Top 5 Tax Software Options for Small Business
Tax time is a nightmare for even the most organized of individuals. This is made more difficult because a lot of small businesses have to track their tax filings in 2019 for an Internal Revenue Service (IRS) audit, which can stretch over multiple years if there are multiple years in question. If your small business has filed all of its tax forms correctly, then it isn’t necessary to conduct a tax audit. But if you have any inconsistencies, then the IRS will likely question your tax filings.
Tax software can assist with tax preparation, keeping track of records, producing important reports, and providing reminders if tax filings are due. Tax software, by design, reduces the likelihood that tax filings will require an IRS audit, but it is not a guarantee and thorough recordkeeping is still highly advisable.
2018 Tax Software Features
With the growth of cloud computing and advances in cyber security, the possibility of IRS audits becoming more widespread increased over the past few years. This, in turn, spurred the development of tax software to secure the data against cybercriminals and hackers. The increasing use of apps has also made it easier than ever to perform tax recordkeeping and track tax returns.
Tax software solutions are available on the market to automate many of the initial and ongoing processes of tax preparation. Some of the key features of the best tax software include:
Managing Your Accounting Needs
TaxAct: Best Overall Small Business Tax Software
The tax preparation industry is always evolving. Beginning with tax prep software, tax pros are now transitioning to cloud backup with data encryption for secure storage. Another effort in the preparation industry is to become paperless with programs that can handle more than one tax for taxpayers. There’s one more area where tax preparation software is upgrading. It’s a very obvious one with anyone studying business management. It’s the topic of taxation. These tax software business management improvements are incorporating the small business tax return and tax preparation software for the small business owner.
Tax software for small business management is optimized for micro-businesses. Since tax preparation software is a relatively new field that’s constantly evolving, it’s easy to identify the pros and cons of any product. To find out which tax software best meets the needs of small business owners, we turned to the independent Small Business Social Media index. The study was conducted between May 1 and May 3, 2017. It consisted of a survey of 1,519 small business Facebook followers (Average age: 37.1 years). The study was conducted to find out which tax software best serves their small business needs. Some of the brands and packaged products included in the study are Avalara, H&R Block, Intuit, ITA Software, Liberty Tax, TurboTax, TaxAct, and TaxSlayer.
TaxAct
Small Business Tax Software: Overview
Taxact Small Business Tax Software TaxPlanning Software,Tax Return Software,Tax Software,Tax Services.
TaxAct is an all-in-one small business tax preparation and planning solution that helps business owners and self-employed individuals get their annual income, deductions, and business expenses melted down into a summarized tax return. The tax return software, returns, and other TaxAct products can be purchased online, downloaded, or just bought as part of tax planning services. Tax Act is one of the most recommended small business tax software on 2019.
As of 2019, TaxAct offers two plans: Free and Premium. Beyond that, there are 3 levels of services supported by each plan. There are some differences in the functionality offered between the Free and Premium service levels, but with those differences, there are no changes to the taxes that are prepared. TaxAct contains the basic features that many other business tax preparation software plans lack.
The Free or Basic level of TaxAct will give you the basic features of TaxAct. You may access a “Tax Preparation Wizard” when you use TaxACT software for free, but you cannot use the online tax preparation provider as a workbook or to manipulate business information. In other words, the preparation, printing, and e-filing of your tax return will be done by TaxACT.
What We Like
Small business accounting software can be an expensive investment if you do not know what you are doing. That’s why you need to do your research before making your selection and find software that will suit your small business purpose. A small business tax software should be easy to use and it also needs to be highly compatible with your business accounting method. You also need to consider the functionality and performance of the tax software before making a final decision. In this post, we will discuss the top 5 small business tax software of 2018.
It is well known that the tax deduction plays a significant role in our markets. This is one of the most important important factors that makes small business accounting software attractive to the general public. A tax software should be able to help you do your calculations and help you cut down your expenses. This will help you improve your bottom line.
When choosing the tax software, you must consider the quality and functionality of the software to make sure that it will help you to rest easy for many years to come, without the need for upgrades or enhancements. That’s what makes the best small business tax software appealing to many small business owners.
