Unfortunately, TaxAct doesn’t offer assistance from a tax expert. It is for this reason that we selected TurboTax as one of the best tax software for small businesses. Freelancers and self-employed individuals seeking assistance from a tax expert: With TurboTax, you can consult with a tax professional to fully comprehend the impact of tax reforms on your unique tax situation to receive the best possible outcome when filing your tax return.In contrast, TaxAct doesn’t provide cryptocurrency support. TurboTax Premier allows you to import up to 250 transactions at once from Coinbase. Small businesses that need to import their cryptocurrency transactions: TurboTax partners with Coinbase, a secure online platform, to assist with e-filing your cryptocurrency gains and losses.QuickBooks Self-Employed users who want a comprehensive tax solution: Because TurboTax integrates with QuickBooks Self-Employed, you can transfer your financial data quickly from QuickBooks to your tax forms.Although TurboTax supports investments as well, TaxAct’s Premier plan lets you report investment earnings-including rental property income-and global income. It also provides guidance on tax strategies for investments, such as tax loss harvesting. It helps users report capital gains or losses, dividends, and interest income accurately. Small businesses that deal with investments: If you have investments in stocks, bonds, mutual funds, or other investment vehicles, TaxAct can handle the complexities associated with investment income.TaxAct also allows filing of business returns online, a feature that TurboTax lacks. It tops our list of the leading TurboTax alternatives, largely because of its ease of use. It can also generate necessary forms, such as Schedule C or Form 1120S. It assists with business income and expense reporting, depreciation, and other relevant deductions and credits. Small businesses that need an easy-to-use tax filing solution: TaxAct is suitable for small businesses that file taxes as sole proprietors, partnerships, or S-corps.Compared to TurboTax, TaxAct’s pricing is much less expensive. It helps with tracking and recording business income, deductions, and credits, ensuring compliance with tax laws, and maximizing deductions for business-related expenses. Self-employed individuals seeking tax software at an affordable price: TaxAct offers special features tailored to self-employed individuals, including freelancers, contractors, and small business owners.
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