Tax Act and a Business Tax Tip Roundup Here at Crunch Time

Last week, I chose Tax Act as my tax preparation software for tax year 2008.  Last night I began preparing our taxes using the software.  Although I have not yet completed our taxes, here is a run down of the features that I am finding helpful: 

·      TaxAct offers the user a tour, which helped me anticipate the process and what guidance would be available to me while I complete my taxes.

·      Information Method choices:

a.     Q&A Entry/Interview Method – this provides the simplest process.  You enter information based on answers to questions that are asked interview-style.   Your information is transferred to all applicable forms, including the state return; or

b.     Tax Form Entry – where you fill in tax forms electronically just as you would on paper.  The only difference is that as you fill out one form and any information applicable to other forms is automatically transferred to the other forms, including the state return. 

·      Joint vs. Separate Comparison allows you to see the difference in filing married filing jointly or married filing separately.

·      National Averages Comparison “identifies hotspots that may catch the eye of the IRS, and let you know where you stand with respect to the rest of the taxpaying public.”

·      TaxWatch 2009 lays out changes that will occur in 2009, the impact of those changes, as well as tax-planning tips.

·      Next Year Step – helps you look forward to filing taxes for tax year 2009 by helping you determine your withholding allowances and to adjust your withholding to prevent over- or under-withholdings. 

·      Tax Calculator helps you perform “what-if scenarios to determine your tax liability for both this year and the coming years.”

·      TaxTutor Guidance features expert tax assistance, including J.K. Lasser’s Your Income Tax Guide

Tax Tips Around the Web

Tax time is right around the corner, here are a few places to find business tax tips right here at crunch time:

Madison DuPaix at My Dollar Plan writes about Tax Deductions for the Self Employed.

Jennifer Molin at bMighty writes about Tax Tips: How To Deduct Your Home Office, And Why You Want To Avoid Penalties.

Gina L. Gwozdz, CPA at Tax Tips Blog answers a question from one of her readers about tax tips for when you Convert Personal Residence to Rental.

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