If you've been rooting around the Mac App Store for an app that'll help you prepare and file your tax return, you've likely come up empty-handed — there aren't any on Apple's Mac app store.
Professional Tax Software For Mac
That said, you don't actually need an app: There are plenty of great web-based services to help you get your taxes done on time and, hopefully, audit-free.
An S corporation must always file its annual tax return by the 15th day of the third month following the end of the tax year, generally March 15 unless this date falls on a weekend or holiday. The business is responsible for reporting all financial activity on Form 1120S and attaching a Schedule K-1 for each shareholder. Get guidance for, prepare and file corporate and S corporation tax returns (Forms 1120, 1120S), partnership and LLC tax returns (Form 1065), estate and trust tax returns (Form 1041), nonprofit tax returns (Form 990) Not Included: Not Included: Not Included: Included: Create payroll (940 & 941) and employer (W-2 & 1099) forms: Not Included: Not. Dec 29, 2019 This software includes S corporation, C corporation, partnership, and LLC returns. The Download version for federal and state is $79.95 for unlimited business returns. The cost of one personal state return is free, but additional state programs are $39.95 each, and the cost for e-filing is $19.95 per state. May 08, 2020 The Best Tax Software for 2020. The federal tax deadline may have been extended to July 15, but that doesn't mean you should put off filing. Besides, not every state has followed suit.
Note: We will note that arguably, you shouldn't need specialized tax software or companies to prepare your taxes — the U.S. government has entertained several proposals throughout the years to simplify its tax code, but lobbyists from the top tax prep companies have spent millions of dollars to squash those plans to save their own bottom line. This isn't necessarily an argument against using these services — many of iMore's U.S. writers still use them. But it's worth being informed.
TurboTax Online Edition
TurboTax is often the top name you might recognize when it comes to self-filing, largely because Intuit's online software is simple and quick to use. TurboTax breaks down the whole process to make filling straightforward and simple, and it makes sure you're giving the IRS all the necessary information and in turn maximizing your return.
You can file your federal taxes for free and file state taxes for free if you're filling a 1040EZ or 1040A. If you're someone who makes under $100,000 and you don't own a home, this is the way you will file. Otherwise, it costs about $30 per state to file with TurboTax. If you need more help, this site also offers Deluxe, Premier, Self-Employed, and TurboTax Live versions for higher price points.
TaxAct
TaxAct is another online service in the same vein as TurboTax. It's a simple, step-by-step guide that will walk you through all the necessary questions and paperwork to make sure you get the most out of your return. These kinds of filling sites are quick and easy to follow, not to mention quite a bit cheaper then TurboTax.
You have three options for filing: Free, Basic+ for $15, Deluxe+ for $50, Premier+ for $60, and Self Employed+ for $80 as well as an additional $20-$40 for each state. You'll get free phone support with each package, so if you prepare your return and get stuck, you can call up a TaxAct rep to guide you through the process. TaxAct also has a 'Price Lock' guarantee, so you'll pay the price listed at the time you create your return, even if you decide to file months later.
Intuit is finally being transparent on what is and is not included in the Mac version and even more encouraging, is allowing users to So if enough users demand it, hopefully Quicken 2015 for Mac will eventually be updated to include all of the features that are in the Windows version. It finally seem ready to listen to Mac users with this long awaited update. In fact, since it was released in August 2014, there have already been several updates to Quicken 2015 for Mac adding new features and fixing bugs which is a step in the right direction. Download quicken for mac. Although it’s certainly a bit late in the day to get all cozy with Mac users, the important thing is that Intuit finally seems willing to make amends and not bury its head in the sands for another 7 years.For users with high expectations that Quicken for Mac 2015 would finally equal the Windows version, it’s still a case of too little, too late. At, although it’s cheaper than the Windows version, you can get many of the features of Quicken 2015 for Mac for free in and many will find it hard to justify upgrading considering all the limitations that still exist.
H&R Block
Like TurboTax, H&R Block's online filing service breaks everything down from the very start. When you arrive on the site, you'll be able to choose the options that best describe your situation to get the preparation process that fits you the best without frivolous details or questions in the mix. You can file online and even have a tax professional take a look at your return beforehand to make sure everything's in order and you've maximized your return.
You can choose their Free version, Deluxe version for $33, Premium for $46, or the Self-Employed version for $68, based on which one best fits your lifestyle. Free is great for the simplest tax returns, and going up to Premium is for rental property owners or contractors. All of these options are started for free and paid out by the end of the return, whether it's out of pocket or out of the return.
