When Did Intuit Buy TurboTax?
It was in 1993 that Intuit bought TurboTax from Chipsoft for $225 million. Michael A. Chipman, is the man behind the creation of TurboTax. This software was among the most popular as it is deemed very helpful for people who need to file their taxes. However, Intuit’s move to purchase TurboTax was coupled with a proposal to pursue a more aggressive improvement to the software. But it was only when the year 1999 came that people were able to access TurboTax via the internet.
During the same year when Turbo Tax was launched online, it was revealed that 4.2 million copies of it were also sold. Intuit’s acquisition of TurboTax was a move described as a strategic investment that helped fend off its competing product - Microsoft Money, which was also gaining much advantage over Intuit during that time, specifically in the early 90’s. Intuit believed that the acquisition of TurboTax would help them maintain their status as one of the most popular providers of financial software. Luckily, the online debut of TurboTax in 1999 turned out to be among the most significant developments in the history of taxation during the 20th century.
The online visibility of TurboTax has made it very attractive to individuals who consider themselves tech-savvy. This is also the same group of people who hated all those paper works that needed to be done when filing taxes. As a result, more and more people recognized the benefits of TurboTax. The increase in the number of people who used TurboTax was also fueled by Intuit’s decision to slash its price. This decision helped Intuit to maintain a dominant market share for its Turbo Tax products.
Today, people already have several options since Intuit has created several versions of it. This includes TurboTax Premier and TurboTax Deluxe, among others. This software is equipped with an interface and tools that allow people to file their state or federal taxes with much ease and convenience.
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