Tax preparation software can:
- Simplify and speed up the preparation of state and federal business income taxes
- Make it easy to e-file your returns
- Help you claim proper deductions
- Help you deal with payroll taxes
- Help you deal with sales and use taxes
Action Steps
The best contacts and resources to help you get it done
Assess your needs
Is your business small and simple? Expanding and complex? Are you a local operation, statewide, national, international? The size and complexity of your business will dictate how powerful your tax preparation software needs to be.I recommend: Start by making a list of the taxes you may be responsible for paying or collecting. These should include federal, state and local income taxes; payroll taxes (if you have employees); and sales taxes. Business Owner's Toolkit has tips on determining your requirements.
Find income-tax software
Income tax software has become more sophisticated, particularly in dealing with businesses and business tax deductions. Look for a system that includes regular updates and a good online help service. Some major software providers have demos of their products online.I recommend: A site like Amazon or Office Depot has descriptions of tax preparation software. You can also go on the sites of the more popular software packages like TurboTax or TaxCut and look for offerings geared toward small business owners.
Find payroll-tax software
If you have employees, you'll need to deal with withholding of income taxes and a number of other taxes. Fortunately, there are software programs that can do most of the work for you. Many payroll software companies have you use their software online for a monthly fee.I recommend: Mastertax offers a complete payroll software package. Paychex, Paycycle and ADP all offer their automated payroll solutions to small businesses.
Find sales-tax software
Sales and use taxes differ by state and community, so it's important to assess the right amounts. Fortunately there are numerous software solutions to meet just about any need. Be sure your software provider gives regular updates to track changes by taxing authorities.I recommend: One of the biggest providers of sales tax solutions is Sabrix. Numerous other companies compete in the sales tax space, including Independent Systems and Burr Wolf.
Going global
Today's global economy presents new opportunities for small business, but it also poses new problems in dealing with foreign sales and use taxes. Software solutions can help you cut through the overseas clutter.I recommend: The leading supplier of global solutions, Sabrix, has an online service that lets you test-drive the system.
Tips & Tactics
Helpful advice for making the most of this Guide
- Shop for a system that delivers regular updates on changes in tax laws and requirements.
- Make sure your computer system and the software you select are compatible.
- Software with lots of bells and whistles can be nice, unless it makes the software unnecessarily complicated, which can be frustrating and time-consuming.
- If possible, test-drive software before you buy. Some retailers and online sites offer demo versions.
- Ask trusted business associates and acquaintances for recommendations.
the Tax Software page at Business.com
IRS Approved Tax Forms
All tax forms meet IRS specifications. Deep discounts every day. Designed to work with accounting software programs.
1099 Forms | W2 Forms | Tax Envelopes | Tax Software
www.EveryOneGetsPaid.com
All tax forms meet IRS specifications. Deep discounts every day. Designed to work with accounting software programs.
1099 Forms | W2 Forms | Tax Envelopes | Tax Software
www.EveryOneGetsPaid.com
Bank of America ® Payroll
Easily Calculate Taxes, Issue W-2s, File Online, & More - Enroll Now & Get 3 Months Free.
www.BankofAmerica.com/Payroll
Easily Calculate Taxes, Issue W-2s, File Online, & More - Enroll Now & Get 3 Months Free.
www.BankofAmerica.com/Payroll
Tax Software Resources
Find tax software. Search listings and reviews of retailers, specialists and services in your local area now.
JustClickLocal.com
Find tax software. Search listings and reviews of retailers, specialists and services in your local area now.
JustClickLocal.com
Tax Software
Provides enterprise tax software integrated with global tax research which automates all U.S. sales tax, use tax, and international value added tax.
www.sabrix.com
Provides enterprise tax software integrated with global tax research which automates all U.S. sales tax, use tax, and international value added tax.
www.sabrix.com
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