Form 1120S is the annual tax form used by S corporations (S-corps) and limited liability companies (LLCs) taxed as S-corps to report their deductions, gains, losses, and income from the business during the current tax year. You can download Form 1120S and prepare the return manually, or prepare it and file it electronically with ,…
Taxes
Form 1065 Step-by-Step Instructions (+ Free Checklist)
Form 1065 is the tax return used by partnerships to report business income and expenses. Multimember limited liability companies (LLCs) not being taxed as S corporations (S-corps) also must file Form 1065. While Form 1065 doesn’t generate a tax liability, it’s very important to complete it on time and accurately. The penalty for a late…
How To Fill Out Your 2021 Schedule C (With Example)
Schedule C, also known as “Form 1040, Profit and Loss,” is a year-end tax form used to report income or loss from a sole proprietorship or single-member limited liability company (LLC). You must file a Schedule C if the primary purpose of your business is to generate revenue or profit and if you’re involved regularly…
Best Small Business Tax Software for 2022
Small business owners can prepare their own tax returns for a fraction of the cost of tax professionals, as most certified public accountants (CPAs) charge a minimum of $500 for a business return. Below, we’ve identified the best small business tax software based on price, features, and ease of use. : Best overall small business…
TaxSlayer Review: Features & Pricing in 2022
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: Features & Pricing in 2022
FreeTaxUSA is an online tax preparation software that lets you file federal returns directly to the IRS electronically 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…
H&R Block Review: Pricing and Features in 2022
H&R Block is an online tax preparation service that helps you file your own tax returns either online or with software that you download to your computer. You can also file with a tax professional in an office or virtually. Its features include W-2 import, refund transfer, a tax calculator, a tax preparation checklist, and…
6 Best Professional Tax Software Programs for 2022
We present the best six software applications for tax professionals with different-sized businesses and types of clientele. Tax software is the core of a tax preparer’s business, and the best software for tax professionals includes the ability to prepare both individual and business returns. The needs of tax preparers vary greatly based on their need…
TaxAct Online Review: Features & Pricing in 2022
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…
TurboTax Review & Pricing in 2022
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…
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…