2011 Taxes to 2024 Taxes

Tag: tax software

  • How to Stay Informed About Tax Law Changes

    How to Stay Informed About Tax Law Changes

    Keeping up with changes in the tax laws is not simple due to the shifting landscape. For the business owner, individual taxpayer, or professional on tax, failing to keep abreast of such changes can be detrimental. How to keep current with the latest tax laws forms a good basis to commence the discussion here.

    IRS Agent with Changes For Us
    IRS Agent with Changes For Us

    Go to a Reputable News Website

    One of the better means of keeping up with the latest information is by being on the official sources. The Internal Revenue Service (IRS) updates a lot of its information online by providing such resources as new tax law updates, rules and protocols. The opportunity to receive regular updates from the organization is there for those who choose to subscribe to IRS newsletters or follow the accounts on social media.

    Join Professional Organizations

    Being a member in a community such as the Association of Certified Public Accountants (AICPA) in the US or the National Association of Tax Professionals (NATP) has with it many privileges. As they do not limit themselves to teaching others about the tax legislation, how to calculate it, and so forth, they offer such trainings online and in person as well. Networking with other professionals in these organizations can also help you stay ahead of the curve.

    Subscribe to Tax Newsletters and Publications

    Reading tax literature is another effective variant to keep oneself informed about all changes in tax legislation. A lot of companies and financial media, in compliance with the journalism ethics, are known for giving free or paid newsletters to their experienced subscribers, where they analyze the recent tax amendments. Some popular options include Bloomberg Tax, Tax Notes, and Accounting Today. These resources can keep you informed about both federal and state tax law changes.

    Attend Tax Seminars and Workshops

    To acquire the required knowledge on the new taxation regimes and its impacts, one should attend tax conferences and workshops. Such seminars and workshops are hosted by civil society groups, accounting firms, tax professionals’ associations, and also financial institutions. With such training, an individual is often taken through vigorous presentations and talks by experienced presenters who will explain some of the complex concepts in the law. Whether you attend in person or virtually, these events can be a rich source of up-to-date information.

    Utilize Online Resources

    Many users can make good use of the internet to keep track of changes in the tax legislation. Websites like IRS.gov, state tax authority websites, and respectable financial news websites often publish articles, updates and analysis related to the tax laws. Bookmarking these sites and checking them regularly can ensure you don’t miss any important updates.

    Follow Industry Influencers and Tax Experts

    Following industry influencers and tax experts on social media platforms like LinkedIn and Twitter can provide you with real-time updates and insights. Some professionals even interpret and analyze tax changes to explain what they mean in plain language and so it becomes easier to see what such revisions will mean in practice. Engaging with their content and participating in discussions can also enhance your knowledge.

    Leverage Tax Software Updates

    If you use tax software for your filings, make sure to keep it updated. Tax software companies frequently update their systems to reflect the latest tax law changes. These updates often come with notes or guides that explain the changes and how they affect your tax filings. Staying current with these updates can help you ensure compliance and avoid potential issues.

  • Simplifying Monthly Business Accounting With Tax Software

    When ever tax time rolls around, our eyes glaze over with questions about business expenses and deductions: Can she write off this short sleeved shirt? What about that business lunch a couple months ago? And then there’s the question of his XXXL shirts you put the company logos on. This it the point at which the need for some good business technology becomes obvious.

    Various software programs are available for download for businesses to use.  Bookkeeping and tax software makes monthly business accounting easy.  This software will aid the bookkeeper or accountant in recording the businesses various financial transactions in the correct ledger, including payments, revenues, sales, and purchases.

    A company has the choice of high-cost, low-cost, or even free software for their accounting and bookkeeping management.  The software chosen needs to have all the basic functions businesses will need and should incorporate the utilities needed for accounting, business taxes, and payroll. The program should include modules to assist businesses in creating monthly budgets, follow the progress of projects or jobs, and help with scheduling recurring payments.

    It should have a section to help manage the bank transactions and credit card transactions.  There needs to be a component for tracking and paying bills along with a module for payroll management that assists with federal and state tax calculations.  It might include an element devoted to accounts receivables that help in creating invoices and estimations, calculating sales taxes and automatically calculate the full amounts due.

    A reporting function would disclose to the business owner all financial transactions. The program chosen by any business should support both of the two major forms of accounting that businesses can use.  There is the Cash Basis and Accrual Method.  Service businesses generally operate on the Cash Basis Method and Manufacturing or Inventory businesses usually operate on the Accrual Method.

    The software should also help a business in establishing internal controls to establish procedures for tracking all income and payments to prevent fraud, waste, or carelessness.  Making the right choice in the bookkeeping and tax software is essential and can help the business to function successfully.

  • What to Look for in Online Tax Prep and Filing Software

    What to Look for in Online Tax Prep and Filing Software

    This April, you may reduce your time it takes to file your taxes by utilizing computer software designed for filing your returns online.

    You are not alone. Many people file tax returns online; according to last year’s record from IRS, the total electronically filed tax returns was more than 68 million, out of which around 17 million taxpayers filed their returns online themselves.

    Debra Gray said that e-filing of your returns and online tax preparation offer lot of benefits but it require some homework on the part of the individual.

    Gray points out certain questions worth looking asking:

    Is the software secured and easy to work with?

    As there is no need for downloading, it saves time to work with internet-based software. But certain things that you should make sure of in the beginning are whether the program is easy to use, whether the information can be organized properly, whether it provides complete support resources for the process, and most importantly whether it has proper security standard to encrypt your data.

    Is it comfortable for you to work with it?

    Normally the online tax prep sites password-protect your work. Also see whether the program can automatically check for certain minor errors and is able to provide suggestive corrections for some major mistakes.

    After you’ve filed, what happens to your return?

    You should also make certain that the program can maintain previous year’s record of your return filing so that you can go back there and check for some useful information.

    Does it show clearly the cost of your tax preparations and filing?

    Sometimes it is not so easy to navigate the pricing structure of many tax software providers; some of them offer free filing and others have a price tag mentioned, but normally they do not clearly indicate the added costs for the completion of a state tax return. As Gray points out, it’s better to find out a good do-it-yourself tax program in order to prepare your taxes yourself, and it should be available for below $40 which includes costs for both federal and state tax return preparation and filing.

    Is there any payment and refund option?

    There are some web sites that allow you to directly deposit the refund amount to your bank account after deducting the costs of using the software.

    Is there any help and support system?

    Ideally, the program needs to be straightforward; but for your own convenience, you should make sure that it provides live help and support through chatting or e-mail.

    Gray said, "Taxpayers should have a look at the new features coming with the latest tax software this year as they might have become frustrated by filing their tax returns on paper or using the old online tax programs." He also added, "It’s not the way many people like to spend time by preparing for taxes, but if they are accessed to the right tools, then online return filing could be easy as well as time-saving. Moreover, they might even learn new tips for saving money on taxes."