Top tax preparation software for small businesses

Best tax preparation software helps businesses to handle tax filing and compliances easily. This software comprises several features to facilitate small businesses to meet tax obligations with due time. And ensure, you don’t end up paying more either by way of taxes or by way of penalties.

Although basic features across different tax software are more or less the same. However, every software has certain distinct features customized for different needs. Thus, it is essential on your part to choose the right fit for your business.

Running a small business means you are already preoccupied, and probably not enough time is left for your taxes. Here is some best tax preparation software to simplify the whole tax filing process for you:

1. Turbo Tax.
2. H & R Block.
3. Tax Slayer.
4. Tax Act.
5. Liberty Tax.

Turbo Tax:

It is a popular choice among both businesses and individuals. It offers a user-friendly interface and facilitates both DIY tax preparation and tax filings by professionals. You can start with importing a PDF of previous tax filings and upload W-2 and 1099 forms. The software generates a series of prompts and questions with Yes/No options to complete and file your tax returns. With Turbo Tax, you can create unlimited W-2 forms and 1099 forms.

While arriving at your business taxes, it looks for industry-specific tax deductions to save your taxes. It also provides a free complimentary subscription for QuickBooks Self-employed. It has a comprehensive list of tax features with an option to ask for professional help via TurboTax Live.

H & R Block:

It is one of the best software for small businesses. It has some useful tools to tackle complex issues. It provides the best tax solution to small businesses in the form of H & R Block online, self-employed, and H & R Block offices for small businesses. Small businesses with demanding tax affairs have chat support with tax specialists as part of the package. It has incorporated a new product under the virtual assistance category – on-demand help from tax experts, CPA or enrolled agents. It has partnered with Xero and you get accounting benefits.

Tax Slayer:

It consists of basic offerings like letting you import W-2 forms and PDF of previous tax returns just like its counterparts. It walks you through each step, looking out for possible deductions along with clearing out any confusing terms. Though it offers phone and email support, it lacks personal support. However, it has the’ Ask a Tax Pro’ feature that helps to seek answers for tax questions by IRS-certified tax professionals with step-by-step guidance. It is worth your money as it offers a 100 % accuracy guarantee with a maximum refund. It promises to reimburse its customers for penalties and interest charges by the IRS if any.

Tax Act:

It is a user-friendly interface providing all basic facilities like any other software. While most software is more for freelancers or contractors, Tax Act supports all business forms – sole proprietorship, partnership (C and S Corporation). It also enables the tax-exempted organization to file the 990 Form. It offers paid plans for different businesses with the more or less same price.

Liberty Tax:

It provides an affordable solution to small business owners in three packages: Basic, Delux, and Premium. The deluxe version is best for self-employed and premium for S corporations. And the basic package for business with simple tax affairs. It provides various cloud tax preparation services including links to common forms with instructions, a guide on different taxes, and tax estimation and calculation tools. It is best for those who like to have a DIY approach. It provides a swift transition from online returns to in-house returns.