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 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.
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 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.
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.