Best Tax Software for Self-Employed?
April 9, 2010 by
Filed under schedule making software
I’m looking for tax software that is easy to use but good at handling somewhat complicated situations – I am partly self-employed as a 1099 contractor with a number of different organizations, and I also moved from one state to another partway through the year (so will have to file two separate part-year returns for the state taxes). I have been making quarterly estimated payments and I do not plan to claim business deductions – my expenses are so minimal that I’d rather just take the standard deduction. Still, I’d like the kind of software where it just asks me questions and then figures out which forms, schedules, etc. to fill out on its own – I used a free program (Tax Slayer, I think) last year and although I entered 1099 income I do not know if an SE was filed or not. (I’m sure I’ll get a bill later if not.) I liked Tax Slayer just fine when all I had were W2s to enter, but I’d really prefer to use a program where I know whether or not the self-employment taxes are being deducted.
Try turbo tax or taxcut
1. As an independent contractor you can deduct your business expenses. Your income and expenses are reported on schedule C. The expenses you claim are not your itemized deductions that means that you will still be able to take standard deduction.
2. You will be filing Form 1040, schedule C (Form 1040) and schedule SE for you self-employment taxes.
3. Yours is not a complicated return. Any software in the market can take care of this unless it is only for W2 income.
4. Don’t you have a copy of last years return? If not, you should get transcripts from the IRS. It is free. Or otherwise if you post important income and deductions for the last year, we can tell you if SE taxes where added or not. Don’t wait for the bill from IRS.