- We congratulate you on being a small-business owner. It's tough, we know. When it comes to taxes, this guide will show you the best available options.
- Go through each option and see what fits best. Try any solution before making a decision to be sure.
- Make sure to use the best Accounting software to avoid any mistakes and receive the proper support.
- You should visit the Accounting and Tax section on the website, regardless of the size of your business, for other similar articles.
There are a lot of tax programs for small business out there, and we picked five of the best tools to help you decide easier. Check out their features and functionalities so that you will eventually be able to choose the best tax software for your business needs.
Determining the best tax software for small businesses involves considering a few factors such as the availability of tools that will help you find industry-specific tax deduction for instance.
The type of support provided by the company is also important, and if you have files small-business taxes before, then it’s recommended that to pick a program that allows you to import your previous year’s data.
What is the best business tax software for small tax payers?
How does Quickbooks help your small business? It can prepare and generate End-of-Year reports. Then you can easily import them into Intuit’s Turbo Tax Software. It can also generate documents specifically for your accountant – in case you have one.
If you do your own taxes, here are the 3 reports that you should generate:
- Profit & Loss: In the Reports section select Profit & Loss Standard, followed by Company & Financials. Of course, select Last Fiscal Year as a filter and Run the report.
- Taxes: Select Last Tax Year from the Accountant & Taxes options found in the same Reports section.
- 1099 Summary: Finally, go to Reports -> Vendors & Payables and click on 1099 Summary.
For the accountant, it’s even easier: From the menu bar, you can select File and then Accounts Copy. Make sure to have the last day of the tax year selected in the Dividing Date control box. Save the file and done.
QuickBooksEasily generate documents needed for tax reporting, see how to save money, and lots more with Quickbooks.
Intuit Turbo Tax is one of the best overall tax programs for small businesses that you can find out there. This program combines powerful features with an accurate and complex tax filing process.
Check out some of its best features:
- Intuit Turbo Tax is easy to learn and use, and it comes with an intuitive interface.
- The program takes you through six tabs Personal Info, Business, Personal, State Taxes, Review, and E-File.
- The guided filing system makes preparing taxes really easy because the program does the heavy work.
- This software provides a preview of your expected refund.
- You will be able to send your returns straight to the IRS via a secure channel.
- The software includes a guided real estate and rental component.
- You will be able to prepare taxes for multiple businesses is just one place.
- Turbo Tax supports direct deposit into your bank account of the refund.
- It also includes as asset depreciation feature that tracks the depreciation of more significant purchases over the year.
Customer service is really informative and engaged in order to help you better understand the product.
You can get Intuit Turbo Tax from the official website and start doing your taxes right away.
H&R Block is another suitable software for small and very small businesses and even for the self-employed. The software provides an easy to learn and use platform which is paired with access to personalized attention from the tax professionals working at H&R Block.
Take a look at the most useful features that are included in the program:
- H&R Block’s interface is highly user-friendly, and this is great because the point of a tax software is to make things easier without having to use an accountant.
- The filing process is straightforward and incredibly effortless to navigate even for beginners.
- The primary screen displays a few tabs such as a Welcome Screen, State Taxes, Federal Taxes, Tax Planning, and E-Filing tab.
- H&R Block is able to import your information from other leading software such as Turbo Tax so that you won’t have to redo everything if you’re coming here from another vendor.
- The program guides you through the filing process by displaying on-screen prompts.
- The instructions are effortless to understand and follow.
- The premium version of this software includes support for itemized deductions, retirement income, investment income, and more.
- You will be able to send your tax filings straight to the IRS, and the data will be secure and encrypted.
- The software provides free access to a tax expert and in-person audit support.
- Reporting assistance is a feature that is available for managing income from retirement assets, home sales, and capital gains.
- H&R Block lets you archive your documents for later use regardless if it’s for a personal accounting need or for an audit.
H&R Block also provides a maximum refund guarantee, and if another vendor’s program will result in a larger tax refund, H&R Block guarantees to refund the fees you paid them for your tax return.
Check out the best features that are included in the program:
- You have to navigate through a few tabs to manually fill out fields.
- Filers with complicated tax situations will have to upgrade to the paid version of TaxAct.
- TaxAct supports e-filling your forms straight with the IRS.
- The refund status and the amount owned are estimated in real-time while you complete the forms.
- You can import your previously filed tax data from other vendors.
- The software provides access to seven years of past tax returns information for free.
All plans under TaxAct will get complete access to tech support, online assistance materials, and customer service.
You can check out more functionalities of this program and get it to start doing your taxes from the TaxAct official website.
Check out the most important features that you will be able to benefit from when you get Jackson Hewitt Online:
- You will obtain access to the Help Me Decide guides which come in handy if you are new to filing taxes.
- The program also provides excellent deduction discovery tools to help you find every qualifying deduction.
- When you get Jackson Hewitt Online, you will also get access to unlimited support from tax professionals.
- The Q&A process makes data entry similar to most competitors’ offerings.
- Jackson Hewitt Online has a searchable knowledge base.
You can contact tax professionals by email, chat, phone, and you can also visit one of the retail locations if you prefer live support in person.
TaxSlayer online tax preparation program is another excellent software if you have a small business and decide to do your own taxes without the help of an accountant. Check out the best features that are included in this easy-to-use program:
- The interface is intuitive and effortless to use even for beginners.
- TaxSlayer offers online tax preparation software for electronic filing of deferral and state tax returns.
- The interview-style Q&A is similar to what is available from other tax packages that you can find on the market.
- The software comes with an online knowledgebase.
- Premium users will be able to submit questions to tax professionals and get priority to tech support.
- You also can gain access to free live chat.
- You can also file your taxes on the go.
- The software provides e-file capabilities for multiple platforms.
Professional representatives are always on standby to help you out with questions and check returns to make sure you get the highest accuracy and the quickest processing.
Overall, the software provides high-quality processing and great online tech support.
These are some of the best tax programs for small businesses that you’ll be able to find these days, and they all come packed with useful and easy-to-understand and use set of features.
Check them all out and pick the one that seems the best suited for your business’ needs.
Editor’s Note: This post was originally published in December 2017 and has been since revamped and updated in July 2020 for freshness, accuracy, and comprehensiveness.