Tax Software Key Terms
Learning tax software key terms can help you save money and time when filing
Businesses need to file income taxes every year, just like individuals do. Therefore, you need to learn what is required to file a business 1040. You should probably choose an income tax software package to prepare you business 1040s. You'll need payroll tax software, if you have employees, to make filing easier on yourself, and to make sure you pay the proper amount.If your business is incorporated, look into corporate tax software and find sales tax software to keep you on track and legal. Global tax software or software solutions will make sure you pay the right taxes if your business deals with foreign countries. Finally, look into e-filing so you can get refunds faster if they are due you.
Income tax software
Payroll tax software
If you have employees, then you need to deal with payroll taxes. Using payroll tax software makes the job much easier, since it can handle both federal and state employee taxes.Sales and use tax software
Many states and municipalities have sales and use taxes that your business must charge customers. Therefore, you need to find sales tax software that will keep you up to date, so you don't get into any trouble with collecting and paying the tax.Global tax software
If you deal with companies overseas, check out global tax software to be sure you pay the correct foreign taxes.Corporate tax software
If your business is incorporated, you may need to file other taxes than ones listed above. To make sure you are completely compliant, find tax software that will cover you, no matter what your circumstances are.E-file
Many businesses and individuals take advantage of e-filing to save money and get their refund faster. However, if you have to pay, the old-fashioned envelope and stamp may be the best way to go, since it gives you a little more time.Copyright © 2013 Business.com, Inc. All Rights Reserved.
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