What Is the Best Tax Software to Be Using in 2019?

Published on: 28 March 2019 Last Updated on: 04 November 2024

If you fail to file your taxes correctly, the IRS can fine you a penalty up to 20% of the amount you owe.

Taxes are a complete nightmare for many people especially if you can’t pay them. And the last thing you want to deal with is owing even more money to the government.

That’s why the emergence of tax software has helped so many people. It helps you make sense of the confusing terminology, perform calculations, and break the process down into easy steps.

But what is the best tax software and how does it help simplify everything? This article covers everything you need to know.

The Criteria for Best Tax Software:

Everyone is different and the tax software available now tends to be tailored to different audiences with bank products and other solutions available.

For example, a family of four with a house and one income earner will have a fairly straightforward process. But what about someone who is self-employed or a small business owner? In these cases, some companies offer tiered pricing models that can quickly become expensive.

When asking questions like “Why would anyone use a bank product?” or “Is this service right for me?” it’s important to consider the following.

Ease of Use:

There’s no point paying for a system that is just as confusing as the tax forms themselves. Check out reviews from other people to see what their experiences with the company were. Or watch a ‘how to’ video for a preview of the software.

Are Your Taxes Complicated:

Between deductibles, donations, and multiple sources of income, taxes can get complex very quickly. If you’re unsure what you qualify for and what options are available to you then tax software may be the way to go.

Look at State Tax Prices:

Some tax software companies include state tax in their services free of charge. Others ask for a fee and class it as an additional service. Be sure to look into the costs behind each one to be sure.

With that said, here are the best online tax filing options out there.

TurboTax:

Known for its simplicity and ease of use, TurboTax has many features and designs to help you file without a headache.

The use a simple step by step process that puts questions in laymen’s terms and does the hard work and calculations for you. They even offer a W-2 scanner where upload a photo of your form and it automatically sorts the information on your tax forms.

They have a free option for getting your taxes ready to file. But can charge past $100 if you want more premium services like a tax specialist to talk to.

Tax Act:

Similar to TurboTax, TaxAct offers a sliding scale of costs for users depending on the level of service they want.

Their layout makes it easy to input data and offers free state tax returns for simple forms. If you’re a homeowner or business owner however, then you will have to pay a fee for state taxes.

If you are unhappy with the service you’ve received from other tax software companies, TaxAct makes it easy to import your old information over to them.

H&R Block:

Known for their stand-out customer support, H&R Block takes the uncertainty out of the equation with tax specialists on call and online.

It has a similar model and pricing structure to the previous companies but also offers up to $3000 of interest-free loans to anyone entitled to federal tax refunds.

Shop Around:

Knowing what the best tax software is for you takes time and research.

This list helped narrow things down but you should still look into each company in more detail to see what will work best for you.

Check out our other finance articles for more tips and advice.

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How To Use An SBA Loan For Business Purchase

Financing is crucial for prospective small business owners. Personal loans that are made for companies usually have high-interest rates. Small businesses acquire SBA loans from banks as well as credit unions. Such an economic government financing approach ensures loans to an amount of $5 million for small company owners. Small enterprises may get loans with government guarantees. Such kinds of bank loans are, therefore, SBA-approved, and lenders get applications. Moreover, the bank receives payments. SBA will cover losses up to 85% if the borrower fails. The safety net it provides reduces small company owners' risk, promoting low-interest lending. For any buyer, defaulting is awful, too. The buyer community at Beacon provides educational materials, deal-assessing tools, and industry experts and entrepreneurs to assist consumers in making wise purchases. What Is An SBA Loan? The U.S. Administration of Small Businesses supports the SBA loan. It stands for small business administration loans that allow multiple financial enterprises to offer business loans that have higher flexibility than traditional loans. Since the government backs these loans, banks are encouraged to lend financial help to enterprises that might not be able to function otherwise. Lenders get the opportunity to offer business loans with fewer down payments and lower stringent credit standards. The repayment terms on these loans are usually longer and might extend up to 10-25 years in various circumstances. In the later section of the article, let’s discuss the eligibility criteria for an SBA loan. Can I Acquire A Company With An SBA Loan? The answer is yes! Acquisition loans from the SBA may be utilized for working capital, debt refinancing, real estate purchases, equipment acquisitions, and company purchases, including franchises. How Can I Get This Loan? Four easy stages comprise the application procedure of SBA. 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Canada Is the First Country to Allow Trading BTC on Its Stock Exchanges

