If you own a small business, you know how complicated filing your taxes can be. There are several alternatives for online tax software accessible for your company, but it’s crucial to pick one that’s user-friendly, reasonably priced, and has top-notch customer support. Moreover, the selected product should help you identify all the entitled deductions.
Here are our top four software picks for filing your business tax return. Prices and other details are accurate as of 2023.
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What is Tax Software?
Tax software for businesses is like a computer program that helps you do your taxes. It takes your financial info, like how much money your business made and spent, and figures out how much tax you owe. The software fills out the right tax forms and checks for mistakes. Once everything looks good, you can send your tax return electronically instead of using paper forms. For company owners, it is a means to make filing taxes simpler and less difficult.. Just make sure to pick good and up-to-date software so your taxes are done correctly.
Think of tax software for businesses like a helper for doing your taxes. Here’s how it usually works:
- Putting in Info: The software guides you to enter your money-related details, like how much you earned, spent, and any stuff you can take away from your taxes (deductions). Some software even lets you bring in this info from other money software or files.
- Doing the Math: Once you put in all your money info, the software does the math to find out how much you need to pay in taxes. It also figures out which tax rates apply to you and if you can get any discounts (deductions) or good stuff (credits).
- Forms and Schedules: Using what you gave it, the software fills in the right tax forms for you. There are different forms for different things, like federal and state taxes, and special ones for different kinds of businesses.
- Double-Check: Most tax software checks your info for mistakes. It helps you find anything wrong that could cause trouble later or slow down the process. It might even tell you about extra ways to save money that you might have missed.
- Sending it Electronically: When you’re sure everything’s correct, you can send your tax info electronically through the software. This is faster and safer than sending papers in the mail.
- Paying Up: If you owe taxes, the software can help you pay online straight to the tax folks. If you’re getting money back, the software can tell you how you’ll get it – like putting it right into your bank or sending you a check.
- Keeping a Record: The software usually makes a summary of your taxes. It’s like a quick overview of what you’ve done. You should save this for your records, just in case.
Using tax software is a smart move for businesses because it saves you time and effort compared to doing everything by hand. It also lowers the chance of making mistakes and makes sure you’re getting all the discounts and benefits you should. Just remember, pick good and updated software to make sure everything is correct and follows the latest tax rules.
TaxSlayer Self-Employed: ↗
By – TaxSlayer
We chose TaxSlayer Self-Employed as the top pick for small business filers because it’s great at handling complex returns without breaking the bank. Among the big players, it also offers the best value for the price. it provides a priority phone line, helpful customer service, and a user-friendly platform for doing your taxes.
The cool part is that you get to decide how much assistance you want..If you’re into step-by-step guidance, the guided interview option walks you through the process smoothly and accurately. But if you’re more confident, you can directly fill in specific tax forms with your income and deductions. In particular, if you are certain of your needs, it is a quicker method.
A big advantage of TaxSlayer SE is that you can e-file both your federal and state tax returns for a bit over $100. Meanwhile, other programs like TurboTax might charge nearly $200 for federal and state returns combined, and that’s not even counting extra charges for expert tax advice.
Pros and Cons of TaxSlayer :
2.H&R Block Self-Employed
H&R Block Self-Employed : ↗
By -H&R Block
H&R Block Self-Employed is an excellent option if you want an uncomplicated platform without breaking the bank. It guides you through an interview-like process that feels like having a chat with a tax expert.Additionally, it costs a little bit less than TurboTax, its primary opponent.
Easy-to-use navigational features are provided by the software to make navigating the application simple.
If you need more support, you can tap into the expertise of a tax professional online or in person, though this might come with an extra charge.
One thing to keep in mind is that H&R Block might suggest additional services to you. But, unlike TurboTax, these upsells are relatively modest and won’t overwhelm you.
Pros and Cons of H&R Block Self-Employed :
TurboTax Premium : ↗
TurboTax Self-Employed is the most expensive tax software we checked out for small businesses. But, you get really good customer service in return.
You can submit your taxes with the assistance of some amazing features provided by TurboTax.They even check how likely you are to get audited by the IRS. You may get assistance from a step-by-step tutorial and several forms of customer service. The increased cost can make sense if you are concerned that your tax return contains errors or if you want to be sure you are not losing out on savings opportunities.
Here’s the downside though. TurboTax tries to sell you more stuff as you do your taxes. They push things like extra help in case of an audit or insurance against identity theft. These extras aren’t necessary for everyone, so it can be a bit annoying when they keep offering them while you’re trying to do your taxes.
Pros and Cons of TurboTax Premium:
4.Cash App Taxes
Cash App Taxes : ↗
If you’re looking for a totally free option that covers all sorts of tax situations and forms, including Schedule SE for self-employment taxes and Schedule C for reporting business income or loss from a sole proprietorship, Cash App Taxes is a good fit.
One great thing about Cash App Taxes is that it won’t try to sell you anything extra. So, you can trust that the program is genuinely free.
Now, keep in mind, it does not have all the fancy features you’ll find in other tax software, like the helpful guides, explanations, and customer service that TurboTax offers.
But Cash App Taxes doesn’t leave you completely on your own when it comes to doing your taxes. It does give you some support through email or chat if you’re using its online tax platform.
Pros and Cons of Cash App Taxes:
After looking at the top tax software options for small businesses, here’s the scoop:
TaxSlayer Self-Employed is a good pick if you want affordability and can handle complex returns.
For ease and good customer service, H&R Block Self-Employed excels, striking a balance between the two.
TurboTax Premium is pricier but comes with lots of support for different income sources, with top-notch customer service.
Cash App Taxes is totally free and works for basic situations, but it’s not as fancy as the others.
Remember, which one is the best for you depends on your business and what kind of help you need with this taxes software.
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