TaxAct is an online tax preparation software that supports all the major tax forms and schedules (both federal and state). Its features include W-2 import, a deduction maximizer, a maximum refund guarantee, and a mobile app. TaxAct offers a free plan that allows you to file Form 1040 for free, plus a state return for…
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TurboTax Review & Pricing in 2021
TurboTax, by Intuit, is a do-it-yourself (DIY) tax software that allows you to prepare and file your returns electronically either online or through its desktop versions. Its features include W-2 import, a deduction maximizer, and a mobile app. With its online products, you can file simple returns for free or choose from three paid DIY…
TaxSlayer Review & Pricing in 2021
TaxSlayer is an online tax preparation software that allows you to file state and federal tax returns anytime and anywhere. It lets you file simple returns for free and handle complex self-employed tax situations at a low cost. Its features include free phone and email support, guaranteed maximum refund, IRS audit assistance, and a mobile…
FreeTaxUSA Review & Pricing in 2021
FreeTaxUSA is an online tax preparation software that lets you electronically file federal returns directly to the IRS for free and process state returns at a low cost. Its features include tax return backup, unlimited amended returns, accuracy guarantee, a refund maximizer, priority support with live chat, and more. You can file federal taxes for…
Best Small Business Tax Software of 2021
Small business owners can prepare their own tax returns for a fraction of the cost of tax professionals. Starting your own business is hard work and with most CPAs charging a minimum of $500 for a business return, the cost savings can be a big relief. We identify the best small business tax software based…
6 Best Professional Tax Software
We present the best six software for tax professionals of different sizes and clientele. Tax software is the core of a tax preparer’s business, and the best tax software for tax professionals includes preparing individual and business returns. The needs of tax preparers vary greatly based on their need for bookkeeping integrations, remote access, and…
FUTA Taxes & Form 940 Instructions
Small businesses need to pay federal unemployment taxes, known as FUTA tax. These taxes fund the federal oversight of unemployment programs in all 50 states, plus US territories. FUTA is paid quarterly, although there are exceptions. This article leads you through FUTA, how to calculate and pay it, and how to file IRS Form 940,…
IRS Form 1099 Reporting for Small Business Owners in 2020
As of 2020, businesses are required to send copies of Form 1099-NEC to the IRS and contractors if they pay $600 or more in compensation to non-employees throughout the year. In prior years (2019 and before), this was reported on 1099-MISC. Form 1099-NEC is due Feb. 1, 2021 to report payments made during the 2020…
Top 20 Realtor Tax Deductions
Independent real estate agents have several potential tax deductions available to help them lower their taxable income, which could put them in a lower tax bracket and save money. To find out which tax bracket you fit into before deductions, download our 2019 Federal Income Tax Bracket charts. If you’re in a bracket with a…
Home Office Tax Deduction: What It Is, the Formula & How to Qualify
If you work from a home office, you may qualify for a tax deduction. For example, if you use 15% of your home as an office, you can write off up to 15% of your household bills like utilities, insurance, and general repairs. It is easy to qualify for the deduction, but you need to…
Payroll Taxes and Employers: What Employment Taxes Are You Legally Responsible For?
As you consider hiring employees to help with your business, you’ll need to take into account the additional employment tax responsibilities that come along with it. You need a good grasp of what your business and your employees are responsible for paying. Legally, you’re the collector and gatekeeper of both payroll and income taxes, and…
Section 179 Deduction for Property, Equipment & Vehicles
The Section 179 deduction allows business owners to immediately deduct up to $1,020,000 of the cost of qualifying property and equipment purchases for the 2019 tax year. The advantage of the deduction is you immediately receive the tax savings from an equipment purchase rather than gradually saving taxes through depreciation in future years. What Is…