What's Missing
From the Small Business Tax Software Marketplace?
Tax season is almost here, which means you’ll soon start considering what different options are available to you for your small business tax filing needs.
One out of every three small businesses files taxes as a sole proprietor and the average small business owner has two jobs; the vast majority of these small businesses file their taxes using a program they’ve purchased from Amazon or Walmart; specifically tax preparation programs designed for individual filers.
Does your small business use a pre-purchase tax software program that you purchased directly from a publisher or auction house? Or, are you one of the many small business owners who use a free program like TurboTax prepared by H&R Block, Intuit, etc.?
Regardless of the program you use, when you file taxes using TurboTax or any of the other full-service tax prep programs, you are not doing anything that the average individual tax preparer cannot do.
You and your accountant or tax preparer are making choices based on a specific, pre-determined tax return that is based on complex IRS rules and regulations developed for full-service, professional tax preparers. However, if you spend less than 300 minutes filing your taxes, then you have no tax expertise and cannot rely on your personal finances as the basis for your tax return.
Pricing
This section of the guide will outline all of the pricing and technical features of the software programs that made our list.
Note that if you’re not ready to make a final buying decision yet, that’s perfectly fine. It’s always a good idea to perform a test run of the software before investing a significant amount of money.
For this reason, we’ll start our guide with a quick overview of the pricing plans before covering all of the capabilities of each software.
Shoeboxed
Shoeboxed offers the most affordable entry level pricing plan of the software programs that made our list, at –99 across all clients.
We chose Shoeboxed as the best small business tax software of 2021 because of its affordable price and simple interface.
It’s important to pay only what you need and stay within your HNI budget. While the free version of Shoeboxed doesn’t feature all of the features of the paid plan, you can still do a lot with just the free version.
What’s more, if you decide Shoeboxed isn’t a good fit for your small business, you can sign up for a free 30 day trial through their website. To do so, just sign up through the medium below.
Our Expert Opinion
It should be noted that each business has individual requirements, and this means that small business software cannot be one-size-fits-all. We have got a lot of feedback over the years from small businesses and many have told us that TaxCut is one of the best small business tax software, and this is one of the reasons that we have moved it up our list with an in-depth review of each of the features.
Every year, Intuit releases a new version of their line of tax software for the small business that can transform the way you do your business taxes. TaxCut has established itself as the software that allows you to spend more time on your business and less time worrying about the IRS. Because of its simplicity and ease of use, TaxCut is the top small business tax software in 2021.
TaxCut is easy to learn and use. It is very user-friendly, and its set up and design has been tweaked from previous versions to make it even easier. A focus has been made to make the layout even clearer and easier to use for novices. The program’s features have been adapted to work fast, giving you an entire refund quickly through the e-File.
The TaxCut software is online and always up to date. You can access and manage your tax files from any Internet connected device that you own.
H&R Block: Best Inexpensive Tax Software for Corporate and Partnership Returns
H&R Block
H&R Block Self-Employed Software Rules E-File tax returns for single, married, and head of household filers, along with estimates for tax returns and 1099 tax statements. Bookkeeping is included to help you with year-end and cash flow issues. Has an easy-to-use interface and tax deductions based on your business’s specific needs. Free to use if you use an H&R Block tax professional to file your return. Premium versions are available for an extra fee and they can be used by professionals and individuals. Its built-in reminders are helpful and include those for your deductions, reminders based on estimated payments, and monthly reminders. Other advanced features include the ability to make tax payments online, handle multiple clients at once, file and file 1099s on the same document, screen, edit, and export data, generate checklists, and save client information for easy retrieval. It comes with account-specific restore options and backup functionality. Effective at mid-year; returns for tax year 2022 are due in April 2022. – H&R Block Self-Employed Tax Software
What We Like
Small business accounting software can be an expensive investment if you do not know what you are doing. That’s why you need to do your research before making your selection and find software that will suit your small business purpose. A small business tax software should be easy to use and it also needs to be highly compatible with your business accounting method. You also need to consider the functionality and performance of the tax software before making a final decision. In this post, we will discuss the top 5 small business tax software of 2018.
