Great and terrible things happened in the last year, and for those people filing taxes as the owner of a business, or a freelancer working as a contractor, the unprecedented circumstances make for an unprecedented tax season. Close up of businessman or accountant hand holding pen working on laptop computer for calculate business data, accountancy document and calculator at office, business concept.
Perhaps you spent all of last year working from home as a freelancer and now are contemplating, for the first time in your life, trying to claim the den as a workspace deduction. Perhaps you took up a second source of income in the form of being a Lyft driver and now need to incorporate that ride-sharing income into your other business earnings.
Perhaps you had to pay for employees who were suddenly only working part of the time because they were caring for a loved one with the coronavirus. Perhaps you put half your company's capital into Bitcoin, as a hedge against the chaos of the pandemic. How are you supposed to account for crypto?
For all of these needs and more, software makers such as Intuit and FreeTaxUSA are ready, willing, and eager to offer you their packages designed for either self-employed situations or small businesses. Here is a rundown of the best five tax packages we evaluated. Perhaps the most recognizable name in tax software, TurboTax, owned by Intuit, proposes the Self Employed version for both those who are actually self-employed and for those who run a small business.
As with most offers, you can start working on Self Employed for free; you only pay once you're ready to file. In addition, home business expenses, health coverage, and small employer pension forms are included. TurboTax boasts functions for industry-specific deductions, such as for real estate, construction, or even ride-sharing.
Intuit emphasizes the fact that it is ready for the new NEC form, the form you either use to pay your sub-contractors or the form you receive as a contractor from your client. You can snap a picture of your NEC with your phone and have it automatically uploaded to the software. The software also pledges to make it "a breeze" to enter data on the money you've earned from Uber or Lyft ride-sharing jobs. TurboTax also comes with a live service that will connect you with a human tax expert.
The company emphasizes that this can be an advantage for preparing quarterly taxes, as you can draw upon these individuals on an on-demand basis, year-round. FreeTaxUSA emphasizes the value provided for free federal filings, including Schedule C and income and deductions, which it contrasts to the need to purchase upgrades from TurboTax and others.
The company promises that "customers get the same business write-offs, the same calculations, and the same tax refund as more expensive services. The web-only online forms completion task guides users through a narrative set of questions about their business, such as "Do you need to enter information for another business?
They include refunding your fees and giving you a credit to future service if you can show another online service is able to get you a larger refund. The company also pledges to pay penalties and interest if any are incurred via the service. Unlike most online tax offerings, Tax Pro from Home, either as a web form or a mobile app, gives you a real, live human being to assist you via telephone or a secure chat channel, for an unlimited number of sessions, rather than leaving you in a do-it-yourself process.
The premise that the company is operating on is that you still want an office visit, but you can't get there because of the pandemic. Get a comprehensive review of your online tax return before you file so you can be confident nothing gets missed. Got married? Had a baby? Bought a home? TurboTax can help find you any new tax deductions and credits.
Every personal TurboTax return is backed by our Audit Support Guarantee for free guidance from a trained tax professional. File taxes electronically e-file and get email confirmation when your tax return is accepted. Skip To Main Content. File with an expert File on your own. Taxes done right, however you choose. Start for free. Snap and securely upload your tax documents. It simplifies the process by automatically calculating how much tax a company owes and which tax forms need to be submitted.
Tax software is also suitable for use by individuals. Free Tax Software - Find the best free software for preparing and filing corporate income taxes. Small Business Tax Deductions - Learn more about the most common small business tax deductions to help you lower your taxable earnings. What is Depreciation? Franchise Taxes - Learn about how franchise taxes work. Turbotax offers free filing for federal and state taxes if you have a simple tax return.
They also offer easy import capabilities for your previous tax returns and easy-to-answer forms. Turbotax searches over tax deductions to maximize your deductions and guarantee that you qualify for the maximum refund. They help you to report all your investment income and calculate your capital gains or losses.
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