Which tax planning software is best? Well, that would depend on what you are using it for. Are you a in business for yourself? Are you working for someone else? Are you in a very high tax bracket? Do you have a hobby?
What is it you want to capture in your tax planning software? Is it just for your regular deductions above and beyond your standard deduction? Or are you going to use this tax planning software to audit-proof yourself against the IRS and ensure all your business deductions are accurately recorded when tax time comes around and just in case Uncle Sam wants to pay you a visit?
I have found Quicken works great as a personal tax planning software as well as a personal budgeting tool. Quicken feeds into Turbo Tax when it is time to pull all your records together to upload.
Now, you have to monitor what goes into Quicken on a regular basis to ensure what you upload into your tax software is accurate. For instance, Quicken allows you to download your checking account transactions, credit card transactions and stock trading transactions. Quicken could very well be the best individual’s tax planning software.
Now if you do not correct or even input a category into Quicken properly (annotating which transactions are tax-related and which are not), then using Quicken will pretty much be fruitless. Quicken is really great as a tax planning software as long as you keep up with the transactions or are willing to “fix” all of them before you do your taxes on or before April 15th.
Now, if you are in business for yourself and looking for tax planning software or have a hobby that you want to be considered NOT to be a hobby (in other words you want to run it as a business and be able to deduct expenses) and you are looking for great tax planning software, you will need to track your expenses very carefully and very mindfully—not to mention very timely.
You would need to keep your records as clean as possible and update them as soon as possible into your tax planning software in order to keep the IRS in check and audit-proof your return.
I have found the best tax planning software available that will keep your records straight and help audit-proof your life at: http://www.besttaxplanningsoftware.com.
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Thanks for the insights...Great advice especially with Tax Day right around the corner. With the ever-changing tax rules, it's been a nightmare to figure out which software I need. Most seem either to basic or too complex for my needs.
ReplyDeleteAs a small business owner, I appreciate your recommendation and thank you for steering me in the right direction.
Jon T.
Of course Quicken is well known-- with its strengths and weakensses.
ReplyDeleteThanks for alerting us to this software option that is more suited to the tax preparing process.
Wonderful blog!
ReplyDeleteGreat information about a taxing and unavoidable subject!! Every year I think tax time will be the death of me, but you have succeeded in taking the fear of death and audits out of my taxes!! Thank you! I can't wait to try the software!!
I think we need to change our attitudes about taxes! I love taxes :-). I just wanna make sure I don't pay too much...so I'm looking forward to all the money and time saving tips ya'll will impart.
ReplyDeleteAs a partner in an accounting practice in Australia its interesting to see the opinions of my piers in US
ReplyDeleteWe use MYOB a lot in Australia
Cheers
David Rose
Generation Health
www.thecellulifesystem.com
Thanks for sharing this information. As someone starting out in business and running a company, starting to understand tax is crucial. This is a really helpful blog and thanks for your pointers!
ReplyDeleteBest regards,
Mike Korman
http://studymuncher.com
http://ahalearningsystem.com
Do you mind have a look at TradeMax? A full featured tax software specifically designed for active investors or traders who have multiple accounts to manage their trade data, maximize their gain/loss strategy, prepare their Schedule D.
ReplyDeleteTradeMax® debuts innovative new tools that enable active investors or traders to fortlessly manage all their trades across various accounts.With customizable Vista® style “Views”. TradeMax® delivers important investment account information right to the desktop, without the need to access Internet. Users can manage their trade data, maximize their gain/loss strategy, prepare their Schedule D. It can import trade data from all kinds of formats files, monitor realized/unrealized gains & losses for current positions, adjust wash sales events, report capital gains/losses in printed Schedule D format or export to popular tax software such as TaxCut®, TurboTax®.
All TradeMax® products are available today at http://www.nolosoft.com.
Thanks, I can use all the tax information you can give. Taxes is not one of my favorites things to deal with. (:<)))))))
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