It is well known that the tax deduction plays a significant role in our markets. This is one of the most important important factors that makes small business accounting software attractive to the general public. A tax software should be able to help you do your calculations and help you cut down your expenses. This will help you improve your bottom line.
When choosing the tax software, you must consider the quality and functionality of the software to make sure that it will help you to rest easy for many years to come, without the need for upgrades or enhancements. That’s what makes the best small business tax software appealing to many small business owners.
What's Missing
From the Small Business Tax Software Marketplace?
Tax season is almost here, which means you’ll soon start considering what different options are available to you for your small business tax filing needs.
One out of every three small businesses files taxes as a sole proprietor and the average small business owner has two jobs; the vast majority of these small businesses file their taxes using a program they’ve purchased from Amazon or Walmart; specifically tax preparation programs designed for individual filers.
Does your small business use a pre-purchase tax software program that you purchased directly from a publisher or auction house? Or, are you one of the many small business owners who use a free program like TurboTax prepared by H&R Block, Intuit, etc.?
Regardless of the program you use, when you file taxes using TurboTax or any of the other full-service tax prep programs, you are not doing anything that the average individual tax preparer cannot do.
You and your accountant or tax preparer are making choices based on a specific, pre-determined tax return that is based on complex IRS rules and regulations developed for full-service, professional tax preparers. However, if you spend less than 300 minutes filing your taxes, then you have no tax expertise and cannot rely on your personal finances as the basis for your tax return.
Pricing
This section of the guide will outline all of the pricing and technical features of the software programs that made our list.
Note that if you’re not ready to make a final buying decision yet, that’s perfectly fine. It’s always a good idea to perform a test run of the software before investing a significant amount of money.
For this reason, we’ll start our guide with a quick overview of the pricing plans before covering all of the capabilities of each software.
Shoeboxed
Shoeboxed offers the most affordable entry level pricing plan of the software programs that made our list, at –99 across all clients.
We chose Shoeboxed as the best small business tax software of 2021 because of its affordable price and simple interface.
It’s important to pay only what you need and stay within your HNI budget. While the free version of Shoeboxed doesn’t feature all of the features of the paid plan, you can still do a lot with just the free version.
What’s more, if you decide Shoeboxed isn’t a good fit for your small business, you can sign up for a free 30 day trial through their website. To do so, just sign up through the medium below.
Our Expert Opinion
It should be noted that each business has individual requirements, and this means that small business software cannot be one-size-fits-all. We have got a lot of feedback over the years from small businesses and many have told us that TaxCut is one of the best small business tax software, and this is one of the reasons that we have moved it up our list with an in-depth review of each of the features.
Every year, Intuit releases a new version of their line of tax software for the small business that can transform the way you do your business taxes. TaxCut has established itself as the software that allows you to spend more time on your business and less time worrying about the IRS. Because of its simplicity and ease of use, TaxCut is the top small business tax software in 2021.
TaxCut is easy to learn and use. It is very user-friendly, and its set up and design has been tweaked from previous versions to make it even easier. A focus has been made to make the layout even clearer and easier to use for novices. The program’s features have been adapted to work fast, giving you an entire refund quickly through the e-File.
The TaxCut software is online and always up to date. You can access and manage your tax files from any Internet connected device that you own.
TurboTax: Best Small Business Tax Software for Freelancers and Self-employed
TurboTax
The self-employed often have a lot more work and a lot more taxes to handle on their own, which is why they often turn to online tax software. The problem is that traditional software can be complicated and doesn’t always address the unique issues of a business owner. This is where companies like TurboTax come in.
Listing three key strengths, the reviewer pointed out that TurboTax Home and Business was free for single taxpayers, low-income taxpayers, and our military. It also provided a lot of helpful tax advice, educational resources, and an H&R Block Alternative. The H&R Block Alternative has proven to be a huge asset for self-employed individuals since it has eliminated the annual charge required for their service. The reviewer was particularly impressed with the attention to detail and the fact that TurboTax Home and Business allowed the user to track every penny as they went along.
Overall, TurboTax Home and Business was praised for its easy-to-use interface, and many of the other features were considered icing on the cake.
