Business taxes can be challenging to navigate, but tax software solutions can make tasks like state and federal filings and maximizing refunds and deductions relatively painless.
Which tax software is right for your business? Let’s take a look at three popular options:
TurboTax
- Best for QuickBooks users
- Suitable for all business structures, including LLC, S-corps and C-corps
- $50 filing fee for state returns
- Seamless integrations with QuickBooks desktop
- Can generate schedule K-1's
TaxAct
- Best value
- Suitable for all buinss structures, including LLC, S-corps and C-corps
- $45 filing fee for state returns
- Import your accounting records using CSV files
- Can generate schedule K-1's
FreeTaxUSA
- Only suitable for sole proprietorships with simple returns
- $15 filing fee for state returns
- Good for simple deduction like vehicle, home office, and health insurance expenses
- Can be used to file K-1's, but it can't create them
TurboTax
TurboTax is the tax software that’s widely known among individual tax filers, but it’s also a great solution for business taxing filing. It can help you work through your business’s federal and state tax returns, file those taxes, and generate Schedule K-1, all while maximizing industry tax deductions and providing guidance for inputting business expenses.
Does your business use QuickBooks? QuickBooks users often opt for TurboTax because of its easy integration. This tax solution allows QuickBooks users to import QB data and classify it to simplify one of the more painful parts of tax filings.
Plans start at around $120 for self-employed owners’ federal filings and increase to $170 (federal) for operators of other business entities, but for an additional fee, you can access TurboTax Live and file with an expert’s assistance.
Learn more about this popular solution at TurboTax’s site.
TaxAct
Business taxes are easy to file with TaxAct’s question-and-answer format. This tax software offers step-by-step guidance for tax filers looking to file fast, accurate returns with minimal hassle.
As an added perk, TaxAct stores up to seven years of returns for the businesses that file through the service. The solution also offers a 100% accuracy guarantee and a full refund for filers who aren’t fully satisfied with the service.
Plans start at about $65 for sole proprietors’ federal filings and increase to around $110 for other entities. Expert help is available for an additional fee.
You can explore TaxAct’s option by visiting their website.
FreeTaxUSA
FreeTaxUSA stands out from other options because it offers free filing for many self-employed professionals. While this solution is free, the features it offers are robust. FreeTaxUSA walks tax filers through itemized deductions, charitable donations, the claiming of various forms of income, and how to navigate student loan interest.
FreeTaxUSA offers some add-on services that may be worth the cost. For instance, their Deluxe package provides live chat, priority support, unlimited amendments, and audit assistance.
As mentioned, the federal filings are generally free. Deluxe plans are priced at around $7. State filings cost $15.
Decide if this solution is right for you by visiting FreeTaxUSA’s site.
Who can help?
Still feeling overwhelmed by the idea of tax filing? Consider working with a certified public accountant (CPA) who can take on the task. Here are a few teams who know businesses like yours and can help you file fast and accurate federal and state returns.
Reconciled
Your Business Deserves the Very Best
Reconciled is an award-winning organization and one of the fastest-growing accounting firms in the country. Their team of entrepreneurship gurus, e-commerce pros, and tech-loving cloud accounting specialists look at your business holistically and help you analyze your spending, measure costs, and find opportunities to enhance margin and profitability, along with taking on your day-to-day bookkeeping. Want to learn more? Click the connect button below for an introduction.
Xendoo
Be Tax Ready All Year Long
With Xendoo, you can access a dedicated team of expert CPAs and accountants who provide monthly bookkeeping, tax preparation and filing, and tax consulting, three services that will help you stay on top of all your financial needs. Their team can also help you with your personal tax returns, too. You can explore their plans with totally transparent pricing by following the link below, and for a limited time, you can try their online bookkeeping service free for one month. Restrictions may apply. See Xendoo’s site for details.
1-800Accountant
Say Hello to Better Online Accounting
Business owners love 1-800Accountant. Here’s why. First, the service pairs you with a CPA who is an expert in your state and industry and can answer the tough questions you have about your business. Second, while many others charge by the hour, or worse, by minute, 1-800Accountant sets you up with an affordable, flat-rate pricing plan so you always know what you’ll be paying. Follow this link to try 1-800Accountant for 30 days with a money-back guarantee.
What’s next?
Interested in other small business solutions? Let us help you find the right systems. Then, log into your owner’s portal for more articles and advice tailored to your business’s needs.
