Tax season can be a lot of work – it’s time-consuming, complicated, and full of confusing jargon. So why not cut out the middle man and do your taxes with a piece of software? Any company can save hours by using tax software for small businesses to crunch the numbers instead of hiring an accountant (although you should still consult one for more complex matters). With that in mind, here are five of the best tax software packages out there for small businesses.
Top 5 Best Tax Software For Small Business
Best Tax Software For Small Business Review
1. Best Overall: Intuit TurboTax
Intuit TurboTax is a tax preparation software for small businesses. It provides customers with ready-made forms, easy-to-navigate guided screens, and a trusted name in assistance. Additional features include custom forms and schedules, e-file capabilities supported by both the United States and Canada, and an annual update within 24 hours of new changes to tax law.
Intuit TurboTax is a name you trust when it comes to tax software. Intuit TurboTax products help you prepare even the most complex tax returns and won’t let you down any glitches. Intuit TurboTax software products range from desktop to mobile and even online versions.
Intuit TurboTax offers consumers cutting-edge tax preparation software that best fits their needs – small business, home office, and individuals alike – all from one trusted name in the industry.
You’ll benefit from the latest TurboTax features, such as live, unlimited online tax filing.
Intuit TurboTax for small businesses can help you time-savingly file your government and state taxes. It’s fully compatible with most accounting software and accountants, so you’ll be able to work seamlessly together.
As part of Intuit TurboTax for small businesses, you get a one-to-one expert at the ready whenever you need them. You’re not alone when it comes to tax preparation, and our experts are here to answer any questions.
All Plans Include
- Find industry-specific deductions.
- Ideal for 1099-NEC income.
- 1099-NEC snap & auto-fill.
- Get a personalized audit assessment.
- Mileage and vehicle deductions.
- Easy import from QuickBooks Self-Employed.
- Extra guidance for new businesses.
- Every self-employed tax deduction.
2. Best Easy-to-use: H&R Block
H&R Block is incredibly popular tax software for small businesses. With a variety of different packages, H&R Block provides many different features and services. The software is starting to be seen as a competitor to TurboTax, especially since they offer both free and paid options for their software.
H&R Block Top Features
Ease Of Use
Tasks are broken down logically and have video tutorials and written instructions to help you understand everything you need to do within the program itself.
Free To Download And Use
The free version of the program is just as powerful as the paid version, with all features included.
User-Friendly Interface
If you are familiar with other tax software, you will feel right at home with this tax software. Its interface makes it easy to find what you want and get a good idea of how everything is working.
Automatic Timer
A feature that helps you keep track of your time while using the program by giving you an estimate of how much time you have left while also allowing a countdown timer is more your style.
Pricing Plans
- Free – starting at $0.
- Deluxe – starting at $49.99.
- Premium – starting at $69.99.
- Self-Employed – starting at $109.99.
All Plans Include
- Earned Income Credit (EITC).
- Deduct student tuition, payments, and loan interest.
- Report your retirement income.
- Digitally organize all of your tax docs for up to six years.
- Access to live phone or chat tech support.
- Deduct real estate taxes and home mortgage interest.
- Organize contract, freelancing, gig work, and other self-employed income.
- Report stocks, bonds, and other investment income (Schedule D).
- Claim rental income & deductions.
- Claim your small business expenses.
- Report all business deductions and asset depreciation.
4. Best For Online Retailers: TaxCloud
TaxCloud is professional tax software for small businesses. It includes easy and practical tools to help operate your business. With TaxCloud, you will receive a custom tax letter free of charge to ensure that you do not get scammed by an unscrupulous tax preparer. The software will calculate what earning credits should be on your return and allows you to complete the return in three simple steps: enter data, prepare it, and file it with the government.
TaxCloud is an ideal solution for people who want to run their business in compliance at any scale from 10k-30m/year in revenue without burdening their hard-earned money on unnecessary taxes or causing hours of needless frustration with inefficient solutions that are overpriced and unreliable.
The software gives you the advantages of a high-end professional taxation service – but at a fraction of the cost. TaxCloud was designed to make business more manageable, and it will do just that, leaving you with more time to grow your business and put money in your pocket.
TaxCloud is a solution for small businesses that need stiff competition or the ability to join a group or organization that allows them to work with professionals without claiming themselves as such.
