Tax law software has become a booming business in the last 10 years, with new applications coming on the market every year. Tax software vendors offer many options, from fairly simple applications that address general business tax needs, to customized software solutions created just for your business. Monthly subscriptions are another option available from some tax software developers.
Which solution you choose will depend on several factors, including the size of your business and the cost of the software. In general, when looking for software for tax law issues, consider the following points:
1. How much are you willing to do on your own? If you prefer not to hire a CPA, you will certainly want help from tax law software solutions.
2. How many types of tax do you need help with? For example, if you pay sales, payroll and property taxes, consider finding separate tax law software applications for each purpose.
3. What is your budget for tax law applications? Customized software may be the right answer for a large company, but a monthly subscription might be right for a smaller organization.
Action Steps
The best contacts and resources to help you get it done
Consider which taxes you'll need legal tax software for
A variety of tax law software applications are available, including software for property, income, payroll, sales and other taxes. If you need help with a specific tax, choose software that's tailored to this need.
I recommend: 1099 Pro offers complete solutions for payroll taxes, including filing 1099's, W2's, and 1042-S's. For transactional sales and use taxes, check out
AlternaDev or
Avalara. Both offer web-based solutions for these taxes.
Thomson makes extensive software solutions for dealing with property taxes.
Use software for tax law compliance to ensure your corporation is conforming to the law
For larger corporate organizations, compliance software helps you to see the big picture by keeping tracking all of the different kinds of tax you pay. Integrating this information and seeing it all in one place helps you to create successful tax strategies and to comply with the law on all points. It also lets you see which parts of your business are creating the most tax liability.
I recommend: Corptax offers corporate compliance applications for both U.S. and international taxes. Its organization charting tool gives business owners a graphical illustration of their company's tax liability.
Vertex creates compliance applications that include help with income, sales, consumer use, value added, communications, payroll and property tax.
Find tax law applications that are within your budget
The price of tax law software programs is as varied as the programs themselves. Some solutions feature stand-alone software that you install and use on your hard drive. But the newest and most cost-effective solution is web-based software that you purchase by subscription. This puts an end to obsolete software and expensive upgrades.
I recommend: PerfectPractice offers a tax compliance software solution for legal practices that starts around $20 per month. For the small business owner, both
TurboTax and
H&R Block make applications that combine personal and business taxes in one.
TaxACT also offers highly-rated, inexpensive, all-in-one solution for business taxes.
Tips & Tactics
Helpful advice for making the most of this Guide
- Before deciding on tax law software, ask for a free demo or monthly trial.
- When choosing tax law software distributors, be sure to ask about training and customer support.
The official source of Tax Law Software is the Tax Law Software page at Business.com
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