What We Like
Small business accounting software can be an expensive investment if you do not know what you are doing. That’s why you need to do your research before making your selection and find software that will suit your small business purpose. A small business tax software should be easy to use and it also needs to be highly compatible with your business accounting method. You also need to consider the functionality and performance of the tax software before making a final decision. In this post, we will discuss the top 5 small business tax software of 2018.
It is well known that the tax deduction plays a significant role in our markets. This is one of the most important important factors that makes small business accounting software attractive to the general public. A tax software should be able to help you do your calculations and help you cut down your expenses. This will help you improve your bottom line.
When choosing the tax software, you must consider the quality and functionality of the software to make sure that it will help you to rest easy for many years to come, without the need for upgrades or enhancements. That’s what makes the best small business tax software appealing to many small business owners.
What's Missing
From the Small Business Tax Software Marketplace?
Tax season is almost here, which means you’ll soon start considering what different options are available to you for your small business tax filing needs.
One out of every three small businesses files taxes as a sole proprietor and the average small business owner has two jobs; the vast majority of these small businesses file their taxes using a program they’ve purchased from Amazon or Walmart; specifically tax preparation programs designed for individual filers.
Does your small business use a pre-purchase tax software program that you purchased directly from a publisher or auction house? Or, are you one of the many small business owners who use a free program like TurboTax prepared by H&R Block, Intuit, etc.?
Regardless of the program you use, when you file taxes using TurboTax or any of the other full-service tax prep programs, you are not doing anything that the average individual tax preparer cannot do.
You and your accountant or tax preparer are making choices based on a specific, pre-determined tax return that is based on complex IRS rules and regulations developed for full-service, professional tax preparers. However, if you spend less than 300 minutes filing your taxes, then you have no tax expertise and cannot rely on your personal finances as the basis for your tax return.
Pricing
This section of the guide will outline all of the pricing and technical features of the software programs that made our list.
Note that if you’re not ready to make a final buying decision yet, that’s perfectly fine. It’s always a good idea to perform a test run of the software before investing a significant amount of money.
For this reason, we’ll start our guide with a quick overview of the pricing plans before covering all of the capabilities of each software.
Shoeboxed
Shoeboxed offers the most affordable entry level pricing plan of the software programs that made our list, at –99 across all clients.
We chose Shoeboxed as the best small business tax software of 2021 because of its affordable price and simple interface.
It’s important to pay only what you need and stay within your HNI budget. While the free version of Shoeboxed doesn’t feature all of the features of the paid plan, you can still do a lot with just the free version.
What’s more, if you decide Shoeboxed isn’t a good fit for your small business, you can sign up for a free 30 day trial through their website. To do so, just sign up through the medium below.
Our Expert Opinion
It should be noted that each business has individual requirements, and this means that small business software cannot be one-size-fits-all. We have got a lot of feedback over the years from small businesses and many have told us that TaxCut is one of the best small business tax software, and this is one of the reasons that we have moved it up our list with an in-depth review of each of the features.
Every year, Intuit releases a new version of their line of tax software for the small business that can transform the way you do your business taxes. TaxCut has established itself as the software that allows you to spend more time on your business and less time worrying about the IRS. Because of its simplicity and ease of use, TaxCut is the top small business tax software in 2021.
TaxCut is easy to learn and use. It is very user-friendly, and its set up and design has been tweaked from previous versions to make it even easier. A focus has been made to make the layout even clearer and easier to use for novices. The program’s features have been adapted to work fast, giving you an entire refund quickly through the e-File.
The TaxCut software is online and always up to date. You can access and manage your tax files from any Internet connected device that you own.
TaxSlayer: Best Inexpensive Tax Software for Freelancers With Advice From Tax Pros
TaxSlayer
TaxSlayer BusinessTax Online is one of the top tax software options for small business owners because of its ease of use and how it provides a complete online financial statement.
You can easily record income and expenses as well as manage your Schedule C business income and expenses. TaxSlayer BusinessTax Online also has a comprehensive calculation system that makes the job of calculating and filing taxes much easier.
In addition to its wide array of spreadsheet templates, TaxSlayer BusinessTax Online also has a mobile app that allows you to file from just about anywhere.
