If you operate a business, you will be interested in obtaining business tax software. (Sole proprietors, in general, do not need the complexities involved in a business tax software program). This software will provide you with features not found in a standard tax software program. For instance, a comprehensive business tax software program will contain information regarding a variety of business ownership and entity types. These include:
Corporations – C, S, and limited liabilityPartnershipsNonprofitsEstatesTrusts Features of a good business tax software program include:
Forms library - there should be a wide variety of tax forms available for you to choose from that are specifically geared towards your business use/purpose. This includes both federal and state – if neededShort information-gathering interview obtaining needed background information about the businessTax savings/advice area meant to help you with your budgeting. Live tax help. This is a definite plus to ease your mind both during the year and at tax preparation time. Applies to all skill levels (receptionists to tax preparers can easily use it)Contains audit flags. This means it highlights areas of concern to the IRS tax laws.Potential (missed) deductions. It points out what potential deductions are available that you have overlooked.Diligence and thoroughness. Information you enter in one area will carry over to another correctly.Integration. Your business tax software should be able to integrate with your accounting software, for your ease and convenience.Compatability. It must be compatible with your computer system.Large enough Data fields. These provide enough space for multi-digit figures to be filled in. Plus, they are easy to read.Easy maneuvering. You can maneuver around the screen easily. You click on something, it opens a field. You can also easily tab from one data field to another. This saves time. Help. If you are having difficulty, you can contact the company by phone, email, fax, or online. Easy filing/printing. You can file your tax form/return electronically or print out a copy easily.Reports generation. Your software program will be able to produce tax reports such as depreciation schedules, rental property summaries, tax schedules, etc. Tax library. You can obtain information regarding your tax concern by clicking on a subject area.Provided updates. Whether tax updates are included in your tax software cost, or purchased separately, you need to stay current. Sometimes companies offering business tax software have an email program you can utilize for this purpose.Multi-state reporting, if needed. If you operate your business in more than one state, you need this feature. You may find that your business has issues that are too confusing to you, or simply provide a multitude of challenges that are more easily served by hiring a professional tax preparer. These individuals will use a professional grade of tax software (professional tax software) that is beyond the scope of most taxpayers. Plus, the professional tax software program contains information regarding complex tax issues that are best left handled by the professional tax preparer.
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|Jennifer Mathes, Ph.D.|