Tax reporting can be daunting, especially if you have limited knowledge. This can amplify if you are a small business owner and looking for tools and tips for tax reporting best practices. The Internal Revenue Service also offers helpful tools to assist in tax reporting processes.
While you may be hesitant to seek professional advice or services, sometimes doing so can offer better – and cost effective – outcomes for your business goals. Let’s take a look at some of the available and popular tax reporting tools that might be useful in your business processes.
QuickBooks. A majority of businesses use QuickBooks as it is one of the easiest-to-use software available. Accessibility through various devices, integrated and evolving tools that increase efficiency, automated backup service, and specific emphasis on small businesses are all reasons why QuickBooks is a top tax reporting software for small- to medium-sized businesses.
TurboTax. TurboTax is widely known and arguably the best personal tax preparation software to date. However, it is one of the priciest options available. There are many useful features, such as taking pictures of tax-related documents (i.e., W-2s, 1099 forms, etc.), Expense Finder for self-employed individuals, notify you of potential tax-deductible items, and support tools including real-time, real-life tax experts, if you get stuck or have questions.
Wave. Wave offers a free tax reporting system that hosts a variety of features. It is easy to setup and use, provides account management, payroll processing, and the ability to connect to bank accounts. Certain features require monthly fees, but are still at affordable rates for small- and medium-sized businesses. This is a great tax reporting solution for businesses on a tight budget.
Xero. This is a great alternative to QuickBooks. It offers affordable plan options and unique features including unlimited users, easy setup for bank and credit card accounts, 24/7 email tech support, and generating key financial statements for review. This program was created specifically for small- and medium-sized businesses, and to aid in global expansions.
Zoho Books. Much like all the options above, Zoho Books offers cost-effective plans with features including multi-user access, bank and credit card account compatibility, online payments, and key financial reporting. The tiers of plans target specific sized businesses. For example, the Standard plan is geared towards businesses with fewer than 500 contacts, whereas the Professional plan is geared towards businesses with greater than 500 contacts.
Tax reporting and management can be complicated and stressful. Don’t let it distract your from more pressing duties. QBS provides tax management and unemployment management services, such as quarterly state and federal reports, tax withholdings, W-2 and W-4 forms, and claims processing and reviews. Contact QBS today and one of our specialists can assist you with any questions you might have.