TaxSlayer BusinessTax Online also keeps you in the know with some of the top tax deductions and credits you’ll have access to, and shows you if you’re eligible to claim them.
At TaxSlayer, you don’t need a CPA to file your taxes. Its filing is already set up for quick and easy acceptance, so you can get your payment in a matter of minutes.
TaxSlayer BusinessTax Online is secure and has a 99.99% uptime guarantee so you won’t be held hostage by a failed service. TaxSlayer BusinessTax Online protects your personal information and details.
What We Like
Small business accounting software can be an expensive investment if you do not know what you are doing. That’s why you need to do your research before making your selection and find software that will suit your small business purpose. A small business tax software should be easy to use and it also needs to be highly compatible with your business accounting method. You also need to consider the functionality and performance of the tax software before making a final decision. In this post, we will discuss the top 5 small business tax software of 2018.
It is well known that the tax deduction plays a significant role in our markets. This is one of the most important important factors that makes small business accounting software attractive to the general public. A tax software should be able to help you do your calculations and help you cut down your expenses. This will help you improve your bottom line.
When choosing the tax software, you must consider the quality and functionality of the software to make sure that it will help you to rest easy for many years to come, without the need for upgrades or enhancements. That’s what makes the best small business tax software appealing to many small business owners.
What's Missing
From the Small Business Tax Software Marketplace?
Tax season is almost here, which means you’ll soon start considering what different options are available to you for your small business tax filing needs.
One out of every three small businesses files taxes as a sole proprietor and the average small business owner has two jobs; the vast majority of these small businesses file their taxes using a program they’ve purchased from Amazon or Walmart; specifically tax preparation programs designed for individual filers.
Does your small business use a pre-purchase tax software program that you purchased directly from a publisher or auction house? Or, are you one of the many small business owners who use a free program like TurboTax prepared by H&R Block, Intuit, etc.?
Regardless of the program you use, when you file taxes using TurboTax or any of the other full-service tax prep programs, you are not doing anything that the average individual tax preparer cannot do.
You and your accountant or tax preparer are making choices based on a specific, pre-determined tax return that is based on complex IRS rules and regulations developed for full-service, professional tax preparers. However, if you spend less than 300 minutes filing your taxes, then you have no tax expertise and cannot rely on your personal finances as the basis for your tax return.
Pricing
This section of the guide will outline all of the pricing and technical features of the software programs that made our list.
Note that if you’re not ready to make a final buying decision yet, that’s perfectly fine. It’s always a good idea to perform a test run of the software before investing a significant amount of money.
For this reason, we’ll start our guide with a quick overview of the pricing plans before covering all of the capabilities of each software.
Shoeboxed
Shoeboxed offers the most affordable entry level pricing plan of the software programs that made our list, at –99 across all clients.
We chose Shoeboxed as the best small business tax software of 2021 because of its affordable price and simple interface.
It’s important to pay only what you need and stay within your HNI budget. While the free version of Shoeboxed doesn’t feature all of the features of the paid plan, you can still do a lot with just the free version.
What’s more, if you decide Shoeboxed isn’t a good fit for your small business, you can sign up for a free 30 day trial through their website. To do so, just sign up through the medium below.
Our Expert Opinion
It should be noted that each business has individual requirements, and this means that small business software cannot be one-size-fits-all. We have got a lot of feedback over the years from small businesses and many have told us that TaxCut is one of the best small business tax software, and this is one of the reasons that we have moved it up our list with an in-depth review of each of the features.
Every year, Intuit releases a new version of their line of tax software for the small business that can transform the way you do your business taxes. TaxCut has established itself as the software that allows you to spend more time on your business and less time worrying about the IRS. Because of its simplicity and ease of use, TaxCut is the top small business tax software in 2021.
TaxCut is easy to learn and use. It is very user-friendly, and its set up and design has been tweaked from previous versions to make it even easier. A focus has been made to make the layout even clearer and easier to use for novices. The program’s features have been adapted to work fast, giving you an entire refund quickly through the e-File.
The TaxCut software is online and always up to date. You can access and manage your tax files from any Internet connected device that you own.
FreeTaxUSA: Best Free Small Business Tax Software for Freelancers
Self Employed and Small Businesses.
