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9 Best Tax Software For Small Business to Maximize Your Deductions In 2021 - YouTube
Channel: Smart Money - Personal Finance
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When it comes to doing your taxes, Robin Knauerhase
once said.
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“Isn’t it appropriate that the month of
the tax begins with April Fool’s Day and
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ends with cries of ‘May Day!’?”
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If you're running a small business, one of
the biggest challenges in your work life is
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your taxes.
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Dealing with tax-related issues is not a difficult
task for an accountant.
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But if you are not an accountant, you need
to know the Best Tax Software for Small Business.
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The software will help you to manage your
federal and state tax and ensure you don't
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overpay.
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But keep in mind that all small business tax
softwares have different features.
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So you should search the characteristics of
some tax filling apps and software and choose
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the right one that fits your needs.
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Subscribing is free, and you can always unsubscribe
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In this video (article), we will provide you
with the best tax software for small businesses
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to narrow down your search.
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Let’s discuss them in detail:
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1.
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H&R Block.
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H&R Block is a popular choice in the small
business tax software area.
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It has very impressive tools for tackling
complex issues.
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The best part about this brand is that it
comes among the oldest suppliers globally
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and offers this software at a reasonable price.
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At present, two business solutions are available:
H&R Block Office: for small business
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H&R Block Online: for the self-employed
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This tax software allows you to chat and discuss
things with specialists.
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If you feel the tax filing is too complicated,
you can call your local branch and discuss
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the further steps with expert accountants.
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Under the Online Assist banner, H&R block
has a new feature that provides the option
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to get on-demand help from enrolled agents,
tax experts, or a Certified Public Accountant
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(CPA).
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Packages include
Basic: $19.95
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Deluxe + state: $44.95
Premium: $64.95
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Premium & Business $79.95
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2.
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TurboTax.
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TurboTax is an excellent choice for small
businesses because it helps you throughout
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the tax filing process.
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The refund guarantee and clean interface give
you some extra peace of mind.
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The downloadable dedicated business package
helps you to get excess to the most advantageous
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tax-saving strategy.
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By using TurboTax, you will get support from
an Enrolled Agent (EA) and CPAs, which is
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essential for small businesses during the
tax filing process.
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Moreover, you will be able to create unlimited
1099-INT, 1099-MISC, W-2, and DIV forms, prepare
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tax returns for multiple businesses, and import
from QuickBooks.
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The best thing about this software is that
you can customize it according to your particular
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requirements.
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For example, you can configure a Self-employed
package and make it useful for both business
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and personal use.
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Packages include
TurboTax Business offers free federal efile
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for Partnerships, S Corp, C Corp, multi-member
LLC, trusts and estates for $170.
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TurboTax Deluxe, which again includes Schedule
C, may even be sufficient for a simple home-based
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business.
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Overall, TurboTax is a fast, practical, and
user-friendly option.
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You should give it a try to Maximize Your
Deductions in 2021.
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3.
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TaxSlayer.
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TaxSlayer's Self-Employed package is the best
option for personal use because it is suitable
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for 1099ers and sole proprietors.
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You get various functions and features at
a reasonable price.
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TaxSlayer has an intuitive and nicely designed
interface and also provides audit assistance
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if required.
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It's relatively affordable, and you get the
option to get solutions via support.
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If you have simple tax filing affairs and
minimal requirements, then TaxSlayer is the
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best tax software for you.
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But you should avoid it if you are running
a business and need more comprehensive tools.
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Packages include
TaxSlayer Classic: $17
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TaxSlayer Premium: $37
TaxSlayer Self-Employed: $47
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It's a good option but unfortunately not compatible
with large tax tasks.
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4.
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eFile.
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eFile is another option for those who are
looking for an effective and simple means
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to do your taxes.
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This tax software is best suited for self-employed
business people.
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eFile isn't aimed at large businesses, but
the premium edition is available that issues
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useful estimates, offers a speedy calculator
style system, and provides customer support
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that helps you throughout the process.
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In order to enjoy all the benefits, you have
to go for a premium model and bypass the Deluxe.
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This online option comes in four different
packages:
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Packages include
Free Federal Basic
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Deluxe Plus: $19.49
Premium Plus: $34.49
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eFile allows you to have your business tax
returns professionally prepared for $89.99.
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5.
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Liberty Tax.
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This software is affordable for small businesses
and available online in three editions: Basic,
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Deluxe, and Premium.
