If you’re a freelancer, you know two things about filing your taxes: first, you need to do it before the April 15-18 deadline, and second, there are a lot of questions you haven’t asked!
Two of the biggest names in online tax filing are TurboTax and KeeperTax. In fact, KeeperTax was created for the self-employed, knowing some of the challenges they face.
But which program is better? In this article, we will look at the main features of the two programs and how to compare them.
Maintenance
KeeperTax helps contractors find bigger deductions and save about $1,249 a year. Right off the bat, you’ll find that they offer helpful free online tools like a quarterly tax calculator, a home office deduction quiz, and KeeperTax’s free income tax calculator.
But the coolest feature of KeeperTax is that you can link your bank or credit card to the Keeper Tax app and it will automatically scan your purchases for tax credits for a year. From there, you can file directly with the IRS and file your state income tax at the same time.
Even better, when you sign up, you can talk to a tax professional and ask about deductions and income.
TurboTax
TurboTax lets you file directly with the IRS and connect questions and answers directly to CPAs.
There are also other great features, like W-2 photo scanning, which automatically enters all your information. TurboTax also has an audit support guidance system that gives you more detailed help if you are audited.
If you need more time to explain your situation, SmartLook allows you to speak with a tax specialist via video chat.
TurboTax offers some additional features beyond KeeperTax, at least in the form of a direct recommendation. But what about simple online files?
KeeperTax vs. TurboTax: Key Features
KeeperTax is ideal for freelancers in writing, photoshop, music or similar professions. However, when it comes to running your own business, such as a partnership, corporation, or LLC (which some freelancers can file for certain tax benefits), TurboTax can provide an advantage.
Founded in 1983, Intuit developed TurboTax, giving the program access to a wider network of affiliated companies. You can include files from QuickBooks, Square, Koinly, and even CryptoTaxCalculator for quick access with TurboTax.
TurboTax runs on most operating systems, and KeeperTax is built as a text window application designed for smaller screens. KeeperTax is easier than TurboTax if you do your online shopping, texting, browsing, and that is, on a tablet or phone.
However, KeeperTax also works on any device, including laptops and desktops. It will use less of the screen if you have a larger monitor.
Is KeeperTax built for my business?
The real question is: Does KeeperTax help me with business income like Schedule C income? Yes, even on a small screen, KeeperTax can help any self-employed person complete their tax return, as long as you don’t have large business needs or more complex interactions, such as high trading volume, real estate and shareholder information.
If you have primary crypto income to report, KeeperTax can do it. If you make most of your money in crypto, that’s where TurboTax gives you an advantage.
Read our cryptocurrency article to learn more about blockchain and the Bitcoin economy.
Pricing for TurboTax and KeeperTax
Complexity aside, the real issue may be the price. With KeeperTax, you can try the software free for seven days and pay $16 per month. $16 a month is a good deal if you want to talk to a tax professional all the time. You can prepay for a year at a discounted rate of $168.
Registering with TurboTax is free, but only if you have a simple tax return. Some deductions include 1099-G, 1099-NEC, inventory sales, rental property, and Schedules 1-3. lists require the premium version of TurboTax. Self-employed individuals typically pay $119 for federal and state filings.
For more information on corporation tax, read our recent article on tax liability.
What you really want?
Eventually, assuming you have exceptionally complex pay and costs, TurboTax is costly. In addition to the fact that numerous specialists have “straightforward government forms”, they can do them for nothing. For this situation, paying $16 each month for 1-2 months of the year might be less expensive than the yearly expense of Super Assessment.
You might need to pay extra to trade bookkeeping sheets or work with a bookkeeper. However, the expenses are extremely low, about $39.
Dissimilar to home entrepreneurs, most consultants are open to utilizing KeeperTax.
KeeperTax can be a helpful option in contrast to the complex and some of the time costly Super Expense framework. Why not attempt both to see which turns out best for you?
