Best Online Tools for Managing Self-Employed Taxes in 2022
It’s tax time! These aren’t quite pleasant words for most of us, especially those that have to go through the mental stress of filing small business taxes for the first time. Although this is true for most small and medium business owners, filing taxes doesn’t have to be nerve-wrenching.
One of the upsides of being self-employed is that you get to be your own boss, which means that you have to be your own HR and accounts officer. You are left to fill in tax forms on your own, handle business expenses, Schedule C, etc., all by yourself. Indeed, none of this is easy work. This is why tax softwares are becoming more popular as the days go by.
Also known as online tax service, online tax software can save the day for small business owners trying to figure out how to fill business taxes for the first time. Tax filing services make the job easier as small business owners can track their income, manage expenses and deductions, etc., with these softwares. Although most online tax services cannot do these things, the best ones have some unique features that make them stand out from the rest.
In choosing the most suitable tax software for your SMB, go for the easiest ones to use. As an SMB, you need to be very particular about cost as you cannot afford to spend lavishly on these tools. Excellent customer service should also be a priority, and of course, the software should help you figure out all the due deductions.
A little guidance is all you need to find the right tax software for your self-employed tax returns without breaking the bank. Here is a compilation of some top picks for online tax services for you. Read along!
· Quickbooks: This software is an industry leader when it comes to great accounting features for business owners. Quickbooks self-employed differentiates between personal and business expenses. You can transfer tax documents to Turbo Tax with this software which also shows mileage. It is a perfect choice for self-employed filers.
· GoDaddy Bookkeeping: This is a popular software for service providers. Formerly known as Outright, GoDaddy is an all-encompassing billing, tracking, reporting, and invoicing tool. It has a web-based service platform that makes it easy to transition from a finished client project to Schedule C. With this software, users can, at a glance, determine their position with quarterly tax debt.
· TaxSlayer: This is one of the best tools for SMB owners because of its affordability and desirable online experience. This software gives you access to a tax expert to answer all your tax queries while completing your taxes. You can choose between its email support, live chat, phone, or technical support options for your questions. It also has an Audit Assistance for up to three years after your return has been accepted.
TaxSlayer also has a 100% accuracy guarantee and an assured optimal refund. It is an excellent choice for businesses that require a Schedule C.
· H&R Block: This software allows you to start with up to five free E files and instructions regardless of your tax situation. The tax preparation for small businesses on H&R Block includes accounts payable. It gives you room to chat with a tax professional for your questions about issues like capital gains, etc. Service-based businesses like Uber drivers get a lot from H&R Block’s packages, like importing tax information.
· TurboTax: This software is a brainchild of financial products powerhouse, Intuit. TurboTax is currently one of the most reliable and popular tax products around. It is downloadable on your mobile device or computer, or CD. They also have an online web service, a popular choice among users. The Online web service allows you to fill out your taxes and lets you know your outstanding debt (it may get back to you with this information) before you proceed with the filing. You only have to pay for this service when you decide to file. Information from the previous year can be imported for faster filing with the CD or downloaded version.