Tax Software Price Guide
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Tax Software Tips
Should your business use tax software to manage payroll taxes and other business-related tax issues or should you use a professional tax preparation service? The answer will largely depend on the size of your company and the complexity of its tax needs. Tax return software can be an affordable solution for tax preparation for small to medium sized businesses if business expenses, income and other financial data can be easily determined and reported.
There are several options for tax prep software, including online options, and some brands even provide support should you face an audit. Many software companies offer a variety of different packages depending on the size and type of business. Tax return software suites designed for small businesses, freelancers and home based businesses are quite affordable, usually less than $150, and often focus on deductions for start-up expenses. Some of these feature a tax calculator to help you add up expenses, estimate refunds and perform other common calculations.
If your business is larger, you'll probably want to consider more complex software that allows you to import data directly from your financial institutions or from scanned source documents and provides support for W-2s, 1099s and Schedule K-1s. These more advanced suites often provide tax calculator applications to help you manage all manner of tax expenses. Remember, though, that there is a limit to what even the best tax software can do. If you have a large business, it's in your interest to hire a dedicated accountant to handle complex payroll and tax return issues.
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