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TurboTax
TurboTax is a popular U.S. tax software package. There are a number of different versions, including TurboTax Deluxe, TurboTax Premier, etc. TurboTax is available for both Federal and state income tax returns. The software is designed to guide users through their tax returns step-by-step. TurboTax became an Intuit product via the 1993 acquisition of its creator, the California-based company Chipsoft. In 2003 Intuit faced vocal criticism for its TurboTax activation scheme.[2] The company responded by removing the product activation scheme from its product. In 2005 TurboTax extended its offering by allowing any taxpayer to use a basic version of its Federal product for free as part of the Free File Alliance. By 2006 that offer has been limited to Free federal online tax prep & e-file if your adjusted gross income is $25,000 or less (or $50,000 if you are in the military), and you are age 50 or under.

TurboTax normally releases its new version in mid-November of each year. For example, TurboTax for Tax Year 2006 was released mid-November 2006.

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The company was founded in 1983 by Scott Cook and Tom Proulx in Palo Alto, California. It is a notable rare example of a successful Microsoft competitor.

Intuit makes the popular personal finance programs Quicken and TurboTax (and its Canadian counterpart, QuickTax), as well as the popular small business accounting program QuickBooks. In addition, they produce QuickBooks Point of Sale solution for small retailers, the market leading professional tax solutions ProSeries and Lacerte, and the Web-based corporate workgroup productivity solution QuickBase.

The company maintains a number of foreign sales offices. It has significant R&D activity in Intuit Canada headquartered in Edmonton, Alberta and Intuit India headquartered in Bangalore, India. Foreign product versions are now predominantly produced by third-party localizers or licensees.

Intuit was reportedly conceived when Scott Cook, then an assistant product manager at Procter & Gamble, realized that personal computers would lend themselves as replacement for paper-and-pencil based personal accounting. On his quest to find a programmer he ended up running into Tom Proulx at Stanford. The two started Intuit, which initially operated out of a modest room on University Avenue in Palo Alto. The first version of Quicken was coded in Microsoft"s Compiler BASIC for the IBM PC and UCSD Pascal for the Apple II by Tom Proulx and had to contend with a dozen serious competitors. Intuit struggled financially until they found their formula for success, which revolved around direct marketing campaigns, favorable reviews in industry and consumer magazines and word of mouth from satisfied customers. Intuit"s focus on usability and customer support in its early years was legendary.

Although by 1988 Quicken became a best-seller in its market, the company wasn"t a major success until the advent of Windows 3.0 in early 1990s, when sales of Quicken grew explosively. Roughly around the same time the company engaged John Doerr of Kleiner Perkins Caufield & Byers and diversified its product lineup. In 1993 Intuit went public and used the proceeds to make a key acquisition: the tax-preparation software company Chipsoft based in San Diego. The time after the IPO was marked by rapid growth and culminated by buyout negotiations with Microsoft in 1995, when Intuit"s market capitalization reached $2 billion.

When the buyout fell through because of DOJ scrutiny, the company came under intense pressure in late 1990s when Microsoft started to compete vigorously with its core Quicken business. In response, Intuit launched new web-based products and solutions and put more emphasis on QuickBooks and on TurboTax. The company made a number of successful investments around this time. Among others, it purchased a large stake in Excite and acquired Lacerte Software, a Dallas-based developer of tax preparation software used by tax professionals. It also divested itself of its online bill payment service unit and extended and strengthened its partnership with CheckFree.

On November 30, 2006, Intuit announced an agreement to acquire Digital Insight, a leading provider of online banking services, for $1.35 billion.[1]

Today, Intuit is one of the largest software companies in the world with about $2 billion in annual revenue and $10.8 billion market capitalization.

Intuit has been ranked in Fortune Magazine"s "Top 100 companies to work for" for the past several years.

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