Running a small business means wearing too many hats as there are many things that you need to take care of and there is no way you can show aversion to any one aspect of running a small business and narrow down your focus to another. Everything must be on an even keel and this is the only way of making sure that you are pushing your small business on the right path. Every business owner has its own peculiarities when it comes to running a business but there are few things that every small business must pay attention to and one such thing is tax filing.
If you are running a small business then there is no way you can skip tax filing as every person is required to file taxes for the business he is running. But you should know that the average cost of filing taxes for a small business ranges from around $184 per year for a Schedule C to $825 for a corporation. There is no denial in the fact that an accountant will always offer peace of mind but if you want to save some money by doing taxes yourself then you must have a proper tax software solution.
You should know that most people have been able to keep their aversion for filing taxes aside since now, they can easily file taxes with the help of a tax software solution. Even many accounting software solutions like QuickBooks Hosting are really efficient in filing taxes and you can use them without worrying about the complexity.
But when it comes to choosing the best tax software then everyone has their own preference. This is why, instead of naming one software solution for filing taxes, we have listed the top 5 best tax software solutions that you can use for filing taxes for your small business.
1. H&R Block
If you are looking for a powerful tax software solution that will help you in filing taxes with ease then you should definitely stick with H&R Block. This is one of the most powerful tax software and it is quite popular among small and even medium-sized businesses.
We have included this tax software solution in our list since it is a trusted name in the tax preparation industry and the best tax software for small and medium offers one of excellent user experiences. In addition to this, this tax software even covers a wide range of tax situations.
Although there are many benefits of using this best tax software solution, we will discuss only the most popular benefits. If you will use the online version of this best tax software then you will get self-employment and small business income on your personal tax returns.
You will even get the option of upgrading the tax software for on-demand assistance from a tax expert. In addition to this, you can the mobile version of this tax software will allow you to upload tax documents and you can track filing status from anywhere. This best tax software will surely flip your aversion to filing taxes and you are going to start accepting tax filing with alacrity.
This powerful tax software for small businesses comes with an option for filing taxes for corporations and partnerships completely online. But the best part about this tax software is it is the only best tax software solution which you can use for preparing taxes for an S corporation or partnership by using Mac online or a PC and this is the main reason why we have included this software solution on our list.
There is no denial in the fact that the online version of this accounting software solution isn’t as polished as its competitors but the good news is that it is quite easy to follow and intuitive as well. Even if you need any type of assistance while using this software, you can easily get in touch with an expert over the phone.
When you will start using TaxAct, you can be sure to get 100% accuracy and the maximum possible refund. Even the UI of this tax software is quite seamless and using this tax software is a cakewalk even for those people who have never used tax software in their life.
So, we can say that TaxAct is an excellent software for those who want to take care of the tax on their own. Just like the first tax software, even this best tax software will kill your aversion to filing taxes.
3. TurboTax live
This is another popular best tax software solution that is used by many small businesses. You should know that the first thing that small and medium-sized businesses look for while searching for best tax software is economical pricing and ease of use. Well, the good news is that TurboTax live offers all the things small businesses look for in tax software and this is why it has become so much popular among small and medium-sized businesses.
You should know that this powerful best tax software has been created by Intuit and the tax software offers a huge array of options and features to suit the tax needs of all the different kinds of businesses out there, especially small businesses. For example, you will just need to click the photos of your tax document for automatically adding information to forms or for jump-starting your returns using last year’s information.
The best part about TurboTax Live is that it allows you to decide how involved you want to be with the tax return of your own business. There are many people who prefer to complete everything. In addition to this, there will always be a live professional on standby to chat if you have any type of short question. So, if you are looking for a simple yet effective tax solution for filing taxes for your small business then you can go with TurboTax live without any second thoughts.
This is a free tax software if you are planning to file federal returns but it will cost you money when you will file but when you will file taxes for state returns then you will have to pay $12.95 including self-employment income. Even if you wish to upgrade to the Deluxe edition, you can easily do that by paying a small price. Upgrading to the Deluxe edition will give you a live chat option and in addition to this, you will even get priority support.
If you will keep on using the free edition then you will need to be ready to deal with limited support and this is the main reason why if you are planning to file taxes for your small business through this best tax software, you should shift to the Deluxe version by paying a small price.
But even if you choose the free edition, you will get access to all the federal tax forms and you will not have to pay even a single penny in most of the cases. Even if you are looking for a budget-friendly option for filing taxes for your small business, you can stick with this powerful yet pocket-friendly tax solution without any doubt. But make sure to get in touch with your team before making the final decision.
One of the main reasons why we have included this tax software in our list is it is available at a low price and it offers one of the best online experiences which works like a magic wand for all the self-employed tax filers. This tax software solution is used by a large base of small businesses since it is not only easy to use but it is perfect for small businesses since they file taxes on their own.
While using this tax software, you will enjoy lower pricing for federal taxes, especially when you will compare it with other tax software solutions in the market. The self-employed edition of this tax software will give you access to a tax professional and thus you can file taxes with ease.
The best part about this tax software is you can get support regarding the software through chat, phone, and email. The support provided by the team behind the tax software is quite amazing and you will not have to wait for long to get your queries resolved.
If you have a side hustle and if you get a 1099 tax form then you can be sure that the self-employed version of Taxslayer will be able to help you in the best possible way. TaxSlayer offers 100% accuracy and the company behind Tax Slayer even offers a guaranteed maximum refund.
Choosing the right tax software solution for your firm might be a daunting task but keeping tabs on the right tax software and knowing which software solution you need can help you in choosing the best tax software solution for your firm. Go through the list mentioned in this blog post and then choose the best accounting software solution for your small business.