Speed Up Your Tax Preparation with These Tax Software in 2021
2020 was a strange year for everyone. The pandemic shut down the economy and brought challenging surprises during tax filing time, which lead to complicated tax filing processes and unexpected upgrades.
In this busy tax season of 2021, you need the best tax software that can fix all your problems. Find good tax software that helps you quickly and accurately file your business taxes.
Here are some of the best tax software:
Intuit TurboTax: Intuit Turbo tax offers the best packages for those who want to do their own taxes or need help from a CPA. This is the overall best tax software for small business owners.
H&R Block : One of the cheapest federal tax filing software for self-employed. You can easily import previous returns from any other tax preparer software. It also offers plans for freelancers, entrepreneurs. It's easy to find business deductions, write off startup costs, and fill forms like Schedule C.
TaxAct: One of the best online tax filing solutions. It has helpful features like step by step guidance, comprehensive glossary tax terms, and free inspection of your returns.
Drake Tax: Drake tax allows tax professionals to speed up every step of preparing returns. You can also move data between federal and state tax files, and you can override those features if not required. It helps tax professionals to plan and analyze clients' taxes with planners and comparison.
How to Find Free Tax Filing Software
If you are trying to file your personal taxes by yourself, you might search for free software. IRS announced its own free tax filing solutions, but they hide their free service behind the advertisement. If you are facing a complicated tax situation, check out these best free tax software.
● Intuit TurboTax
● H&R Block
● TaxAct
● IRS Free File
● TaxSlayer SimplyFree Edition
Should you hire a tax professional?
Your business’s tax filing is different from your personal tax filing. It depends on your business structure; some do simple filing - 1040, where the business requires complex tax forms. Hiring a tax professional or not - that depends on the complexity and filing status of your company.
According to a study, a business entity or CPA firm, by outsourcing to a tax preparation company, can reduce costs by up to 50-60%.
CPA firms don't have to worry about handling various aspects of clients' finances, which can simply be outsourced to get more time to focus on their primary business functions. Also, outsourcing tax preparation can help save money as they need not hire tax experts or spend money on training existing accountants. When you hire tax professionals, that ultimately comes down to time and money. If you can afford one and don’t have enough time to run your business, still want to file on time, you need to hire a professional.
Are you worried about improper filing or costly errors? If yes, hire a tax professional. You can acquire our tax services by consulting our team via email at info@accountingtotaxes.com or can call on +1 646 688 2821.