- When it comes to taxes, it can be really hard for small business owners to do all the accounting work.
- This guide will show you the best available options so make sure to check them all out and choose the one that fits your needs.
- Make sure to use the best accounting software to avoid any mistakes when calculating your taxes and expenses.
- We recommend you visit our Accounting and Tax section for other similar articles.
As a business owner, you need to file your business tax returns regularly. This can be an arduous and time-consuming task. One major thing is, you have to fill it one after the other accurately and timely.
However, technology has made tax filling easy as there are numerous tax filling software available. One advantage of using a software is they enable quick automated filling of software which enables you to easily focus on running your business.
Windows Report has compiled some of the best tax filing software which enables the quick and accurate filling of tax.
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Generating the end of year reports for your business takes a lot of time and effort and you can feel overwhelmed pretty quickly. With QuickBooks, you can easily prepare your tax returns and have your data saved into a format that can be imported into Intuit’s Turbo Tax Software.
Make sure that your version of QuickBook has an active registration code if you want to prepare your business taxes using TurboTax. Additionally, your TurboTax software needs to be installed on the same physical drive as the one where you have QuickBooks before you can import data.
The good news is that in case you prepare and file your taxes using Intuit TurboTax, you can import your QuickBooks data directly into the application.
If you want to generate your end of year reports you have 3 different types of reports to choose from: Profit & Loss Standard reports, Accountant & Taxes, and Vendors & Payables reports.
To generate the Profit & Loss Standard report:
- Open Quickbooks.
- Click on Reports.
- Go to Profit & Loss Standard.
- Next, go to Company & Financials.
- From the Transaction Date drop-down select Last Fiscal Year.
- Click Run report.
- Press print the report.
For the Accountant & Taxes report:
- Open Quickbooks.
- Select Accountant & Taxes.
- In the Transaction Date drop-down select Last Tax Year.
- Click Run report.
- Press print the report.
Lastly for the Vendors & Payables report
- Launch Quickbooks
- Select Vendors & Payables.
- Go to 1099 Summary.
- Click Run report
To create the Accountants Copy of Books make sure to follow these steps:
- Launch Quickbooks.
- Go to File and select Accounts Copy.
- Click Save File.
- Next, go to Accounts Copy again and go to the Dividing Date control box.
- Choose the last day of the tax year.
- Click Next and Save In.
- Make sure to copy the QuickBooks data file to an external hard drive.
QuickBooksYou can easily fill your taxes using QuickBooks reports. It makes the filling taxes process so much simpler!
TurboTax is a popular tax software commonly used by small business owners and partnerships. The major advantage of this software is the free federal and state filing options on offer. TurboTax also enables you to create unlimited W-2 and 1099 forms, documents for partners and shareholders.
Meanwhile, you can also request for expert advice from tax personnel. It also makes it easy for users to prepare taxes for multiple business clients in one place. After filling your tax TurboTax displays a final review of your returns prepared with the advice of a CPA agent.
However, TurboTax lacks personal tax features as it only offers a business prep version; secondly, the software takes time to install.
Ranked as one of the best software solutions to file business taxes, this popular tax software enables you to fill your tax online easily. Users can easily import data from other tax software and have their custom tax files on the software.
H&R enables you to file your tax returns directly to the IRS.
Meanwhile, the software has a unique feature in which you can request to have your tax returns checked by their tax professional for free. In addition, H&R is very easy to install and use, with the program giving users relevant information on financial transactions like buying a car.
However, the major downside of the software is the compatibility problems with printers and some regions are exempted from the software; hence, this may cause difficulty in filing tax returns for those regions.
TaxAct is an extensive tax filling software that offers many features. Some of its features include audit support and the ability to tax prep products for various businesses. TaxAct is particularly good for small businesses as it enables you to file one federal tax return.
The software is secure as your transactions are encrypted to prevent a leak of your personal details. Their customer support is topnotch with email and phone call option available with a specialist which assist with your complaints and requests.
However, the noted downside of this software is that you need to pay an additional fee to import data from previous year tax returns.
The software has an excellent user interface which enables users to choose which aspects of the task return to work on.
Another unique feature is Liberty Tax does not incorporate complex steps. You can easily fill your tax in about 10 minutes with 100% assurance. The software double-checks your tax returns and ensures your tax return is accurate.
In addition, Liberty Tax has excellent customer support with live chat, email, and social media options available. You can also meet one on one with a customer support personnel in any of their 3000 branches worldwide.
However, the major snag of this software is that sometimes errors are not flagged out until the end of the tax filing process; this makes the customer start the process from the beginning.
If you are self-employed and want an affordable tax filling software, TaxSlayer is the recommended software for you. The software enables you to easily prepare and file your taxes on the go with your Windows PC or your mobile device.
TaxSlayer is easy to navigate as the features are easy to access with all the features arranged properly in the user menu. One major feature that makes the software an attractive option is the refund policy. This guarantees you the maximum fund entitlement applicable to you.
However, this best software to file business taxes has limited features when compared to other tax filing software; although, this is understandable due to its cheap price.
eSmart Tax Premium is an ideal tax filling software for small business owners. You can easily prepare your tax returns and fill your 1040 form properly with the program. The software is secure and encrypts your information to prevent your information from leaking.
In addition, eSmart Tax also enables you to import W-2 file information and gives you a review of your previous tax returns. With this software, you can check your credits and deductions in search of an ideal refund.
Meanwhile, this program does not have extensive features unlike Turbo Tax and H&R.
These are some of the best tax filing software for small business owners.
If you have any experience using any of these best software to file business taxes we mentioned above, please leave a comment below.
Editor’s Note: This post was originally posted in May 2018 and has been since revamped and updated in July 2020 for freshness, accuracy, and comprehensiveness.