Farm members, may no longer be available this year, there are still plenty of ways to save money on TurboTax products for the 2025 tax season. Here’s a breakdown of the current TurboTax deals to help you file your taxes before the April 15th deadline without breaking the bank.
1. Extra 10% Off TurboTax Online Versions
TurboTax is currently offering an extra 10% discount on all TurboTax Online versions, on top of current mid-season pricing. This deal is available directly through TurboTax’s website and applies to federal tax filing products (does not include state filing fees). The offer is valid until April 15, 2025.
2. 50% Off QuickBooks Solopreneur Bundle
For freelancers or small business owners, TurboTax offers a 50% discount on the QuickBooks Solopreneur Bundle for the first three months. Normally priced at $20 per month, the discount brings it down to $10 per month. This bundle provides accounting tools for managing business finances, which can be incredibly helpful when preparing taxes for self-employed individuals or small business owners.
3. 50% Off QuickBooks Solopreneur Bundle
For freelancers or small business owners, TurboTax offers a 50% discount on the QuickBooks Solopreneur Bundle for the first three months. Normally priced at $20 per month, the discount brings it down to $10 per month. This bundle provides accounting tools for managing business finances, which can be incredibly helpful when preparing taxes for self-employed individuals or small business owners.
4. Free Filing for Active Military Personnel
TurboTax offers a special Free Edition for active military personnel, making it easier for those serving in the armed forces to file their taxes without additional costs. The Free Edition is available to active duty service members in the E1-E9 pay grades, and the offer applies to both federal and state tax filings. Higher-ranking personnel may still receive a discount, but the service will not be completely free.
5. Bank & Credit Union Offers
Select bank and credit unions may offer a discount on various TurboTax 2025 products. This deal is often available to those using TurboTax’s Deluxe, Premier, or Self-Employed plans. If available, it can be accessed by logging into your online banking or credit union, where the discount will automatically be applied when you proceed to TurboTax’s platform.
6. Free Edition for Simple Returns
TurboTax’s Free Edition allows you to file your federal and state taxes at no cost, as long as you have a simple tax situation. This is ideal for people who are filing straightforward returns using Form 1040. The Free Edition supports basic deductions like the Earned Income Tax Credit (EITC) and Child Tax Credit. However, it’s important to note that only about 37% of taxpayers qualify for the Free Edition, as more complex tax situations require a paid version.
State Farm’s Partnership with TurboTax: The End of an Era
For many years, State Farm customers enjoyed the benefit of exclusive TurboTax discounts through a partnership between the two companies. This partnership allowed State Farm policyholders to save on tax preparation services during tax season. Unfortunately, this discount is no longer available for the 2025 tax year, marking the end of a longstanding collaboration.
While it’s disappointing for many loyal State Farm customers, it’s also a reminder of the importance of keeping an eye on available promotions and offers, especially when it comes to tax season. Although the State Farm-TurboTax discount may have ended, there are still many other ways to save on tax filing through different TurboTax promotions or deals from other organizations.
A Closer Look at State Farm: History and Role in Financial Services
State Farm, one of the most well-known insurance providers in the United States, has been offering insurance products since its founding in 1922. The company was initially created by George J. Mecherle, a retired farmer who wanted to offer affordable auto insurance to farmers. His vision was to provide coverage at a lower cost than traditional insurance companies, and it quickly gained popularity.
Founding and Growth of State Farm
State Farm began as an auto insurance company but expanded rapidly over the years. By 1929, the company had grown enough to offer home insurance, and it continued to diversify its products throughout the 20th century. Today, State Farm is a household name, not only for its auto and home insurance but also for its life insurance, banking services, and financial planning options.
The company operates as a mutual company, meaning it is owned by its policyholders rather than stockholders. This structure allows State Farm to prioritize the interests of its customers, offering competitive pricing and excellent customer service. Headquartered in Bloomington, Illinois, State Farm operates across the United States, with more than 19,000 agents.
State Farm’s Financial Services
In addition to insurance, State Farm offers a broad range of financial products, which are relevant to tax planning and season. These include:
- Banking Services: Through a partnership with U.S. Bank, State Farm offers checking and savings accounts, as well as credit cards. These accounts can be helpful for managing finances year-round, including during tax season.
- Investment and Retirement Planning: State Farm provides investment options and retirement planning services such as IRAs (Individual Retirement Accounts). These products allow customers to reduce taxable income and plan for their financial future.
