As an individual, preparing your own taxes may seem daunting and rather pointless if your taxes are fairly straightforward. You can probably take them to an accountant and be done with it in a day or two. Many individuals do choose to file their own taxes, and you certainly have that option, but for businesses, it’s a little more complicated.
Small businesses must think about taxes all year long, and there are many different areas that play into business taxes. Deductions, donations, expenses – every single income or expenditure will figure into a small business’s yearly state and federal taxes in some way, so business owners need some kind of tool to guide them in this continuous process.
You will need to make some decisions before you begin looking for tax software, such as how much you are willing to pay and which features are most important to you. You will also want to consider how much support you will get if you have questions. Once you have made these decisions, start looking through the many options that are available.
We’ve put together a list of 3 great tax software options for your small business.
- H&R Block’s downloadable software and their online version provides you with the company’s full backing in case you get audited, which is a major selling point for those who may be filing their small business’s taxes solo for the first time. You can get all the free advice that you need with this service by phone or in an online chat.
You’ll pay $75 for the H&R Block Premium software. Filing costs vary depending on whether you choose to use the online or desktop version. And it’s free to file your first state’s taxes with the desktop version.
- TurboTax is best known for its wide knowledge base and readily available customer service. Users can contact the help desk by phone, email or with the mobile app any time to get advice, but fees may apply depending on how much help you end up needing.
TurboTax Home & Business is more expensive than most other tax software (over $100 for both the desktop and the online versions), but it comes with more tools and features than most others as well. There are five versions of TurboTax, making this tool flexible enough to meet practically any business’s needs, the most complex version even handling rental properties and investments.
- TaxSlayer is online tax preparation software that isn’t a household name, but it provides a great value for a basic set of tools suitable for most small businesses. TaxSlayer will provide up to three years of audit assistance on your federal returns if you buy their premium version, which is reasonably priced at $39.99, and there is no e-filing cost with TaxSlayer.
Free help is available from the online community or from a representative over the phone. TaxSlayer has fewer tools and options than some of the other tax software, but it has three levels of plans to differentiate between small business’s varying needs.