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Best Tax Software Programs for Small Business

Best Tax Software Programs for Small Business

SAVE MONEY WHILE PREPARING AN ACCURATE TAX RETURN-If you run a small business, preparing accurate annual tax returns is required by law. According to the National Society of Accountants, the average cost to prepare taxes for a small business ranges from around $184 per year for a Schedule C to around $826 per year for a corporation.1 While an accountant may offer peace of mind, you can often save quite a bit by doing your taxes yourself with small business accounting software.

Most tax software packages come with similar guarantees for accuracy and a maximum refund, but the user experience and features can vary widely. To select the best tax software for small business, we reviewed 10 different software options based on product features, ease of use, accuracy, and more. So, if you’re looking to do taxes for a small business this year, here are the best tax software offerings for you.

Best Overall H&R Block

We chose H&R Block as best overall because it is a trusted name in tax preparation, and its tax software for small businesses and business owners offers an excellent user experience and covers a wide range of tax situations. It offers a straightforward user interface that makes it easy to do your taxes accurately the first time.



       

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Best For Partnerships And Corporations TaxAct

TaxAct includes an option to complete tax filings for partnership and corporations completely online and is the only place you can prepare taxes for a partnership or S corporation with either a PC or Mac online, which is why it's our choice as best for partnerships and corporations.




Best For Self-Employed TaxSlayer

We rank TaxSlayer as best for self-employed because of its low pricing and a highly rated online experience that works well for self-employed tax filers who earn via a 1099 and need to complete a Schedule C.






Best For Virtual Assistance TurboTax

A market leader, TurboTax includes an option to get on-demand support from a tax professional at home as well as robust technical support for its online and downloadable products, which is why it is our pick for best for virtual assistance.



Best Value FreeTaxUSA

FreeTaxUSA's extremely low pricing starts at $0 for federal returns and $14.99 for state returns including self-employment income, making it our review's best for low cost.







What Is Tax Software for Small Business?

Tax software for small business is an online, desktop, or mobile option to complete your taxes on your own without paying a professional preparer. Depending on the software you choose, you may be able to file self-employed taxes with a Schedule C or more complex taxes for a partnership or corporation. While personal tax preparation software focuses only on Form 1040 in most cases, small business tax software has the ability to complete taxes for businesses of all sorts.

Tax Preparer vs. Tax Software for Small Business

If you are overwhelmed by the idea of doing your own taxes or don’t feel confident using computers, you definitely don’t have to do your taxes yourself. In those cases, you can hire a professional tax preparer, often a CPA, to do your taxes for you.

Tax professionals often have a detailed understanding of tax laws and can offer money-saving advice. However, behind the scenes, accountants use similar tax software to what you use when doing it yourself, so you certainly don’t have to pay extra for a professional preparer.

What Can a Small Business Write Off?

Small businesses can write off most expenses directly related to running the business. That can include equipment, labor, office supplies, and any services your business needs to operate. In some cases, it may even include a deduction for use of a home office or vehicle for business purposes.

If you have serious doubts or questions about what your small business can write off, it may be worthwhile to pay for an upgrade to a version of a tax program where you can access expert advice.

Why Do Small Businesses Get Audited?

Small businesses and business owners may be audited for several reasons. Those can include a mismatch of your tax return and tax forms reported by other businesses, excessive expenses, business losses, missing income, and high deductions. If you underpay your taxes, you could also wind up getting extra attention from Uncle Sam.

According to the IRS, there were 509,917 tax returns audited for the 2020 tax year, a very low fraction of all returns.2

What Does Small Business Tax Software Cost?

Small business tax software ranges in price from free for federal returns up to around $200 for more complex returns, plus an additional $15 to $50 per state for state filings. Some tax software includes upgrades for additional support or features that can increase costs compared to basic returns.

How We Chose the Best Tax Software for Small Business

This review was based on information gathered on 10 different tax software options for small businesses. The winning software programs offered a good user experience including important features to prepare an accurate tax return in a timely fashion. Additional factors reviewed include cost, customer reviews, software popularity, and available options for both technical and tax support.

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