Many small business owners hire a professional accountant for their taxes, but I do my S-Corp taxes online myself.
TaxAct is the biggest major tax-prep software company to offer a completely online option to complete my business form 1120S.
The biggest competitors, like TurboTax and H&R Block, only offer the ability to complete an 1120S if you have a Windows computer, leaving Mac users like me out of luck.
Using TaxAct on Tax Day 2020 could be a smart move if you’re a small business owner »
If you make money through a side hustle or run your own full-time business in the US, you have to report and file taxes for your business.
When I moved to California in 2016 and took my online business full-time, I created an S-Corporation, a business entity that gives me some big legal protections and tax benefits over running as a sole proprietor or a standard LLC.
But having an S-Corp also means some additional challenges, including filing a separate tax return for my business every year.
Taxes are a part of making money and running a business, but it’s a good idea to find the most efficient and cost-effective way to file. For my business, that has been TaxAct for the last two years, and I plan to use it again this time around. Here are some reasons why.
You don’t need an accountant to do your taxes
I hired an accountant to do my business taxes for 2016, but after finding some errors in the return he prepared, I decided to do them myself going forward. I had the exact same problem when I used to hire someone to do my personal taxes.
In most cases, you will know your money better than anyone else. While some people feel more comfortable …read more
Source:: Business Insider