Credit Karma
Credit Karma is heard every where, be it TV or radio, but not typically for taxes. The company doesn't just offer a free way for you to check your credit score, you can also prepare and file your tax return on its website. Currently you can file both your federal and state taxes for free — with no hidden fees — though Credit Karma offers significantly more complicated step-by-step instructions than a service like TurboTax.
Even though it's not as simple as H&R Block or TurboTax, going more in-depth with your refund isn't necessarily a bad thing. Credit Karma guarantees to get you the most out of your refund, and it's easy to see that with all the information they get out of your paperwork. If you're not sure Credit Karma is right for you, you can even make sure that it supports all the forms that are relevant to your tax return.
TaxSlayer
TaxSlayer offers several tax packages designed to help you prepare and file your federal and state tax returns and get the tax deductions to which you are entitled. Each version of TaxSlayer, Classic, Premium, Military, SimplyFree, and Self-Employed, let you prepare, print, and e-file your taxes, offer an accuracy guarantee, and let you upload last year's tax return.
Except for the SimplyFree version, TaxSlayer also focuses on getting you your deductions. For $17, TaxSlayer Classic also offers support for every type of tax form and IRS inquired assistance. The $37 Premium package offers IRS audit assistance, support from tax professional and priority support. The TaxSlayer Military offers the features of Classic for free to members of the military. All of TaxSlayer's plan pricing is for your federal return, while adding your state return will cost an additional $29 on top of the rest of these plans.
IRS Free File
If you don't trust online tax prep services or you just want to go straight to Uncle Sam, check out the IRS's Free File service. It's free-to-download software that helps you prepare and e-file your return, and it's available Free in two versions: one for people with an income of less than $66,000/year and the other for those with an income greater than $66,000.
The IRS service is very DIY so make sure you know a bit about self-filing your taxes. If you make under $66,000, you have software to file both federal and state taxes for free. However, if you make more than $66,000, you'll have to print the forms for federal taxes and manually mail them in since there's no software option. The IRS does not have state forms for you to mail in, so use Free File's lookup tool to find out where you can get them, or it can help you find free federal and state filing options if you're not interested in filling out the form directly.
What to know if you owe
Hopefully you'll be receiving a big refund from your completed taxes but for those of you who end up owing the IRS, there are several payment methods available. Most people will pay their tax liability by direct withdrawal from their bank account or with a physical check. You also have the option to pay using a credit or debit card but you'll have to go through a 3rd party service and pay fees upwards of 1.99% on credit cards and a flat fee of up to $4 on debit cards. Except for a few fringe cases, those added fees basically wipe out any points or miles benefits when paying with a credit card. If you're unsure which payment method to use, we'd recommend reaching out to a tax professional for assistance.
How do you file on your Mac?
Do you file your own taxes using your Mac? Which service do you use? Tell us in the comments below and let us know why you like it.
Updated April 2019: Added TaxSlayer and updated pricing for the 2019 tax season.
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Closed for 2020
Apple says its offices in the US will not fully reopen until at least 2021
According to a report from Bloomberg, Apple is planning for its office and many of its retail workers to remain remote for the rest of the year.
If you’re considering opening a new business, one of the first things you’ll need to decide is what type of entity you want to run. Entity options typically include sole proprietorships, partnerships, limited liability companies, and C corporations, among others. One option that tends to confuse business owners is an S corporation, or “S corp” for short.
What is an S corporation? According to the Internal Revenue Service (IRS), “S corporations are corporations that elect to pass corporate income, losses, deductions, and credits to their shareholders for federal tax purposes.”
So an S corp is not necessarily a type of business structure as much as it is an elected tax status. In this article, we’ll dive deeper into what S corps are so that you can determine whether this option is best for your small business corporation.
What is an S corporation?
An S corporation is essentially a regular corporation that has applied for “S corporation” tax status. S corp shareholders report pass-through income on their personal income tax returns. By reporting income here, S corporation shareholders avoid double taxation.
Double taxation occurs when business income is taxed twice — once at the corporate tax rate, and then again at the personal tax rate when reported by shareholders on their individual tax returns.
The tax benefits are not the only advantages offered by an S corp. S corp status also protects against personal liability. This means that — generally speaking — shareholders are not responsible for any debts or liabilities accrued by the business. The only way that liability protection would not exist would be if the shareholder offered a personal guarantee.