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The Deluxe version is suitable for self-employed
or personal use.
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On the other hand, a Premium plan is better
for small or medium-sized corporations.
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Basic is just for those with the simplest
of tax-related affairs.
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Moreover, online classroom tax courses and
training are also available under Liberty
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Tax School.
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If you are a starter, these courses will guide
you regarding the tax filing process and other
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relevant problems without wasting money and
time.
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This software's downside is that a few customers
complain about subpar customer support and
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some other aspects of its usability.
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If you want to compromise on this aspect,
then Liberty Tax is a good option to consider.
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Packages include
Liberty Tax currently offers its Basic, Deluxe,
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and Premium service packages for $44.95.
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6.
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TaxAct.
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TaxAct is an ideal solution for many small
and midsize businesses (SMBs) because it is
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fast and easy to use.
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The price is also affordable.
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At present, TaxAct products allow you to join
for free and experience whether or not it
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works for your need.
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After that, you can move into the paid plan.
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With the help of TaxAct, you get a solid and
authentic approach with step-by-step help,
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a data entry wizard, the ability to import
last year's returns, and unlimited free support.
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PC Magazine rated the online and mobile versions
of TaxAct Deluxe as the best choice among
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competitors for 2014, citing ease of use as
well as a good price.
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But Kiplinger's review of the same version
suggests that TaxAct is simple but "more suitable
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for people familiar with the tax code or having
fairly simple results."
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Packages include
TaxAct Sole Proprietor: $79.95
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TaxAct Partnership: $109.95
TaxAct C Corporation: $109.95
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TaxAct S Coporation: $109.95
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7.
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Jackson Hewitt Online.
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Americans are familiar with the name "Jackson
Hewitt" because it's physically located in
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many areas.
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But the online extension of the brand allows
tax filing via the internet.
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The premium edition is designed to focus on
small business needs only.
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If you want professional advice online, Jackson
Hewitt Online is an ideal solution.
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Jackson Hewitt is offering one simple price
for all types of filers this year.
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Whether you’re self-employed or unemployed,
Jackson Hewitt is charging $49 for all filers
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and all situations.
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This includes Federal taxes and Unlimited
State taxes.
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8.
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FreeTaxUSA.
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As the name suggests, it's a free tax software
online; the federal tax filing is completely
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free through FreeTaxUSA.
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The software offers you email-based customer
support, integrates tax return information,
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and accounts for over 350 deductions and credits.
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If you have got more sophisticated small business
tax affairs (like Form 1120), FreeTaxUSA might
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not be a suitable option for you.
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However, you can try it if your tax affairs
are not very complicated because it offers
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easy to use interface and basic functionality.
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FreeTaxUSA works best for sole proprietors
and freelancers.
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There are only two options (Simple and Premium)
for small businesses.
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So, it is recommended to head straight for
the Premium/Advanced package to get the job
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done more effectively.
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Packages
E-file - Free
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Tax Extension - Free
Printable Tax Return - Free
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Customer Support - Free
Federal Tax Return - Free
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Deluxe Edition - $6.99
State Tax Return - $12.95
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9.
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Quickbooks.
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Last but not least, Quickbooks.
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It also helps small business owners by generating
documents specifically for accountants.
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If you want to do your own taxes, you should
generate 3 reports:
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Profit & Loss
Taxes
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1099 Summary
This software is quite easy for accountants.
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If you are not an accountant, this software
might not be the best for you.
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Small business tax returns are like any other
tax return, but with more complete forms.
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If you are already using an online tax service
and are comfortable with the way it works,
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you should probably stick with it.
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We’ve discussed 9 best Tax Software for
small businesses.
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Most of them can be used online or can be
downloaded, for those who may still insist
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on doing so.
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They even have mobile tax filing apps now
if you think your phone and your fingers can
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handle the stress.
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However, if you've used tax preparation software
in the past, for personal income taxes or
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for business, you'll probably find it easiest
to use the same brand.
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If your business is new, you can upgrade to
a version that includes additional forms required
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to report income and expenses.
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All of these software options come in multiple
versions, and the small business package is
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top-notch in both price and complexity.
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A short test drive should be enough to find
the one that suits your needs.
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So, select the one from the above list and
Maximize Your Deductions in 2021.
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Now that you know how much of your money Uncle
Sam wants, you should have enough motivation
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