Best Value: TaxAct Business
TaxAct Business is a simple, affordable tax software that helps small business owners and self-employed professionals with the burdensome task of preparing their taxes. Unlike some tax software out there, TaxAct Business is designed specifically for businesses that file a Schedule C, Profit or Loss From Business (Sole Proprietorship), Schedule F, Profit or Loss From Farming; and Schedule K-1 (Partnership). This makes TaxAct Business the perfect solution for most self-employed professionals.
There are plenty of free features like e-filing to help you get your taxes done without breaking the bank. You can even download the software for free and start preparing your taxes for free. Then, if you like it, you can upgrade to the full version of TaxAct Business.
TaxAct Business is also very easy to use. Unlike some tax software out there, TaxAct Business provides simple answer wizards to help you find the correct information quickly. It also has an easy-to-read report that includes important details, such as itemized deductions and overall tax liability.
Overall, if you want simple yet effective software that will help you prepare your taxes without all the fancy bells and whistles, then definitely check TaxAct out.
5. Best Affordable: TaxSlayer
TaxSlayer is the high-tech and user-friendly tax software solution that makes filing taxes as easy as a piece of cake. TaxSlayer’s new and improved interface, coupled with improved processing speed, will pinpoint your deductions so you can get your maximum refund guaranteed.
TaxSlayer has been the number one choice of tax users for years. Its features allow filing from any computer connected to the Internet (there is no need to purchase a separate license). The program can be used on seven different computers, which means you can file an unlimited number of returns, all at once.
Pricing Plans
- Simply Free – $0.
- Classic – $24.95.
- Premium – $44.95.
- Self-Employed – $54.95.
Buyer’s Guide
Small business owners are always looking for the best tax software for their business. What company should they hire to do their taxes? Now there’s no need to stress out. You can spend your time more productively by just using a tax program that will work well for your particular needs.
Tax season is a lot to handle alone. There’s a lot of work involved, and it can get complicated. But don’t worry – there are more tax software programs available than you may realize.
The downfalls with an accountant are that they don’t know your business, personal life, and habits, so if they send you out on the wrong advice, then you can wind up losing money. You could end up paying more than needed or having a hard time getting your refund due to mistakes on their part.
By using the best tax software for small businesses, you can do everything by yourself with no fuss. Below you can learn the core benefits of the software with things to consider while choosing it for your needs.
What Is Tax Software For Small Business?
Tax software for small businesses is software that can handle all the paperwork involved in doing your taxes. These programs will walk you through every step of the way, from taking your deductions and ensuring you are getting every penny you deserve to Using Filing with the IRS and providing them with correct information. A lot of these programs even offer space for personal records, so you can save yourself time by inputting all of your information once rather than having to do it over and over again.
Most tax specialists recommend using professional tax software if your taxes are relatively simple or you have difficulty communicating with the IRS.
Benefits Of Best Tax Software For Small Business
There are a lot of benefits that come with using tax software to do your taxes. The biggest advantage is that you can save yourself loads of time. Usually, the process of doing taxes is long and tedious, but these programs can make it, so you don’t have to spend hours doing paperwork or calculations.
You will also keep track of your business and personal expenses without having to go through receipts or worry about what number goes where. Just tell the program what business expenses are yours, and it will calculate everything for you. Investing in a good tax program will save you time in the long run and give you peace of mind when it comes to something as important as your taxes.
If you’re going to be doing your taxes instead of hiring a professional, then you’ve got to see the benefit of using tax software. It can save you so much time and hassle. You can even do it on your phone if you need to, so no matter where you are or what you are doing during the day, there is always a way for you to get your taxes done quickly and efficiently with the help of professional tax software.
FAQ
What Is The Best Tax Software For Small Businesses?
The best tax software will make your life easier and get you a refund faster. Many small companies use Intuit TurboTax for tax calculating. There are many factors to consider when choosing a tax software, so be sure to use this guide as a guide in the process of finding one that fits your needs.
Which Tax Filing Software Is The Best?
TurboTax will save you time and money with their package that bundles together tax filing, payroll, and other financial management functions if you are self-employed or a small business owner.
Should I Use TurboTax For My Small Business?
The short answer is yes, TurboTax does everything you need it to do and can save you money.
