Recommended Tax Software For Small Biz

software-for-business-taxes-01Running a small business is not easy. Aside from making it work to earn a profit, you have to make sure you’re financially sound to sustain the business. Hence, keeping track of the financial part of it becomes an important part of your daily operations.

But this is not an easy thing to do. Running a small business is hard enough, keeping track of the finances just makes it a lot more complicated.

This is the reason why Tawni Griffith Rayman, of Griffith CPA Firm, recommends QuickBooks for small businesses.

“My biggest recommendation is QuickBooks. QuickBooks is put out by a software company called Intuit.”

Intuit is a tax software company founded in 1983. Ten years after its founding, it went public. Aside from QuickBooks, Intuit boasts of the other tax software products that guarantee to simplify lives by providing solutions:

She adds that:

“QuickBooks has the one of the hugest markets for all small business and software. Within that software, they can keep up with all of the double entry accounting that you’ve heard of in accounting classes.”

This tax software does it all for you.

“So instead of having to do the double entry, it does it all for you.”

All you have to do with this tax software is to enter all your checks and deposits. At a glance, QuickBooks can do the following for you:

QuickBooks can help you a lot by monitoring your financial standing. This innovative tax software can get you the real numbers so that you can understand your small business more. There’s just not doubt that it can help you build your business.

Interestingly, QuickBooks has an online version. QuickBooks Online can be accessed from any computer. You can access this from any computer, anywhere and anytime. You can save a lot of time with QuickBooks Online. This particular online tax software comes in three plans:

There is also a free mobile apps that comes with QuickBooks Online.

You also have a lot of options with QuickBooks since it comes in various versions. For example, it comes in industry-specific versions like the following:

According to Tawni Griffith Rayman, QuickBooks “is the way to go if you want  to be on the right path from the very beginning.”  She also adds that it’s best to consult with an accountant from time to time.

“If you do use QuickBooks or any other software for that matter, I’d highly recommend that you have a relationship with an accountant so that you can have a review every quarter or so.”

This is to make sure that you’re doing everything correctly. Tawni adds that getting the right numbers can help you make better business decisions.

While running a small business is hard enough, you can leave the accounting part to this tax software called QuickBooks. QuickBooks can keep track of all your records while you concentrate on growing your business the right way.

Why Personal Income Tax Software Can Be Truly Beneficial

tax-preparation-software-03As much as tax is a scary word, the task of doing it is horribly daunting. Taking that in consideration, you probably hire a certified public accountant to do your taxes.

That’s not surprising at all. According to the moneywatch (see video below):

“Sixty percent of Americans still have living, breathing tax professionals prepare their returns.”

Only 20% of Americans file their own taxes using a personal income tax software.

There’s no doubt that hiring a tax professional is more costly. But you have no choice. In your mind, you’d probably just settle for a tax professional that’s a little over the budget than a personal income tax software that can save you a couple of dollars. After all, not everybody has a knack to understand the whole tax system. Even Albert Einstein admits that the hardest thing to understand is the income tax.

But the good news is that there is a personal income tax software that can actually make it easy. It can guide you easily and give you a good refund.

Perfect for first-timers, the Turbo Tax software is the easiest to work with. Kate Ashford, one of the 20% of Americans that use a personal income tax software, has this to say about Turbo Tax.

“If you really feel like you want a little bit more hand holding, it might be worth the extra money to go with Turbo Tax.”

Turbo Tax comes in five versions. These versions are the following:

The variety of versions make it easy for you to find the right product, meeting all your specific needs. So maybe you own a home, a couple of bonds, or a small business; Turbo Tax has the right product for you.

This is definitely the best personal income tax software, especially if you are anxious about filing your own taxes for the first time.

While it claimed to be an easy software to work with, TaxAct was just not that easy most especially when compared to Turbo Tax. TaxAct is an online-based software. This personal income tax software comes in three versions:

This software seems reasonable enough to spend on considering the fact that you pay only when you file. But here’s the downside of the TaxAct:

According to Kate Ashford:

“If people are fairly familiar and have pretty simple issues I have no problem with TaxAct.”

With that description, it’s definitely not recommended to a first-timer.

The OLT software just didn’t cut. Kate Ashford went halfway through it and quit. If she can’t handle, what more a first-timer?

Then comes the certified public accountant. Nothing beats the human touch of this tax professional. It can definitely save you a lot of stress.

But in spite of that, Kate Ashford recommends using a personal income tax software. She recommends that you can go for a couple of years, filing taxes yourself. Then you can go for a check up with a CPA from time to time.

That sounds like the best way a personal income tax software can work for you. And knowing which software works well, now is probably the right time to do it yourself.

The Benefits of Using Personal Income Tax Software

online-backup-software-01The IRS requires the working public to file their tax returns every year. In the past, filings of tax returns are done manually by reviewing receipts, using a calculator and with the help of a tax professional. The entire process could take hours. Nowadays, because of the prevalence of personal income tax (PIT) software, it is now possible to file your income tax returns faster and more efficiently than ever before.

A few software companies have partnered with the IRS, to bring you the income tax software. You can purchase them through online or offline. With online purchase, you will be able to download immediately after payment. If you are interested in purchasing CDs, these are usually available in your local computer stores.

Quick And Easy

The primary advantage of this tax income software is it speeds up the filing of the tax return. Furthermore, tax income software is easy to use. Most tax software guides the taxpayer in a step-by-step format, and this helps in the completion of the tax return filing faster. In fact, with the help of the software, the entire process is usually completed with half the time when compared to traditional methods.

Increases Accuracy

Another advantage of tax income software is helping with the accuracy. Everyone makes mistakes, and it is very possible to make mistakes when filing for your tax returns. It increases accuracy by calculating all the necessary calculations for you. Furthermore, while in the process of filling up the different forms, the software is vigilant in catching errors. It will then prompt you if it catches a mistake so you can correct it before moving to the next page or form. The software is vigilant in catching errors all through-out the entire process, form the first page you need to fill-up all the way to the submission of the forms.

Personal income tax software also helps in reducing errors on the side of the IRS. It is not uncommon for the IRS to make a mistake when obtaining information from handwritten forms. After all, not everyone posses a neat and clear handwriting.

Most of the tax software allows the easy transfer of information from the federal tax return information to state tax return. You will not only be saving time, but you are also ensuring the accuracy of the tax return information.

Save Money

The software will also help you save money in the form of availing any refunds, exemptions, deductions and other credits that are applicable to your specific situation.

Income tax software cost less when compared to the fees of a tax professional. Generally, fees of a professional tax preparer largely depends on the area where the file is being prepared, the number of form that needs to be filed and how complicated the entire process is. Usually, the fees of a professional tax specialist would cost you 100 dollars or more. However, the price of income tax software ranges widely from free to $60.

Personal income tax software is a great tool in helping you with the tax returns. It help makes the entire tax return preparation become a faster, smoother, more accurate, and time- and cost-efficient process.

Also, when it comes to storing all your personal tax files in digital form, it is highly suggested that you keep backups of all your filings, documentations, and all related matter. Using an online backup solution such as Carbonite backup is the best option for this as opposed to simply backing up all your files to an on-location external drive. For personal or home document backup, I highly suggest that you use the latest discount offer that you can find on Carbonite so that you can get some discount and get started backing up all your computer files. Now if you have a small business, you can also find some promo that also offers a discount on Carbonite for business, which is really a great solution for protecting your business tax files. These are really very important investments that you should not be without.