- Tax-Related Services: While State Farm does not directly provide tax filing services, their investment accounts and life insurance products may influence tax obligations. For instance, contributions to an IRA can be deducted from taxable income, while life insurance products may affect estate and inheritance taxes.
How State Farm Plays a Role in Tax Season
While State Farm is not directly involved in tax filing, its financial products play a significant role in tax planning. Here’s how:
Insurance and Tax Deductions
Certain State Farm insurance products may have tax implications:
- Home Insurance: If you use part of your home for business purposes, you may be able to deduct a portion of your home insurance premium as a business expense.
- Auto Insurance: Self-employed individuals or those who use their vehicle for business may be able to deduct a portion of their auto insurance premiums as a business expense.
- Health Insurance: If you have supplementary health insurance through State Farm, there may be tax benefits related to medical expenses.
Investment Accounts and Tax Implications
State Farm’s retirement accounts, such as IRAs, provide opportunities for tax planning during tax season:
- Traditional IRAs: Contributions to a Traditional IRA may lower your taxable income for the year. However, withdrawals in retirement will be subject to taxes.
- Roth IRAs: Contributions to a Roth IRA are made after-tax, but the account grows tax-free, and withdrawals in retirement are not taxed. This can be a long-term tax advantage.
State Farm agents can offer advice on how to navigate these tax benefits, ensuring that you make the most of your retirement and investment planning.
Benefits of State Farm’s Financial and Insurance Services
State Farm is known for offering a wide variety of products and services, providing both insurance coverage and financial planning tools. Here are some benefits:
- Comprehensive Coverage: With auto, home, life, and health insurance, State Farm allows customers to consolidate their insurance needs with one provider.
- Local Presence: With a vast network of agents, State Farm offers a personalized experience. Many customers appreciate the ability to speak with a local agent who understands their specific needs.
- Financial Expertise: State Farm agents are highly trained in financial planning, offering services such as retirement planning and investment advice. This expertise is valuable, especially for those trying to navigate the complexities of taxes, investments, and long-term financial goals.
- Community Involvement: State Farm is well-known for its philanthropic efforts. It supports education, disaster relief, and local community initiatives, which strengthens its reputation as a customer-focused company.
Drawbacks of State Farm
While State Farm offers many benefits, there are also some potential downsides:
- Higher Premiums: Some customers find that State Farm’s premiums, especially for auto and home insurance, are higher compared to some competitors. This may be a consideration for those looking to save money on insurance costs.
- Limited Digital Services: Though State Farm has made strides in digital tools, its online offerings still lag behind some of its competitors, especially when it comes to user-friendly mobile apps and digital claims processes.
- No Direct Tax Services: While State Farm offers many financial products that can influence taxes, it does not provide direct tax preparation services. For those looking to file their taxes through a single platform, this may require using third-party services like TurboTax.
Navigating Tax Season with State Farm
Although State Farm no longer offers a discount on TurboTax for the 2025 season, it’s still an important player in your overall financial and tax strategy. Here are some tips for using State Farm’s products during tax season:
Maximize Deductions and Credits
- Insurance Premiums: Consider if any portion of your State Farm insurance premiums can be deducted. For example, home and auto insurance may be deductible if used for business purposes.
- Retirement Contributions: If you have a Traditional IRA through State Farm, making a contribution before the tax deadline could reduce your taxable income for the year.
- Tax-Efficient Investments: If you have a Roth IRA, remember that it grows tax-free, providing long-term benefits.
Plan for the Future
Tax season is also a great time to evaluate your financial plan. Review your State Farm insurance coverage and retirement accounts to ensure they align with your long-term goals. If you’re unsure, reach out to a State Farm agent who can provide guidance on making adjustments to your financial plan.
Keep an Eye on Promotions
While State Farm’s partnership with TurboTax may no longer be available, other discounts and promotions may be offered by TurboTax directly or through your financial institution. Always check for available deals before filing your taxes.
Our Final Thoughts
State Farm’s role in tax season may not be as direct as offering tax filing services, but the products and services it provides can play a significant role in your overall financial planning and tax strategy. With its comprehensive coverage options and financial products, State Farm remains an important resource for customers navigating taxes and beyond.
Though the partnership between State Farm and TurboTax has ended for the 2025 tax season, there are still numerous ways to save money and maximize your tax situation. Whether you are looking for tax deductions, planning for retirement, or simply filing your taxes, staying informed and proactive will help you make the best decisions for your financial future.
