With record-keeping and quarterly payments, tax planning is a year-round event for the small business owner.
Tax-related activities, though, inevitably take on a new sense of urgency as April 15 looms near. While tax time can seem overwhelming for the time-pressed small business owner, there are many online tools and forums available to make the process a little easier and stress-free. Here are ten of our favorites.
Preparing and Filing Your Taxes Online
Sitting down with a professional who specializes in small business is always a smart idea, particularly during the first year or two of operations. However, not every business owner wants to shoulder the costs of hiring an expert to help fill out relati vely routine fields on their Schedule C.
If you opt to use an online or software-based tax preparation tool, be aware that not all solutions (particularly the free tools) accommodate business tax filers. Before you sign up for any service, download software or invest time filling out your information, make sure that the service supports the common business forms.
The following is a selection of tools available for small businesses:
- IRS e-file: The IRS offers electronic filing options for Employment Tax Returns, Information Returns, Partnerships, Corporations, Estates & Trusts, plus Exempt Organizations.
- TurboTax: A popular tool for personal income filers, TurboTax from Intuit also offers software to guide small businesses through the filing process. The software helps you make sure you’re taking advantage of every business deduction and write-off. A sole proprietor, consultant, 1099 contractor or single-o wner LLC should use the...
