7 Best Tax Estimation Solutions For Businesses In 2020

Let’s admit it; the tax preparation process is not a piece of cake. You need to fill the form correctly with all relevant information. Then you must calculate how much tax you owe, what refunds to expect, and how to avoid an audit?

Are you hesitating to pay your accountant to file your taxes due to the tight budget? Here is good news! With the advancement of technology, taxpayers don’t need to pay a professional if they don’t want to. Even if you lack thorough knowledge, online software allows you to complete a basic or complex tax process at a fraction of a cost.

Whether a taxpayer needs professional Certified Public Accountants (CPAs) or does it on their own depends on their income situation. However, tax software makes it easy to do your taxes instead of hiring an accountant or tax specialist. In contrast, an accountant usually takes days to file your paperwork. Filing your taxes is a hectic process, yet good software guides you through the process. With simple integrations in the software, filers don’t even need an appointment with a CPA to sort their tax issues.

Below is the list of best tax estimation solutions that offer you to file accurately and provides you with the best tax returns.

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Hurdlr

If you are a solopreneur and looking for a solution to track your income and estimate your tax, then Hurdlr is the best option for you. It allows self-employers to determine how much and why they need to pay their quarterly taxes. Self Employed Taxes that cover wage earners’ social security and medicare taxes need well-informed handling and management. Thus, individuals seeking the same cause use this software.

One of the most excellent features is mileage tracking. The mileage feature of the app will estimate your deductible expenses with the help of a tracker. Also, you can link all your bank accounts with this app as an expense account. It will help you to sort out all your expenses with its expense tracking feature. In short, an all-inclusive tool to ease your life.

H&R Block

H&R Block is the oldest and easy-to-use best tax software for self-employed filers. The tool offers you to file federal taxes and covers state taxes with additional charges. The software provides a simple navigation interface. You need to provide all your details such as name, date of birth, social security number, etc. After updating your data, it displays the tax figures in real-time. If there is an error, the tool points it out so you could fix it.

The positive point of H&R Block is you can import the data from another software freely. It also provides your data security and high data encryption throughout the process. The software helps in evaluating deductions and offers audit services.

TurboTax

TurboTax is a user-friendly software tool that offers different plans to help you file the IRS taxes. The tool allows you to enter the details into five sections: My Info, Federal, State, Review, and File to recalculate the tax refunds. It will enable self-employers to create various forms such as W-2, K-1, 1099-MISC, 1099-DIV, and 1099-INT.

The asset depreciation feature helps in tracking the depreciation of the large purchases over the years. It also provides tax strategies for these depreciations. Furthermore, the software offers you a live CPA add-on feature. You need to pay additional charges to get help from a CPA or tax expert as they examine returns before filing. The best thing about TurboTax is it offers free tax audit support from the tax professionals helping you with your IRS meeting.

TaxACT

TaxAct is a cost-effective online software that helps prepare your federal and state tax with 100% accuracy. The e-filing feature of the software allows direct submission of the form to the IRS. TaxAct offers unlimited free customer support either by email or phone and provides taxpayers with access to online returns for a year and PDF access for six years. The deduction Maximizer brings light to many deductions and credits that many taxpayers fail to recognize.

TaxSlayer

TaxSlayer is the most useful and user-friendly tax estimation software; this tool provides you with an automatic checker for any error. It offers 100% accuracy guaranteed. The tool allows switching from any other software easy by importing the data for you. TaxSlayer self-employed will enable you to find any deductions or credits. Moreover, it gives self-employed workers tax tips all year.

The Ask a Tax Pro feature of TaxSlayer allows filers to ask questions online. The IRS certified professionals review these queries and provide stepwise guidance.

Liberty Tax

Liberty Tax is a fast and easy software for personal and business tax preparation. Like many other platforms, this tool also allows you to import returns from other software. Liberty Tax offers tax preparation resources such as forms with instructions, guides, calculation tools, etc. If a customer gets stuck with the filing process, they can transfer all the details to the office, and tax experts can assist them. Liberty Tax offers filers audit assistance and customer service support, including email and online chat throughout the year.

Jackson Hewitt

Jackson Hewitt is the second-largest service for tax preparation. The tool offers a new and positive feature this year – Tax Pro from Home. You can enter all your tax data and answer the questions from the comfort of your home; then, a tax expert will complete your tax return process within 24 hours. The software allows you to track your refunds whenever you want. Jackson Hewitt guarantees that its calculation is 100% accurate.

If any error flags up, it will reimburse for any charges or penalties. The tool allows easy importing of forms and returns to its customers. The software consists of a built-in calculator that estimates depreciation and offers free IRS audit assistance.

Credit Karma

Credit Karma is the most affordable tax solution. It’s 100% free filing for federal and state taxes. The tool’s smart filing feature displays you the forms you need according to your tax situation. The tool allows simple filers to upload W-2 details by taking a photo. Do you want to complete your filing process on your mobile? Then the mobile-first platform of Credit Karma allows you to do so.

It has an easy-to-navigate interface and also provides you with guidance to help you understand terminologies. The tool’s easy to switch feature helps import returns from various competitor platforms. Credit Karma provides audit defense free of charge to its customers.

Conclusion

Most taxpayers find tax preparation as an easy and smooth process; for others, it may raise a sense of confusion and anxiety. Online tax solutions have made it easy for many filers to prepare their taxes without leaving their home premises. Depending on what services you require, you can choose the best tax preparation software tool. The software automates almost all facets of the tax process, from filling out forms to determining deductions and returns. These advantages drive more business owners to turn towards online tax software.

If you are interested in even more business-related articles and information from us here at Bit Rebels, then we have a lot to choose from.

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