CEDAR RAPIDS, IA--(Marketwired - May 11, 2015) - TaxACT®, the critically acclaimed leader of affordable digital tax preparation solutions, gives small business owners who have filed extensions the tools and resources needed to affordably prepare and file their own taxes. On the heels of last week's National Small Business Week, TaxACT reminds small business owners that its online and desktop tax filing solutions, on-demand tax guidance and live tax support are available to help them file in advance of the extension deadline.
TaxACT offers the only online tax preparation solution for partnerships and corporations that allows business owners to try the software without a fee, paying an affordable price only upon printing or previewing completed tax forms, e-filing or redeeming phone help.
Taxes are chief among the many challenges small and medium business owners face. This tax season, like prior tax seasons, many small business owners filed extensions to take advantage of additional time to gather required documentation in advance of filing returns.
The National Small Business Association's 2015 Small Business Taxation Survey found that 40 percent of the small firms surveyed file their federal taxes under extension due to the time and financial burden associated with the administration of taxes.1
TaxACT President JoAnn Kintzel said, "We encourage small business owners who filed extensions to leverage TaxACT to easily and affordably prepare, print and e-file their own federal and state returns now. Filing in advance of the Sept. 15, 2015 deadline (Oct. 15, 2015 for Form 1040 Schedule C) gives business owners a more accurate second quarter estimated tax payment, typically due June 15, 2015, and enables them to make more informed and strategic decisions this year."
Small business tax preparation made easy with TaxACT
TaxACT's Q&A interview starts with the import of last year's TaxACT return and guides business owners through straight-forward questions about their business. TaxACT also imports applicable accounting records and investments.
Business owners get helpful insight into potential deductions, errors and missing information with TaxACT reports, including:
- Depreciation and amortization summaries with current, future and accumulated deductions
- Capital gains summaries for reconciling brokerage statements with the tax return in order to enable reporting of all investment transactions
- Partner or shareholder basis and distributive share reports
- TaxACT Examiners summarizing income, deductions, pass-through items, miscellaneous and Schedule K-1s for convenient review
- Year-over-year tax return comparisons to help identify incorrect entries or overlooked information
Seamless integration with affordable state and individual tax returns
TaxACT automatically fills in state tax forms at the same time federal forms are completed. TaxACT Small Business State returns take just minutes to finish and e-file, and are priced as a best-value offering. TaxACT Deluxe imports business return data into an individual return, making it easy for business owners to file both business and personal taxes.
"Small business owners are the experts regarding the details of their company and are in an ideal position to prepare their own business tax returns," Kintzel explained. "TaxACT is committed to making that process easier and more affordable so they can focus on their passion -- serving their customers and growing their companies."
About TaxACT
Since 1998, TaxACT has offered affordable digital and download tax preparation solutions for individuals, business owners and tax professionals. In the 2005 tax season, TaxACT became the first to offer free federal filing to all U.S. taxpayers and has been one of the top three visited online tax preparation destinations ever since.2 TaxACT has assisted with more than 50 million e-filed federal returns since 2000. TaxACT is a business of Blucora, Inc. (NASDAQ: BCOR). Learn more about TaxACT at www.taxact.com and www.taxact.com/press.
1 National Small Business Association (2015, April 7) 2015 Small Business Taxation Survey. Retrieved from http://www.nsba.biz/wp-content/uploads/2015/04/2015-Taxation-Survey.pdf.
2 According to collective week end reports for taxact.com and taxactonline.com released by Hitwise™.