Sure, you could do your taxes on your own or hire someone to do them for you, but a hybrid option might be right for you: tax software that guides you through the process.
There are many different tax software packages to choose from. Here are some questions to help you choose the tax prep software that’s right for you and your business.
How Complicated Are Your Taxes?
Your taxes might be relatively straightforward — a few deductions here, a few sources of income there — so you may feel competent handling them with some auto prompts from your software.
Or you might be a complete novice and want your software to ask in-depth questions — just like a tax adviser would— and offer advice to help you make the right decisions.
How Comfortable Are You With the Tax Process?
Even if you’re uncertain about your tax process, some tax software includes a helpline or online chat feature you can call if you get stuck, and others offer audit defense, which helps you prepare for an audit if one occurs. Pro tip: If audit defense interests you, consider purchasing coverage now since it can't be bought retroactively. Check reviews to find the features that suit your needs.
Is Your Tax Software Current?
Tax laws change constantly, and keeping up with them is a full-time job — just ask any accounting professional. That’s why you want to make sure your tax software is updated for the current tax year. Before you buy, verify that the software reflects the most recent government changes to ensure you're using the most current advice.
Do You Work From Home?
If your situation has changed and you’re now running your business from a home office, you may qualify for a deduction. This might include office supplies, furniture, computers, and tech specifically used for your home office.
Always consult with a professional tax adviser or visit the IRS website for specific details.
What Tax Features Are Important to You?
Preparing taxes can be tedious and, at times, confusing. But that’s where your tax software platform steps in and can help simplify the task. The ideal tax preparation software should guide you through each step of the process and clarify what you need to do.
Here are a few key components to 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
Whatever tax software package you choose, be sure it can do the majority of the work for you — and serves you and your business effectively.
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