Recommendations For Tax Software - For Equine Business
I know, I am crazy . . . but yes, I do my own income taxes. Fortunately, I do have an accounting background so that helps.
Anyway, I have always "paper filed" but this year I am considering doing it electronically. Any suggesstions on software to get - or to stay away from? It needs to have several different schedules beyond the Form 1040. I assume they would, but then this is my first inquiry into the world of e-file, so maybe I am wrong?
I've used TurboTax Deluxe for the last 15 years. Granted, it's not for a business but I really like it and have never had any problems with it. We also do my sister's taxes with it.
They do have a Business version and they have all the forms and attachments. Last year was the first time I filed electronically through them (federal was free for electronic filing; I mailed State since I think it cost). It's extremely easy to do, easy to navigate and has alot of info if you have questions. You might check that out!
Beyond the potential for math errors, what advantages have you discovered using something like TurboTax vs. simply doing the paper version and mailing it?
Just trying to decide if (and why) it's worth it to do it that way, or stick with the paper method.
I know the day will likely come that we will be required to file electronically - but we are not there yet! That day did come a few years ago with my state and filing sales tax - thankfully it is done all online through the state website and is quite straightforward and easy. But then again, sales tax is not nearly the same as the lovely income tax!
what advantages have you discovered using something like TurboTax vs. simply doing the paper version and mailing it?
It's EASY , it's up to date as you can download last minute changes through the internet , it has done all the legwork for new laws and how it applies to your situation , it's cheap (especially if you have the $10 off coupon from Costco) , it's easy to check the math on it , it has a built in handbook for questions , it has videos explaining certain things , it has ALL the forms you may need . it has a checker for mistakes and one to see if there are other deductions you may be able to claim , federal efile is free , has an "audit support" to walk you through the initial steps in case you're audited , if you used it before it'll transfer info from the previous year (address, etc.) and I think it has a number to call to talk to a tax accountant if you need to (I'm not sure that's free though). After using it for as long as I have, I can't think of any advantages of doing it w/out it.