CEDAR RAPIDS, IA--(Marketwired - Oct 16, 2014) - TaxACT®, the critically acclaimed leader of affordable tax preparation solutions, has released its digital and download products for 2014 small business tax returns.
TaxACT 2014 is updated with the latest federal tax law changes, empowering small business owners to preview their 2014 taxes, identify year-end tax savings opportunities and advise 2015 budgeting. Starting in early January, small business owners can finish and e-file federal and state returns after TaxACT programs have been updated with final IRS forms and any eleventh hour tax law changes.
Maximizing deductions and credits is as easy as answering simple questions
"Business owners are best suited to do their taxes because they know their business better than anyone else," said TaxACT President JoAnn Kintzel. "Just like a CPA, TaxACT asks simple questions about your business. The program does the calculations, checks for errors and completes your tax forms. And if you need help, we'll be there every step of the way."
The Q&A interview asks straight-forward questions about income, losses, expenses, deductions and credits, to help business owners, sole proprietors and self-employed individuals minimize their tax liability before year's end. Among the credits covered in Business Editions is the 2014 credit for small employer health insurance premiums.
TaxACT also simplifies reporting and guidance for self-employed individuals who purchased health insurance from a government-sponsored marketplace, or were uninsured for more than three months in 2014. The HealthWatch report in 1040 solutions includes calculations and tax information for 2015 marketplace coverage.
Information about the tax implications of the Affordable Care Act on small businesses and individuals is available at HealthcareACT.com, powered by TaxACT.
Time-saving imports and tools, plus powerful reports
TaxACT imports last year's returns, investments and accounting records. The program also offers a quick entry format for key tax forms and schedules.
Partnership and corporate owners can use TaxACT's fast Schedule K-1 Wizard to generate schedules, or enter owner information directly into Schedule K-1s. Once complete, Schedule K-1 data can be imported into a TaxACT Deluxe 1040 return, saving time and minimizing errors. TaxACT 1065 and 1120S Editions also automatically allocate and update Schedule K-1 items as business income, deduction and credit information is entered.
A suite of powerful reports in Small Business Editions gives owners quick insight into where they still have deduction opportunities. Reports include:
- Depreciation and amortization summaries with current, future and accumulated deductions
- Capital gains summaries that reconcile brokerage statements with your tax return, to ensure all investment transactions are reported
- Partner or shareholder basis and distributive share reports
- Year-over-year tax return comparisons to help identify incorrect entries or overlooked information
- TaxACT Alerts to notify you of possible omissions, errors and missed tax savings
To help business owners navigate the nuances of business tax laws, TaxTutor Guidance provides money-saving business strategies, tips and easy-to-understand explanations. This feature was previously exclusive to TaxACT Deluxe.
Corporations, self-employed individuals and sole proprietors can easily determine and submit their required estimated tax payment for Q4 in TaxACT.
Affordable tax preparation
Rather than pay hundreds of dollars for tax planning and return preparation, it's just $49.99 to prepare, print and e-file a 1065, 1120S or 1120 federal tax return, and state returns are only $19.99 each.
TaxACT offers two solutions for sole proprietors and self-employed individuals. Both Free Federal Edition and Deluxe include Form 1040 with Schedules C and SE. Federal tax filing is always free with TaxACT Free Federal Edition, and TaxACT Deluxe -- with additional imports, guidance and tools -- is just $12.99. A 1040 state return is only $14.99 with Free Edition or $5 with TaxACT Online Deluxe.
TaxACT offers free, one-on-one tax and technical help, and all paid products include unlimited phone help.
Payment for TaxACT Online products isn't required until you file, preview completed tax forms or redeem phone support. TaxACT download products include a 30-day, no questions asked Money-Back Guarantee.
About TaxACT
TaxACT is the critically acclaimed leader of affordable digital and download tax preparation solutions for individuals, business owners and tax professionals. TaxACT was the second-most visited online tax preparation destination for the 2013 tax season 1 . In the 2005 tax season, TaxACT became the first to offer free federal tax software and e-file to all U.S. taxpayers. Since 2000, TaxACT has assisted with nearly 53 million e-filed federal returns. TaxACT is a business of Blucora, Inc. (
1 According to collective week end reports for taxact.com and taxactonline.com released by Hitwise™.
Contact Jessi Dolmage TaxACT Public Relations Email Contact (319) 373-3600
