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Category : Basis of your Small Business |
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Article:
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Small Business Tax Software
As small businesses continue to grow all across the country, there are now plenty of business accounting tax software packages available in the market, especially for small business owners. These DIY tax softwares are great as they are easy to use, convenient and cheap as well. Some of the major tax software packages for small business owners include; Quicken TurboTax, TaxCut Deluxe, TaxACT Deluxe, CCH CompleteTax, Microsoft Money Deluxe 2005, CFS Tax Software Tax Tools 2005, Denver Tax Software, H&R Block TaxCut Premium, Intuit QuickBooks, Trustfile and TaxACT Home & Business 1065 Bundle.
Tax returns can be complicated for small business owners but by using these software packages filing tax are now much more easier than they were before. It should be mentioned here that not all these tax software packages are exclusively for small businesses, but they all can handle Schedule C, which a sole proprietor must file.
TurboTax
Quicken TurboTax is one of the best tax software packages in the market today, offering four versions of its tax software namely; 1040 TurboTaxEZ, Basic, Premier, and Business packages. This is a helpful tax software resource for most people as it is easy to use whether you file state taxes, own rental property, or cash in investments. An eight step process, you can import information from a financial management program or last years tax returns with TurboTax. Additionally this software offers plenty of tax advice in both video and text formats, and for an additional fee you can contact an online tax expert for help.
- TurboTax Deluxe costs $39.95 which includes material for one state filing.
- Also available online are 'Premier' versions for $29.95 before April 1 and $39.95 after that. Additionally there is a $12.95 state fee, while electronic filing costs another $12.95.
- Online TurboTax Basic is $19.95 before April 1 and $29.95 after that, plus $12.95 for the state fee; however electronic filing is included here.
- Taxpayers who only need the simplest tax forms should check out TurboTaxEZ. Available only as a downloadable program for 1040EZ filers, it costs is $9.95 before April 1, $12.95 after that. Additionally it costs $4.95 for a state return, plus $12.95 if you want to file your taxes electronically. If you have an adjusted gross income of less than $25,000 a year then you can use this product free of charge including e-filing, though the Quicken Tax Freedom Program.
- TurboTax Business edition costs $100.
TaxACT
TaxACT is another user-friendly tax software if you have to file a Schedule C tax return. Written in simple English on an organized and easy to understand screen, the only annoying factor of this software is the constant pop-up advertisements. Tax forms can be viewed at the bottom of the screen while you answer tax questions at the top. With just a single click you can maximize the forms to review your progress along the way as well. A nice feature of this software is the option to compare the impact of filing married, jointly, or separately. The only drawbacks are you cannot import financial information from other programs and the program does not support Mac computers.
If you use the online version of TaxACT, you can prepare your federal returns and print it for free. Electronic filing is $7.95 plus there a $4.95 fee for a state return. Additional states are $12.95 with an extra $4.95 for e-filing.
If you want TaxACT on a CD, it costs $9.95 including filing one return electronically. It can cost $7.95 each for up to three additional electronic returns. State tax CDs are $12.95 with $4.95 for electronic filing, however if you get a federal and state CD package, it costs $19.95.
The TaxACT Home & Business 1065 Bundle is a $30 package specially made for businesses that file using Form 1065. A lot of small businesses like those run by married couples are set up as 1065s.
TaxCut
If you are knowledgeable and confident about filing your tax returns then TaxCut is the perfect small business software for you. It gives you the most options, but is a bit complex at the same time. With this software you can import last year's data and financial management programs as well as information from W-2s. It also has a feature called "shoebox" which helps organize your data before you enter it into the program. Easy to navigate, the tax forms are found at the bottom of the screen and open with just one click. If you need tax advice, you can get it immediately from an H&R Block tax preparer for an additonal $20. For another $79 let a professional preparer do your taxes. Another option is a professional review for an additional $29.99.
The base price for TaxCut software is $19.95 with one state and one electronic filing included, whether you use the online version or buy the software. If you use the online program after April 1, it costs $29.95.
CompleteTax
CompleteTax is ideal for those users who want to opt out of those tax sections that do not apply to them. It display is easy to read and understand, with its help section offering sound tax advice. The main drawback of this software is that you cannot import data from other personal finance softwares and it is available online only. CompleteTax costs $17.95 for federal, state and electronic filing, however non-resident state tax filings are not supported by this software.
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