Regardless of how much you may love your accounting software, you most likely don’t love doing taxes. As overwhelming because this season could be, its not necessary to hibernate inside a cave until April 15th has transpired. Your accounting software programs are here to assist, and they are we.
Xero users are specifically fortunate! Xero comes complete with tax tools and it has probably the most robust tax features obtainable in the accounting software world (arriving second simply to QuickBooks Pro). If you’re searching for any great software this tax season (or season in the future), let these ten good reasons to use Xero convince you.
Through Xero you are able to take proper care of 1099’s. Xero integrates with Track1099 and Tax1099, two reliable apps which are simple for you and your employees to make use of.
For users with Payroll support, Xero can help with W-2’s. Not every US Xero users have Payroll support, so if you’re thinking about this selection, make sure your condition is supported here.
3. Florida Sales Tax Returns
Xero may be the only software I understand of this offers Florida Sales Tax Return support. Xero partners with Avalara, a florida sales tax automation that determines your customer’s florida sales tax rate according to their billing address. Through this partnership, Xero users get Avalara’s free Florida Sales Tax Return support. Avalara will pull data from your Xero account, so you’ve one less factor to complete.
Regardless of whether you do your personal taxes or else you hire a cpa, you will need certain accounting reports (for more information see our recent publish, Ways to get the most from Your Accounting Software This Tax Season). Xero offers key reports for example Profit and Loss, Balance Sheet, Statement of Owner’s Equity, along with a Business Performance overview report. Many of these reports may be easily exported via .csv, .xls, or .pdf.
5. Automatic Asset Depreciation
Among the best areas of Xero may be the automatic asset depreciation feature. When filing taxes, it’s important for the accountant to understand about and understand your company assets. The program can help you prepare and process depreciation for all of your fixed assets, in addition to produce a depreciation schedule report.
Despite not getting typical deduction abilities like mileage deductions, Xero has extensive payroll deductions. These deductions include medical health insurance, existence insurance, disability, employer 401k contribution, garnishment, and much more. Check this out article for more information.
7. Bank Reconciliation
Before you even consider filing taxes, you need to make certain your books are current (all expenses in, all earnings recorded correctly, and everything categorized properly). The truly amazing factor about Xero is your transactions are instantly categorized according to past categorization details.
Whenever you file taxes as a small company owner who manufactures or resells products, you need to value your inventory at the start and finish of every tax year. With Xero, you are able to track inventory all year round. Then come tax season, Xero’s Inventory Products Details report can help you calculate your COGs for that year, which you should know to accomplish your tax forms.
9. Tax Sources
On the top of key tax support featuring, Xero also provides great sources for their customers. Xero includes a blog with nearly 100 tax-related articles, together with a Four Steps for Staying away from Tax Season Stress and Xero Gravity: Tax Headaches & Solutions for Freelancers. There’s also a couple of useful guides, like the Small Business Help guide to Tax Filing, that are worth looking at.
10. Good Customer Support
Contrary goes completely wrong, Xero is exist for. Although the organization doesn’t provide a telephone number, representatives react to emails rapidly and also the Help Center and Online Community are stocked with articles.
What’s available for business proprietors using Xero? Reassurance, additional time, and the opportunity to take taxes from the worry list.
Current Xero users–we hope when you didn’t learn about these ten tax tools before, you can engage in them now. Should you aren’t a Xero user yet, maybe it’s time for you to think about a software switch. Read our full review to understand more about Xero.
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