4 Online Tax Services for Real Estate Investors This Tax Season
Real estate investors have some pretty serious tax breaks. And maximize these benefits? This is often the key to a healthy and profitable business. Unfortunately, taxes are complicated. And the more prints, credits, and loopholes you want to take, the more complicated they get.
For these reasons, you usually need a little help filing your returns. While that doesn’t have to mean hiring a tax advisor to do everything for you (although they can), you should at least invest in a good tax program to walk you through the process. This ensures that you are filing accurately and in accordance with all IRS guidelines (no one wants an exam!) And helps you take full advantage of tax incentives.
Would you like to help take advantage of those precious tax deductions and lower your tax bill this year? Here are four online tax services that can help.
H&R Block Premium
H&R Block (NYSE: HRB) premium filing service is ideal for investors. It has rental income claim and deduction functions; Reporting on stocks, bonds and other investments; and calculation of depreciation and other real estate-related expenses. It also offers unlimited on-demand assistance from H&R Block tax professionals. Connect with a professional anytime via chat or video on any device. You can even screen-share and work on your returns together.
TurboTax Premier
TurboTax (part of Intuit (NASDAQ: INTU)) is practically a household name at this point. And while the basic version may be fine for traditional income earners, as an investor you should upgrade to the TurboTax Premier or Self-Employed version to really cover your base.
TurboTax Premier includes all types of investment inquiries including those for rental properties, crypto, stocks, bonds, and more. In the deluxe version, you receive personal support from self-employed. There is even an audit assessment to analyze your risk.
TaxSlayer Premium
You see a pattern here, right? If you choose to go with online tax services / software, you will likely want an overarching program – largely because of the nuances (not to mention many, many tax breaks) that an investor or entrepreneur brings with it.
If you are on a budget, TaxSlayer Premium can be a great option. For just $ 37 – roughly half the cost of TurboTax – you get built-in support via phone, email, and chat. (It’s also “priority level” so there is no long waiting or waiting time.) There is also a maximum refund guarantee. So if you don’t get the full amount that you should, TaxSlayer will actually refund your fee.
TaxACT Premier
TaxACT is another budget-friendly option. TaxACT Premier is aimed at filers with investments, rentals and overseas bank accounts and starts at just $ 35. Like the others, it helps in reporting rental income and capital gains, as well as maximizing the applicable deductions.
The downside is that it doesn’t tie in with the tax advisory perks that many of the others have. While this support offers “free support” it is limited to “account and technical” questions. The company has a good tax tools section that you can tap into with any tax question. However, for a personalized consultation you have to pay for “Xpert Help”.
The final result
The tax season is getting closer. So now start planning how you will attack those returns. And don’t forget, hiring your own CPA is always an option. It’s especially smart when you’re short on time. have a large, complicated portfolio; or you just want to be extra sure that you are not being audited. (They can also help you plan taxes for the next year to minimize your liabilities.)