If you work as a freelancer, you are aware that the tax season can be super stressful. This is because freelancers are mostly self-employed people who face unique challenges when it comes to filing their annual income tax returns.
First of all, you must maintain thorough records of all your expenses all year long, so you can be well organized when it’s time to start preparing for the return. You must also complete relevant paperwork on your own while not missing any deductions for tax breaks.
However, maybe the most annoying aspect of all is having to cough up a year’s worth of taxes at once as the money wasn’t getting deducted each month from your paycheck. In this review, we guide you to the best websites to help with your taxes as a freelancer.
Best Online Tax Services for Freelancers
Tax software is a program that is designed to help and guide users as they process and prepare their tax returns. They also help them comply with tax laws. Here are a few of the top choices.
H&R Block
H&R Block is a reliable and supporting tax software that is arguably the most user-friendly and transparent in the market. It is designed for self-employed people and walks you through a series of different conversational questions that you would expect from a qualified CPA.
The software helps you hunt down every single business deduction and credit in order to guarantee you the biggest possible refund. This is actually one of its main guarantees.
During this process, you can easily import expenses from other sites such as Stride, and it can even upload your Uber driver tax info. Its Federal tax services cost $104.99 while the State taxes cost $39.99.
Turbo Tax
Turbo Tax is what you call the “Olivia Pope” of DIY taxes. It always “handles it,” regardless of the sort of issue you throw at it. It costs $120 for Federal taxes and $40 for State.
The software was developed a long time ago in the 80s and it is one of the bestselling brands currently. It is user-friendly and has the most complicated tax scenarios to handle. It is among the most expensive software on this list, but it’s more than worth the price.
Turbo Tax asks you very simple questions that you will use to fill out a form that will sort through many industry-specific tax deductions that cover travel, mileage, entertainment, and many more.
Through the process, you get one-on-one help from the specialists employed by the company, and additionally, you will get some personalized audit assessments. This software’s best feature is that it gives you a year’s worth of complimentary access to QuickBooks.
TaxAct Online
TaxAct Online is an affordable alternative to TurboTax and H&R software. It costs $77.95 for Federal taxes and $39.95 for State taxes. The software is known to have a faster way of filing taxes.
It is designed to guarantee maximum tax benefit, and the program boasts of a unique Deduction Maximizer tool that will pinpoint the popular deductions that can be claimed by freelancers.
Additionally, it offers year-round tax support and planning. It is a fantastic replacement if you’re looking for a cheaper way to do your taxes, although the customer service is not as good as for the other software.
This should however not worry you much, as what sets it apart is its price lock. The software guarantees that you never have to pay too much for your yearly tax returns.
Conclusion
It is important to file your taxes on time in order to avoid penalties that can be more costly than you think. It is also a federal offense not to file, which means that you may be sued by the government for failing to do so.
The options above can help you as a freelancer, and even otherwise, to take control of your taxes.
Also read – Use GoTranscript To Make Non-Taxable Side Money Online