Jan 12, 2020 08:39 PM
When Mandy opened her own bakery, she was not looking forward to filing her taxes for her business. Mandy loves baking but doesn’t like math. Luckily for Mandy, there were several software options that could help Mandy with her taxes. Mandy’s struggle was deciding which software best suited her needs. She wanted to make sure that whatever software she used had the right tax forms that Mandy needed to file for her business.
The first software Mandy debated using for her taxes was Inuit Turbo Tax for businesses. When Mandy looked at reviews for Turbo Tax, she saw that they were highly rated. Mandy discovered that small business owners like Turbo Tax because it’s intuitive, comprehensive, and thorough. Turbo Tax self-employed is $90 for federal and $40 for state tax. Mandy discovered that Turbo Tax offers assistance with more than 350 industries. Turbo Tax could help Mandy prepare her taxes for multiple enterprises no matter what industry they were in. Turbo Tax also has helpful tools for W-2 and 1099 forms for Mandy’s employees and for other people that she contracted. Turbo Tax’s help page offers video tutorials, blog posts, and an active online support platform. For additional assistance, Mandy could pay for Turbo Tax Live where she could talk to a certified public accountant. Most importantly, Turbo Tax checks your forms before sending them to the IRS. While Mandy was impressed with TurboTax, it was more expensive than what Mandy wanted to pay.
Next, Mandy considered TaxAct for businesses. TaxAct has a similar interview format as Turbo Tax when inputting your information. With TaxAct price varies depending on the entity of your business. TaxAct offers a selection of packages including sole proprietor, partnership, corporation C, and corporation S. If Mandy registers as a sole proprietor TaxAct will cost her $59.69, while the other packages cost $109.95. One of the disadvantages to TaxAct is that unlike TurboTax, Mandy would have to select a different package for different enterprises. If Mandy imported data from her old tax forms, TaxAct would save the data and input it into this year’s tax forms. TaxAct also offers unlimited phone support twenty-four seven, step by step guidance that will help you maximize your deductions, and free e-filing. However, TaxAct is most known for their price lock guarantee, which means that no matter what happens during the process of completing her tax return, the price will be the same as when Mandy started. However, Mandy felt like TaxAct support options weren’t quite as good as its competitors.
Lastly, Mandy checked out Tax Slayer Self-employed. Mandy was drawn to Tax Slayer Self-employed mostly because of its price. Tax-Slayer is by far the cheapest option offering its federal return for just $47 and its state return for $29. Since Mandy is running her business solo she is impressed by the value of this product. Taxy Slayer allows Mandy to easily download her tax return from other tax services she may have been using previously. It also includes 1099 filing and Schedule C. They offer unlimited phone, email, and live chat support. Mandy likes that Tax Slayer sends her alerts so she can stay on top of her taxes and avoid unnecessary fees. Tax Slayer also offers free tools like the refund calculator so Mandy can estimate her tax refund for free.
Tax Slayer proved to provide Mandy with the support she needed to do her taxes and save her some money along the way. However, when it comes to tax software it’s important that you weigh your options to make sure that the software you use will perfectly meet your business needs.