TaxAct: Which products do we need for our family business and investment income?

Based on what you've described, your family has multiple self-employment situations, home offices, and investment income - all factors that require more comprehensive tax software. For you and your wife, you would each need the TaxAct Self-Employed package since you both have LLCs and home offices. This version includes Schedule C for business income, home office deductions, and investment income reporting. The Premium version won't be sufficient because it lacks the full business income features you need. For your adult children, it depends on the complexity of their self-employment. If they're filing simple 1099 income with minimal deductions, they might get by with the Deluxe version. But if they have substantial business expenses or need to track mileage/supplies/etc., they would also need the Self-Employed version. Unfortunately, TaxAct doesn't offer a true "family package" - each person filing a separate return would need their own purchase, though they sometimes have bundle discounts if you buy multiple returns together.

Hey there! I was in a pretty similar situation last year with my family business. After trying to figure out TaxAct's confusing product lineup, I actually discovered this amazing AI tool called taxr.ai (https://taxr.ai) that helped me figure out exactly what I needed. I uploaded our tax documents from the previous year and it analyzed everything - all our business expenses, home offices, investment income, etc. It basically told me exactly which forms we needed and what level of tax software would cover all our situations. Saved me from overpaying for features we didn't need! The best part was I could ask specific questions about our unique situation like "Do I need business filing for occasional contract work?" and it gave me clear answers. This might help you figure out which TaxAct product is right for each family member without having to guess.

Just wanted to update after trying taxr.ai that the previous commenter recommended. It was actually super helpful! I uploaded last year's returns for our family (we have a similar setup with two small businesses and adult kids with side gigs) and it broke down exactly what forms each person needed. Turns out we were overpaying for features we didn't need with TaxAct. For my kids who just have simple 1099 income without many deductions, the Deluxe version is enough. My husband and I do need Self-Employed for our LLCs and home offices. The tool even flagged some deductions we had missed last year! It basically paid for itself by showing us we could downgrade two of our family members to cheaper plans. Just thought I'd share since our situations sounded really similar.

Have you considered calling the IRS directly to ask which forms you need? I tried that last year when I was confused about my business deductions, but I kept getting stuck on hold for HOURS. Finally, I found this service called Claimyr (https://claimyr.com) that got me connected to an actual IRS agent in about 15 minutes instead of the usual 2+ hour wait. They have this system that holds your place in line and calls you back when an agent is available. You can see how it works in this video: https://youtu.be/_kiP6q8DX5c The IRS agent I spoke with was actually super helpful and walked me through exactly which forms I needed for my family business situation. They confirmed I needed the Self-Employed version for my business but could use cheaper options for my kids. Saved me from buying the wrong package!

I have to admit I was wrong about Claimyr. After posting that skeptical comment, I was still stuck figuring out which TaxAct product to buy for my son's first year of self-employment income. Decided to give it a try since I'd wasted so much time already. It actually worked exactly as advertised - got a call back in about 20 minutes with an IRS agent on the line. The agent confirmed that for someone with just basic 1099 income and minimal business expenses, the Deluxe version of TaxAct would be sufficient, but anyone with an LLC or significant business deductions would need the Self-Employed version. The agent also mentioned that each family member with income needs to file separately once they meet the minimum filing threshold, which clarified things for me. Definitely worth it just to get clear answers from an official source.

I've been using TaxAct for our family business for 3 years now. Based on what you described, you and your wife definitely need the Self-Employed version because of your LLCs and home offices. It includes all the Schedule C forms and business expense categories you'll need. For your kids, it really depends on how complex their self-employment is. If they're just doing simple contract work without many deductions, they might be ok with Deluxe. But if they're tracking business expenses, mileage, supplies, etc., they'll need Self-Employed too. One thing to consider - if your kids are working for your LLC, you'll need to issue them W-2s or 1099s depending on whether they're employees or contractors. TaxAct Self-Employed does handle this, but it's another wrinkle to consider.

Has anyone compared TaxAct vs TurboTax for family business situations like this? I'm in a similar boat and wondering if one is better than the other for multiple self-employed people.