Form 941 is a quarterly tax form that tracks FICA (Social Security and Medicare) payments made by employers throughout the year. Employer FICA tax payments (6.2% for Social Security and 1.45% for Medicare) are typically due monthly or semiweekly, and Form 941 is due quarterly. If you’d rather not manually pay FICA taxes and fill…
FUTA Taxes and Form 940 Instructions
The Federal Unemployment Tax Act (FUTA) tax is what employers pay the IRS to fund the unemployment program that pays eligible workers who have lost their jobs. This is separate from state unemployment taxes (SUTA). Federal regulations only require employers to pay a maximum of 6% on each employee’s first $7,000 of earnings. At the…
Step-by-Step Instructions to Fill Out Schedule C for 2020
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 regularly involved…
H&R Block Reviews, Pricing, and Features in 2021
H&R Block is an online tax preparation service that helps you file your own tax returns online or 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 multiple guarantees. You can file simple federal and state returns for free…
TaxAct Review & Pricing in 2021
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 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…
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…