Tax-planning software like FreeTaxUSA is a must-have for young and growing businesses. There’s a lot of information to consider when you file a tax return for your small business. And it’s one of the biggest reasons why so many small businesses make the mistake of filing last minute or worse, not at all.
As a small business owner, you need to quickly and accurately submit your tax return as soon as your business receives its funds or goods.
The last thing you want is for your business to run into a tax penalty when you don’t have to. Generally, you are required to file a tax return on or before April 15th. And if you don’t, you’ll have to pay the tax, interest and a penalty.
So the goal of tax-planning software is not only to prepare your tax returns accurately but also help you save tax, interest, and penalties.
We analyzed the different tax-planning software currently available in the market and made a list of the best free small business tax software for 2019. This shortlist is our top recommendation for a tax software that will help you prepare your state or federal tax return accurately and quickly.
FreeTaxUSA
Self-employed people are more likely to have complicated tax situations. FreeTaxUSA is designed for them. To learn more about why you should register and claim your FreeTaxUSA tax account, see Why FreeTaxUSA for Solo & Small Businesses.
Below you will see all of the features of FreeTaxUSA that help cater to the tax needs of small businesses.
FreeTaxUSA Is a Mobile App for Smartphones and Tablets
You can view your tax returns or learn about tax laws on your smartphone and upload and manage your business and personal Taxes from anywhere on iOS, Android, or Windows devices.
FreeTaxUSA Makes It Easy to Schedule Tax Payments
In many cases, the IRS will let you pay your taxes on or before the due date without penalty. We can help you do this. To learn more about this feature, see Paying Taxes by Scheduling A Payment.
FreeTaxUSA Makes It Easy to Submit Your Tax Forms Online
If you want to prepare and submit your tax forms online, you can do that using FreeTaxUSA. To learn more, see File Your Tax Return Online Using FreeTaxUSA.
FreeTaxUSA Is Secure so You Can Feel Safe when You Upload Your Tax Returns
To learn more about the security and privacy of your FreeTaxUSA tax account, see Security and Privacy at FreeTaxUSA.
What We Like
Small business accounting software can be an expensive investment if you do not know what you are doing. That’s why you need to do your research before making your selection and find software that will suit your small business purpose. A small business tax software should be easy to use and it also needs to be highly compatible with your business accounting method. You also need to consider the functionality and performance of the tax software before making a final decision. In this post, we will discuss the top 5 small business tax software of 2018.
It is well known that the tax deduction plays a significant role in our markets. This is one of the most important important factors that makes small business accounting software attractive to the general public. A tax software should be able to help you do your calculations and help you cut down your expenses. This will help you improve your bottom line.
When choosing the tax software, you must consider the quality and functionality of the software to make sure that it will help you to rest easy for many years to come, without the need for upgrades or enhancements. That’s what makes the best small business tax software appealing to many small business owners.
What's Missing
From the Small Business Tax Software Marketplace?
Tax season is almost here, which means you’ll soon start considering what different options are available to you for your small business tax filing needs.
One out of every three small businesses files taxes as a sole proprietor and the average small business owner has two jobs; the vast majority of these small businesses file their taxes using a program they’ve purchased from Amazon or Walmart; specifically tax preparation programs designed for individual filers.
Does your small business use a pre-purchase tax software program that you purchased directly from a publisher or auction house? Or, are you one of the many small business owners who use a free program like TurboTax prepared by H&R Block, Intuit, etc.?
Regardless of the program you use, when you file taxes using TurboTax or any of the other full-service tax prep programs, you are not doing anything that the average individual tax preparer cannot do.
You and your accountant or tax preparer are making choices based on a specific, pre-determined tax return that is based on complex IRS rules and regulations developed for full-service, professional tax preparers. However, if you spend less than 300 minutes filing your taxes, then you have no tax expertise and cannot rely on your personal finances as the basis for your tax return.
Pricing
This section of the guide will outline all of the pricing and technical features of the software programs that made our list.
Note that if you’re not ready to make a final buying decision yet, that’s perfectly fine. It’s always a good idea to perform a test run of the software before investing a significant amount of money.
