Why Now Is the Time to Invest in 2019 Tax Preparation Software

Is 2019 tax preparation software your new best friend?

Have you invested in 2019 tax preparation software? Word on the street is that now is the time. This might be an especially tempting choice if you own a small business. You want your tax filing to be quick and easy, but even more importantly, you want it to be accurate. But can software really provide everything you need? Before you take the leap, take a look at what tax preparation software can offer you, and what it can’t.

The Pros of Using Tax Software

In the digital age, everyone wants a quick electronic app that helps them do some of the difficult and time-consuming things that every business owner must do. So, why not a program to help you file your taxes? Here are some of the pros that might be enticing:

  • It’s affordable: even the most expansive suite of accounting software is still affordable. Many of the smaller packages are less than $50.
  • Lots of options: whether you want a full accounting software program, or you want just enough to file your taxes, there are a ton of options on the market for anything you need
  • Retains past return information: most software will retain your tax history, making it easy to refer to the data you’ll need for this year’s return

The Cons of Using Tax Software

While many business owners like to be hands-on with their financial information, such as taxes, there are significant limits to the benefits of doing them yourself. This is also true of tax preparation software. Let’s take a look at some of the cons:

  • Time and labor-intensive: doing your taxes yourself is time-consuming, often time you don’t have to spare. If you own a small business, time is your most valuable commodity, and even the best software takes time to learn and time to fill out all of the information for each return
  • Increased risk of error: using software instead of a tax professional increases your chance of error. Tax programs and applications are better than ever, but they still have limitations in the number of checks and cross-checks they are capable of doing.
  • Insufficient help and support: software companies are getting better at providing online and on the phone support for users, but it’s often still not nearly enough. Business taxes can get complicated, and the support is still limited and can’t understand all of the complexities of your situation.

Is Now the Time to Purchase Tax Preparation Software?

Are your taxes simple? Do you feel like you know enough about new tax laws to make educated guesses when questions arise? Do you have a thorough grasp of all of your potential deductions? If you answered yes to these questions, using tax prep software might work out for you.

Now, if you’re not sure, or if you want to be confident your taxes are accurate, that you’re making the most of all available deductions, and that you won’t inadvertently flag yourself and your business for an audit, maybe it’s time for a human professional. Skip the tax prep software and go with your tax pro instead.

If the cons outweigh the pros when it comes to investing in 2019 tax preparation software, talk to the tax experts at Incompass Tax, Estate, and Business Solutions. We provide the human expertise you need to avoid mistakes and achieve optimal outcomes at tax time.

Categories: TAX PREPARATION.