Latest News HighLights
Best Tax Software For Small Business Of October 2023
Reviewed By Reviewed By Updated: Sep 29, 2023, 4:15pm If you own a small business, you know how complicated filing your taxes can be. And while you have many online tax software options for your business, you’ll want to choose one that’s user-friendly, inexpensive and provides quality customer service. You should select a product that also can help you find all the deductions you’re entitled to. Here are our four top software picks for filing a tax return for your business. Why you can trust Forbes Advisor Our editors are committed to bringing you unbiased ratings and information. Our editorial content is not influenced by advertisers. We use data-driven methodologies to evaluate financial products and companies, so all are measured equally. You can read more about our and the for the ratings below. $129 $59 $129 $59 Best Tax Software for Small Business of 2023 $64.95 $39.95 Value, ease of use, availability of expert help $64.95 $39.95 Value, ease of use, availability of expert help We selected TaxSlayer Self-Employed as the best choice overall for small business filers because it can handle complicated returns for the best price among the big players. It offers a priority phone line, good customer service and an easy-to-use platform for filing your taxes. You can customize the level of help you get, too. The guided interview option walks you through a step-by-step process to help you file quickly and accurately. If you don’t need the extra hand-holding, you can navigate directly to specific tax forms to enter your income and deductions. That can be a much speedier option if you know what you’re looking for. One of the biggest draws with TaxSlayer SE is that you can electronically file both your federal return and a state tax return for slightly more than $100. Other programs, such as TurboTax, can charge close to $200 to file both federal and state tax returns, plus there’s an additional fee if you want tax advice from an expert. Read our full . $129 $59 Customer service, ease of use $129 $59 Customer service, ease of use TurboTax Self-Employed is the most expensive tax software we reviewed for small businesses—but in exchange for higher costs, you get excellent customer service. TurboTax comes with great tools to help you file, including an IRS audit risk assessment, a step-by-step navigation guide and multiple ways to contact customer service. These services may be worth the additional cost if you’re worried your return won’t be accurate or you want to be sure you’re not . The downside? TurboTax tries to upsell you throughout the tax-filing process with add-on features such as IRS audit representation and identity theft insurance. These tools aren’t necessary for everyone, so the pitches can be aggravating while you’re preparing your return. Read our full . $115 $49 Ease of use, availability of expert help $115 $49 Ease of use, availability of expert help H&R Block Self-Employed is a great product if you’re looking for an easy-to-use platform at a lower cost. It walks you through an interview process that’s similar to working with a tax professional—for slightly less than what you’d pay with H&R Block’s main competitor, TurboTax. The platform provides simple navigation tools to ensure you can easily move around the program. If you need extra help, you can work with a tax expert online or in person—for an additional fee. One drawback is that H&R Block will market extra services to you. However, the upsells are pretty light compared to TurboTax. Read our full . $0 $0 Free filing $0 $0 Free filing Cash App Taxes is the right choice if you’re seeking a completely free option for all types of tax situations and forms, including Schedule SE for and Schedule C to report business income or loss from a sole proprietorship. Cash App Taxes doesn’t try to upsell you, so you can rest assured the program is completely free. It doesn’t come with the bells and whistles you’ll get with other tax software providers, like the helpful navigation tools, explanations and customer service options available from TurboTax. But Cash App Taxes won’t leave you completely alone to file your taxes. The program does offer limited support through email or chat when you use its online tax platform. Read our full . Summary: Best Small Business Tax Software Of October 2023 Methodology We looked at nine popular online tax software providers: Cash App Taxes, eFile.com, FreeTaxUSA, FileYourTaxes.com, H&R Block, TurboTax, Jackson Hewitt, TaxSlayer and TaxAct. We narrowed our list to four finalists offering the overall best online tax software for small businesses. To evaluate the four, we created a profile for a small business owner with business income and deductions. We ran the profile’s details through the software and scored each option across four categories: ease of use; quality of customer service; pricing; and help with filing. The scores were used for our final ranking. Online tax software providers typically offer a self-employed option where users can file a If you have a more complicated tax situation, such as a partnership or corporate tax return, you may want to hire a certified public accountant (CPA). What Is Tax Software For Small Business? Tax software is usually online and makes it easier for you to file your small business tax return from start to finish. Online tax software enables you to input your business income and deductions so that you can submit your tax return to the IRS and state agencies. Small business tax software provides helpful guidance and ensures you take advantage of different tax deductions or credits to reduce your tax liability. Online tax software also gives you an option to pay any taxes owed or receive your tax refund electronically. Tax Software vs. Tax Preparer For Small Business The Importance Of Using Tax Software For Small Business If you opt to prepare your own small business tax return, it is important to use good tax software. With the ever-changing tax laws, it can be difficult or even impossible to prepare your return otherwise. One of the advantages of using online tax software is that even if you have little or no tax knowledge, the software can guide you as you complete an accurate tax filing. More importantly, it will ensure your tax return complies with the most up-to-date tax laws. Another advantage of using online tax software is the time it saves. The use of tax software ensures you’re able to quickly prepare the return without unnecessary steps. Most online tax software will use sophisticated interview-style questions to elicit your information, so that you can understand what’s needed and cut the time it takes to prepare your return. How To Choose the Best Tax Software For Small Business Bottom Line Frequently Asked Questions (FAQs) typically pay quarterly estimated taxes, which may include self-employment tax plus income taxes. Quarterly taxes are due April 15, June 15, Sept. 15 and Jan. 15. If a due date falls on a weekend or holiday, the taxes are due the following business day. You can use to figure the amount of your estimated taxes. Small-business owners should . Depending on the type of business you own, there are many deductions you may be able to claim, including: Online tax software can help small businesses complete their tax returns quickly. Most of the software is easy to use, provides step-by-step guidance and offers professional tax help. Since you won’t need extensive tax knowledge to use tax preparation software, it may be a good option for small-business owners who want to complete their tax returns themselves. It depends. A small business may experience a loss if its expenses exceed its revenues. And depending on how a business files its tax return, in some cases, the loss can generate a refund. For example, let’s say a small-business owner chooses to file as a sole proprietorship for the tax year. During the year, he also has income from a part-time job that includes taxes withheld. Since he paid federal income tax throughout the year, the loss on his business may generate a tax refund. The IRS may audit your tax return for several different reasons. For starters, the IRS uses an internal scoring system to compare your tax returns against the norms for similar tax filings. Your return’s score may suggest a potential audit. Or the IRS may select your tax return for audit in the event that another related tax return was audited, such as the return for a business partner or investor that may be linked to transactions included on your tax return. Next Up In Taxes Kemberley (@kemcents) Washington, CPA, is a former IRS agent, news contributor, author, and owner of Washington CPA Services, LLC. Check out more of her work at kemberley.com.
Publish Date : 2023-10-01 17:02:34
Image and News Source : forbes
