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Best tax software for IM?

by Andy Money
8 replies
What software do you use? I've heard a lot of different names thrown around, not sure which one I should decide on though, looking to get a more advanced than just a spread sheet. Any suggestions?
#software #tax
  • Profile picture of the author exstatic
    Have you got an accountant? Bets to use what they recommend so they can understand the reports a lot easier come tax time
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  • Profile picture of the author TheWealthSquad
    How is your business structured? You need different software depending on how your business is set up.

    Are you looking for accounting software or just to do your taxes? They are usually two different programs. Quickbooks or versions like that allow you to do Profit Loss statements, Cashflow and other reports that help you run your business.

    They can give you the information you need to file your taxes but won't file them for you.

    A good tax preparation person can save you a lot of headaches. They are usually worth every penny you pay for them. If you use software there are several out there that are pretty decent. Understanding the fundamentals of taxes are harder than the software though Don't expect to answer a few questions and get the maximum deductions no matter what the software says.
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    • Profile picture of the author JHooper
      I use GenuTax, it was recommended by my partners accountant. It allows up to 20 returns to be prepared without income level limitations and the prelim interview can be tailored to your specifications (if you're already familiar with this sort of thing).
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      • Profile picture of the author Michael Silvester
        Hi Mate,

        Its good to see someone asking this actually!

        I bet 99% of warrior forum members here dont
        even tell their accountant about their Internet
        Income.

        And doing that will eventually bite you on the ass.

        To answer you question...I use quickbooks software,
        and have a book keeper come into my business every
        friday to make sure everything is in order. And he works
        with my accountant.

        Its a nice combination. I'd prefer to outsource all that
        stuff to the experts so that I know its being done properly.

        Because you dont want to mess with the tax department.

        Take Care,

        Michael Silvester
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        • Profile picture of the author JohnMcCabe
          Strictly for doing taxes, I've been using TurboTax for the last few years. Personal preference, mostly.

          TT has decent checklists to make sure I look at everything. The sections on real estate were good, too.

          A good tax preparation person can save you a lot of headaches. They are usually worth every penny you pay for them. If you use software there are several out there that are pretty decent. Understanding the fundamentals of taxes are harder than the software though Don't expect to answer a few questions and get the maximum deductions no matter what the software says.
          The trick is finding a good one. Most of the ones I've tried are too timid. I do often find myself pouring over IRS documents, though. If I get too aggressive and get called out on something, I want to be able to point to the source of my decision so the worst I get hit for is an error rather than something more serious.

          Most folks should spend the time to find a tax pro that is familiar with doing returns for business owners...
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  • Profile picture of the author TheWealthSquad
    Well most CPA's aren't aggressive because of their certification. Look for a PA or a franchise company like Liberty Tax. Just make sure they are familiar with business taxes. Depending on how you are set up legally can make a huge difference in how your taxes are done.

    I prefer to be cautiously aggressive. If I can find a reasonable way to take a deduction I do. Keeping your documentation is very important. If they think you tried to cheat them, you get hit with penalties, interest and other charges. The IRS can whack you pretty good if you don't have your ducks in a row.
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    • Profile picture of the author dljmktg1
      Income taxes are my business, and it's my opinion that people with their own business should not use software to do their taxes. It can just get too complex.

      Use a good accounting program during the year to track your expenses if you want, but use a real person to do your taxes.

      The reason is the software will only be accurate if what you enter is accurate. It will not ask questions or dig deeper to see if there are any hidden deductions you are missing. It will not ask questions to be sure what you are claiming is really something that can be claimed. In the end, the software is only as good as your knowledge of taxes.

      Nothing will get you all the deductions you have coming like a real tax professional. Just be sure the one you use has a lot of training for self-employment. And, the cost related to your business tax preparation may be fully deducted on next years schedule C.


      Dan
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