Bitcoin has officially been introduced at the traditional stock exchange. The first country to make this significant move was Canada. Before that, the only way to buy and sell BTC was by using a digital currency stock exchange, which is still the most popular way to trade Bitcoin and other cryptocurrencies. The Great White North officials authorized a Bitcoin fund that was immediately introduced to the stock market. This event will pave the way for many investors to access the popular cryptocurrency and try to make a profit with its help. The Bitcoin index fund was proposed by a company called Purpose Investments. The Toronto Stock Exchange approved the start of the fund on February 18. As announced by the spokesperson from the Ontario Securities Commission, the fund uses the acronym BTCC. The role of the fund’s administrator belongs to a Canadian company called CIBC Mellon Global Securities Company. The sub-custodian is the Gemini Trust Company. There are no similar traded Bitcoin funds anywhere in the world. It means that Canadian stock traders could start a trend where many other stock exchanges will introduce a cryptocurrency-backed fund. Purpose Investments issued an official press release declaring that the fund was the first in the world to be physically settled in BTC and not derivatives. It means investors will access cryptocurrencies conveniently without self-custody risks and all associated dangers that digital cryptocurrency wallets bring. The main risk brought by digital wallets is the usage of keys. A private key is the only thing that allows you access to your cryptocurrencies. This key is like a password, but it’s irretrievable, meaning your Bitcoin storage will be lost forever if you forget the key. For instance, if you lose your Facebook password, you can always send a request to change it. The platform, being a centralized entity, will grant you that request. Unfortunately, that option isn’t available when it comes to digital wallets, meaning a lost key is gone forever. Many people don’t feel confident about this arrangement and believe handling your own keys brings a certain risk. That is why an exchange-traded fund seems like a better option at the moment. In other words, being in charge of your own fortune requires having a high level of responsibility and keeping your private keys safe and secure. Bitcoin Reaches New Heights: When Bitcoin was introduced to the world in 2009, it was worth almost nothing. You could buy hundreds of Bitcoins for a couple of dollars. The first time that the cryptocurrency peaked was in December 2017, when the price reached almost $20K. After that, the price started going down, with many pessimists predicting the ultimate fall of BTC. However, there was no reason to worry. After a somewhat quiet period in 2018, when the BTC rate reached as low as $3,500, a slight bump happened when the price increased to more than $10k in 2019. Then, the Covid-19 pandemic started, and people started looking for a way to store their wealth. At that moment, Bitcoin turned out to be one of the most lucrative solutions. Therefore, they joined a stock exchange cryptocurrency and started massively buying BTC. The price first reached around $30K, and it is currently being traded at about $45K. This was a reason good enough for many people to consider buying “digital gold.” Another reason why this cryptocurrency increased in value was the fact that big companies started investing in it heavily. For example, Tesla invested approximately $1.5 billion in bitcoin, and many smaller investors followed its steps. What About Other Cryptocurrencies? So far, Bitcoin has been the most popular cryptocurrency, traveling the longest distance on the road to widespread adoption. However, it’s definitely not the only crypto out there, as many other altcoins are pretenders to BTC’s trone. Some of them might even get a similar treatment by traditional stock exchanges. The most likely candidate for that is Ethereum, a cryptocurrency supporting the Ethereum platform. Besides Ethereum, Bitcoin Cash is doing a pretty good job, as well as Tether, Binance Coin, Ripple, Litecoin, and more. Final Thoughts: The introduction of Bitcoin to the traditional stock exchange gives Canadian investors more room to access the cryptocurrency. They’ll be the first ones to test how that works and whether one can make a profit by investing in the Bitcoin ETF. If all goes well, we could expect other exchanges to do the same. All eyes are now on the Wall Street exchange, which is expected to copy the homework from the Canadian stock exchange. Will there be additional Bitcoin funds used by investors to trade on stock exchanges around the globe? At this moment, everything seems possible. Read Also: Exciting Facts About Cryptocurrency And Crypto Wallets How to Buy Bitcoin From Norway HybridBlock: Why Binance Is Investing In Crypto-Fiat Trading Everything You Must Know About Bitcoin Circuit: Legal or Scam

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There is no magic button that can help you manage your finances. It takes time to learn how to manage your finances in the right way in order to avoid being stressed about money. Many people have a problem with managing finances and this is the reason why many people are always stressed about money. It is not about the amount of money you earn, it is how you manage it that counts. Most of the people who are not able to finance correctly will always end up stressed and probably always broke. In such a case, it is important to ensure that you have a money coach, someone that can guide you through the process so that you learn. 3 Must-Know Accounting Tips To Help You Finance Correctly There are firms like Marsh Tincknell Accountants that in addition to giving you accounting advice, can also help you in planning your finances. Here are the top 3 tips by Marsh Tincknell Accountants to help you manage your finances. 1. Write down your goals: This is the first and most important tip when you want to plan your finances. Write down all your long-term and short-term goals that require you to spend money. Once you have your list of major goals, number them according to their priority and how soon you need to achieve them. Arrange them in order from the one you wish to achieve soonest to the one you want to achieve at a later date. For example, saving for retirement may be at the bottom of your list. This way, as you work on your short-term goals like reducing your spending, you are also able to work on your long-term goals slowly. 2. Create a financial plan: This is one of the other important things to do to help you finance correctly. Your financial plan should have the steps to follow in order to achieve your short-term and long-term goals. For example, your plan may include steps like controlling your budget then coming up with a savings plan in order to get out of debt. This way, you are able to monitor how fast you achieve these steps towards reaching your long-term and short-term goals. When you see that you are taking too much time to conquer one step, you can then come up with strategies to ensure that you move faster toward your goal. 3. Create a budget and stick to it: Having a budget is one of the most important tools to help you spend your finances wisely. This is because a budget acts as a boundary or restriction on the amount of money you are supposed to spend at a particular period of time. A budget also helps you to keep track of your spending. This helps you to evaluate and see where you are spending most of your money carelessly and cut down on that. Conclusion: Many people today have a problem with finances and how to manage them correctly. Three of the main problems that may lead to financial chaos is not having a list of the goals to be achieved, not having a financial plan and not having a budget. People who have these three things in place rarely experience stress due to the management of finances. Read Also: Getting Your Personal Finances In Order With A Proper Budget Strategy These Small Changes Will Change Your Finances For The Better

What Is the Best Tax Software to Be Using in 2019?