We all know that tax is an inevitability, and can be incredibly frustrating, as it simply so complex and difficult to comprehend. Heck, even Albert Einstein was once quoted as saying that the most difficult thing in the world to understand is taxes. Tough and all as they are to understand though, it is of the upmost importance that this aspect of business is correct, and it is for this reason that many business owners simply hire a tax consultant or expert to look after this for them. Although an ideal solution, it can be extremely costly. And if you are just starting out in business, or maybe are finding additional funds hard to come by, then this is another expense that, if you could avoid, you would.
But maybe you can. There are several software solutions out there, that can assist you in keeping track of your tax affairs, simplifying the filing process for your tax return. Below, we examine some of these programs, to see how they may be of benefit to you and your business.
TurboTax comes packed with features, such as the ability to import W-2 tax forms directly, and a double check feature. But perhaps one of their best selling points is that they offer a satisfaction guarantee, meaning that your returns are guaranteed to be done correctly, no matter what. It can also help you create income & expense accounts, advise of deductions and write offs that you may have overlooked, offer up strategies for cost savings and error check your returns prior to submission.
Famed for it’s ease of use, the TaxACT software is very user friendly. Much like TurboTax, there is a guarantee on desktop applications, and this company also sells on their dedication to accuracy, while promising the maximum refund possible back from your tax (if due back of course!). Other features include step by step guides, free options for smaller businesses, ability to import your trial balance sheet and something called the Price Lock Guarantee, meaning that if you have created and filed a return using any of the TaxACT products that you will pay the price it was listed at, when you first began creating your return.
The final one on our list is H&R Block, and where this differs from the others listed is that you have the ability to obtain an unlimited amount of advice from tax experts, all for free. H&R Block has many of the same features as the 2 above also, but has stringent data protection, at every step of the process. It would be important however, to ensure you have chosen the correct product suitable to your business, as there are several to chose from, with different features depending on the choice made.
Those are just a few examples of what is out there, to make the process easy for you. Tax compliancy doesn’t need to be difficult, and programs such as these take the pain out of the process.