Tax planning tools are computer programs or online platforms designed to help individuals and businesses manage their taxes. These tools can range from simple calculators to more advanced software that integrates with accounting systems and tracks tax regulations.
Here are some popular tax planning software and tools for personal use:
TurboTax: A well-known software for individual tax filers. It offers a step-by-step guide through the tax-filing process, including advice on deductions and tax credits.
H&R Block: A tax preparation software that is easy to use and provides a variety of options for filers, including in-person assistance and online support.
TaxAct: An affordable option for those looking to file their own taxes. It includes features such as a tax bracket calculator, import capabilities and audit support.
For larger firms, here are some tax planning software and tools:
Thomson Reuters Checkpoint: A comprehensive tax research platform that provides access to tax laws, regulations, and court decisions.
BNA Tax Management Portfolios: A series of authoritative analysis and guidance on tax laws and regulations.
Vertex: A tax technology solution for businesses that integrates with accounting systems and automates tax calculation and compliance processes.
CCH ProSystem fx Tax: A software designed for tax professionals that integrates tax compliance, research, and planning tools into a single platform.
It is important to note that these tools are designed to assist in tax planning and should not be relied upon solely. It is still advisable to consult with a tax professional for personalized and specific advice.