But let’s say you’re a small business owner who elects S corp status. You could offer shares to investors while minimizing their potential risk. Investors can purchase shares of your company without having to worry about being held accountable if the business goes under.
The tax advantages and liability protection offered by S corp status make it an attractive option for small business owners. However, before you elect S corporation status, you need to make sure you meet four criteria. You also need to maintain these criteria throughout the lifespan of your business. The business:
Additionally, there are only certain companies eligible to elect S corp status. While a good majority can, businesses like insurance companies, financial institutions, and some domestic sales corporations operating internationally are not qualified. Examples of those forbidden from operating as an S corp include:
If you don’t operate one of these companies, then an S corp could be attractive because of the tax advantages and liability protection that it offers. However, before electing to file as an S corp, there are a few disadvantages you’ll want to consider as well.
The disadvantages of S corps
There are a few downsides to choosing S corp status. The first is that businesses limit their shareholder pool significantly. Companies can’t have more than 100 shareholders. These shareholders must be US citizens, residents, or resident aliens. Additionally, shareholders cannot be other partnerships or corporations. These requirements could cut down on the investor pool significantly.
If businesses are caught breaking these rules, they’re subject to three years of back-taxes from the IRS. And the IRS will revoke S corp status immediately. Once a business loses S corp status, they cannot reapply for another five years.
There could also be potential downsides to the perceived tax filing benefits. Because income is paid based at the individual level on personal tax returns, shareholders in a higher tax bracket will pay more in taxes.
The Internal Revenue Code calls for all businesses to pay a flat corporate tax of 21%. However, there are only two personal tax return rates lower than 21%. The personal tax return rates and the taxable income thresholds for unmarried individuals are as follows:
By having to report business income on personal returns, shareholders may find themselves in a higher tax bracket and paying more taxes.
Additionally, imagine the following scenario where two people own 25% of a company for a total of 50%. A business reports $100,000 in taxable income for the year. Both owners are responsible for paying taxes on $25,000 in income. Owner A does not have another job, so he has to pay taxes at the 12% rate. Owner B has another job and has another $60,000 income to report.
$60,000 in income, combined with the $25,000 profit from the S corp, pushes him into the 24% tax rate. So Owner B is paying considerably more in taxes than Owner A, even though they both have the same amount of equity in the company.
How to start an S corporation
Interested in choosing S corp filing status? Below is a step-by-step guide to creating an S corporation.
1. Create your business entity
If you wish for the IRS to consider you an S corp, you must first make sure your business is properly registered. Independent contractors and those paying self-employment taxes will want to consider sole proprietorships and single-member LLCs. Other options include partnerships and C corporations.
To incorporate your business, you will first need to determine which state you’ll incorporate your business in. A few things to consider include:
Once you have established these aspects, follow these steps:
If you’re overwhelmed or confused during any stage of the process, consider contacting an attorney or an incorporation service company that specializes in handling this process.
2. Research whether you qualify for S corp status
As mentioned, there are several essential requirements you must meet to be eligible for S Corporation status. You’ll want to make sure that you meet these filing requirements before applying.
3. File IRS Form 2553
Once your corporation is formed, you will need to file Form 2553 within these timeline restrictions:
If you can show a reasonable cause for failing to file on time, you can request a late election. Follow all directions on Form 2553 carefully. While forming an S corporation is a tedious exercise, failure to execute all requirements will revoke corporate personhood and liability protection, which could leave your personal assets vulnerable to seizure.
When filing the form, you’ll need the signatures of all of your shareholders. Once you’ve obtained these signatures, send the form to the correct office based on the principal location of your business.
Business Tax Software For Mac
Within 60 days of filing, the service center will notify you about whether your application was accepted. If you request a tax year based on “business tax purpose,” your application may take another 90 days. Once accepted, your S corporation tax status will remain in effect until it’s terminated or revoked.
Choosing the correct business filings
As a new business owner, you may find yourself overwhelmed with the various entity options available for your company. The ability to elect S corp status — which doesn’t impact your business structure — complicates this decision further.
S Corporation Tax Software Mac Compatible
S corps could be useful because they allow you to avoid paying corporate-level taxes and can provide liability protection. However, they place restrictions on your shareholders, and the tax benefits may not be all they’re cracked up to be.
S Corp Tax Preparation Software For Mac
Doing your research, consulting with a tax professional or attorney, and discussing the decision with your board of directors and shareholders will allow you to determine whether S corp status is the proper choice.
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