Selecting Tax Software that's Right for Your Business
January 26, 2018
Know your tax-time skill set
Step No.1: Since there are so many tax software packages to choose from, before you settle on what you think is your best option, it’s important to assess your knowledge of the tax preparation process. Whether you’re a novice or a seasoned tax preparer, you should look for software that is apropos for your business needs. For instance, do you require a software package that prompts you with a slew of questions and auto-fill fields? Or, perhaps you would prefer an option that allows you to file multiple forms at once?
Stay on top of what's current
Just as much as any business owner needs to be informed of the latest changes in federal tax laws, so does your tax software. Therefore, it’s important to go with a package that comes complete with the most up-to-date software for the current tax year. With each tax season comes new software that is released out to the public, but that doesn’t necessarily make it both the latest and greatest. Instead, look for software that has the most recent changes handed down from the government. That way, you’re ahead of the curve and will remain informed about any tax breaks or deductions.
Focus on key components
Preparing taxes can be tedious and, even at times, confusing. But that’s where your tax software platform steps in and can become your best business partner. Overall, the ideal tax planning software can help walk you through the scope of the process and unpack exactly what you need to do.
Here are a few key components you can look for in a tax software program:
The ability to import data from other sources
Easy access to relevant tax forms
The option to file both state and federal taxes
Advanced filing options
A function to access data from your employer, if relevant
So, no matter what package you choose, be sure to let it do the majority of the work for you — and do it in a manner that serves you and your business well.
All content provided herein is for educational purposes only. It is provided “as is” and neither the author nor Office Depot, Inc. warrant the accuracy of the information provided, nor do they assume any responsibility for errors, omissions or contrary interpretation of the subject matter herein.
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