Continuing our highlight of helpful tools for your business–
Right up there with accounting software in terms of importance is your tax software. If you like to do things on your own, then TurboTax is a good option.
Some tax professionals have been doing taxes for 40 years, but unfortunately, I’ve seen it where they don’t keep up on all the new rules (on basic stuff too).
TurboTax makes it easy to cover your bases by asking you questions as you go along for your personal and business taxes. It guides you through step by step.
In TurboTax you can see how your return (or taxes you owe) improves as you enter your information. You can see how contributing to an IRA can help lower your taxes for example.
They update their algorithms to match the tax laws. If you’re not comfortable doing your taxes on your own, you could hire a tax accountant, but make sure they know what they’re doing. I’ve heard of too many people having to redo or fix their taxes because their accountant made an error.
The advantage of TurboTax is that the software runs checks on the data you enter to identify any errors.
Keeping great records will help you when it comes time to do taxes.
You can use the online version or get it on Amazon