Being self-employed comes with its own set of tax challenges. But don’t worry, we’ve got you covered with some of the best tax software options out there. These tools are not only user-friendly and affordable, but they also come with a bunch of features that can make your tax filing process a breeze.
We’ve done our homework to find the best tax software for self-employed folks like you. We’ve rated each product on a scale of 1 to 5 based on several factors. These include ease of use, specific features for self-employed individuals, accuracy and compliance, cost-effectiveness, customer support and resources, security, integration with other tools, and audit assistance.
We’ve prioritized software that’s easy to use and has features tailored for self-employed individuals, like Schedule C support, expense tracking, and the ability to manage personal and business expenses separately. We’ve also made sure that the software is accurate, up-to-date with the latest tax laws, and secure. While cost-effectiveness and integration with other tools are important, they’re not deal-breakers. Strong customer support and audit assistance, however, are crucial.
Now, let’s dive into some of the best tax software for self-employed individuals:
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TurboTax Self-Employed: This software is designed for independent contractors and freelancers. It offers features like industry-specific deductions, personalized audit risk assessment, and self-employment tax guidance. It costs $129 for a federal tax return and $39 for state taxes.
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QuickBooks Self-Employed: This software provides basic bookkeeping tools for small businesses and independent contractors. It offers three flexible plans with varying levels of features.
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H&R Block Self-Employed Online: This online tax filing service is designed for self-employed individuals and small business owners. It costs $85 plus $37 per state filed.
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TaxSlayer Self-Employed: This tax preparation service is for self-employed individuals, including small business owners and contractors. The service costs $52.95 plus state fees.
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FreeTaxUSA: This tax preparation software allows small business owners to prepare and e-file their federal and state taxes. Federal taxes are free while state tax returns are $14.99.
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TaxAct Self-Employed: This software offers tax preparation services for freelancers, independent contractors, small business owners, and sole proprietors. It costs $69.99.
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eSmart Tax Premium: This tax preparation service offers its Premium package for $85.95, best suited for small business owners or those with less common forms of income.
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E-file.com Premium Plus: This online tax preparation software helps people file their income taxes quickly, easily, and accurately. The Premium Plus federal e-file is $37.49 plus $22.49 for the state with a coupon code.
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FreshBooks: This accounting software for self-employed individuals makes accounting, invoicing, time tracking, and reporting effortless.
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Jackson Hewitt Online: This online tax filing service offers a flat fee of $25 with a guarantee of the biggest refund.
So, what is tax software? It’s a digital program that simplifies the tax filing process. It helps you identify and claim all the deductions and credits you’re eligible for, saves you time, ensures compliance with the latest tax laws, and offers audit support. It’s a valuable resource for simplifying and optimizing the tax filing process.
Why should you consider self-employed accounting software? It streamlines tax filing, organizes income and expenses, provides real-time financial insights, securely stores your financial data, and is affordable and easy to use.
How do you choose the best tax software for the self-employed? Consider the available tax forms, cost, user-friendliness, and customer support. Make sure the software supports the forms you need, is within your budget, is easy to use, and offers adequate customer support.
Can a self-employed person file their own taxes? Absolutely! You can file your own taxes using tax software or paper forms. Can a self-employed person file taxes for free? Yes, some tax software programs like FreeTaxUSA offer free filing options. Is it better to use a tax preparer or tax software if you’re self-employed? It depends on your personal preference, budget, and tax situation. What is the best accounting software for self-employed taxpayers? It depends on your specific needs and budget, but popular options include QuickBooks Self-Employed, FreshBooks, and TaxSlayer Self-Employed. Which tax software is best for calculating self-employed business expenses? Many tax software programs offer features for calculating and deducting self-employed business expenses. Some popular options include TurboTax Self-Employed, H&R Block Self-Employed, and TaxAct Self-Employed.