For this reason, we’ll start our guide with a quick overview of the pricing plans before covering all of the capabilities of each software.
Shoeboxed
Shoeboxed offers the most affordable entry level pricing plan of the software programs that made our list, at –99 across all clients.
We chose Shoeboxed as the best small business tax software of 2021 because of its affordable price and simple interface.
It’s important to pay only what you need and stay within your HNI budget. While the free version of Shoeboxed doesn’t feature all of the features of the paid plan, you can still do a lot with just the free version.
What’s more, if you decide Shoeboxed isn’t a good fit for your small business, you can sign up for a free 30 day trial through their website. To do so, just sign up through the medium below.
Our Expert Opinion
It should be noted that each business has individual requirements, and this means that small business software cannot be one-size-fits-all. We have got a lot of feedback over the years from small businesses and many have told us that TaxCut is one of the best small business tax software, and this is one of the reasons that we have moved it up our list with an in-depth review of each of the features.
Every year, Intuit releases a new version of their line of tax software for the small business that can transform the way you do your business taxes. TaxCut has established itself as the software that allows you to spend more time on your business and less time worrying about the IRS. Because of its simplicity and ease of use, TaxCut is the top small business tax software in 2021.
TaxCut is easy to learn and use. It is very user-friendly, and its set up and design has been tweaked from previous versions to make it even easier. A focus has been made to make the layout even clearer and easier to use for novices. The program’s features have been adapted to work fast, giving you an entire refund quickly through the e-File.
The TaxCut software is online and always up to date. You can access and manage your tax files from any Internet connected device that you own.
How to Choose the Best Small Business Tax Software
Of 2021?
As the most popular small business software provider, Intuit QuickBooks offers user-friendly software for small businesses. It’s excellent for those who are not tech-savvy and does not require any technical training.
Tax preparation software by Intuit QuickBooks is known for its simplicity and ease-of-use. You can file taxes from smartphones, tablets, laptops, and desktop computers. You can also file taxes online through Netfile.
Intuit QuickBooks balances the importance of both personal and business expenses, which makes it an excellent choice for small businesses. If you have any business expense for, there are many guidebooks that can help you to prepare your taxes.
Intuit QuickBooks offers a suite of software, so it’s best to choose the version you need. If you are planning to file taxes online, you should download the software and learn how to use it. The downloaded software is only free for 30 days, so after that, you’ll have to purchase a full version.
Since Intuit QuickBooks is a trusted name in the small business tax software industry, most taxpayers will feel comfortable filing their taxes with this software.
QuickBooks gives you the freedom to choose among many different products. With this option, you can select the version that meets your needs. The business and personal accounting options of QuickBooks are both great for small businesses.
Filing Requirements for Self-employed, Sole Proprietorships & Freelancers
If you file a Schedule C (Profit or Loss from Business) on your taxes, you’ll need to self-declare your net profit. This means that you’ll be using methods such as the Percentage of Income or Percentage of Expenses method. Note that this is only for the C-Hole, not for the C-Stop.
Zero-Filers may also use the Net Profit Margin method, so you may want to take a look at this article if you need to calculate your Net Profit Margin more accurately.
How to Calculate Net Profit
If you’ve self-employed, you must follow IRS rules and calculate your business income to income tax. The net income is the gross income minus expenses … do not include taxes withheld as a personal liability on your income tax return. Do not add expenses or subtract them, but deduct them from gross income.
Gross income includes all income received from your business whether monetary or non-monetary, and deducts expenses from the income.
Filing Requirements for C Corporations
C Corporations don’t face many tax requirements until they get very large in their life span. However, when they begin to grow and show signs of earning income, they are required to file a Schedule C with their tax return. A Schedule C must be filed by an S Corporation or a Corporation that’s on the verge of becoming an S Corporation or if it’s beginning to receive income whether it’s through dividends, interest or sales.
You can submit your business tax returns and business BizTaxBills for up to three C Corporations on a single tax file. However, the tax file must have a tax quantity of at least three. You can also be valid by uploading the tax returns for your C Corporations to QuickFile online tax filer.
Filing Requirements for Sole Proprietorship Businesses
Sole Proprietorships are the simplest form of business and the easiest to set up and start earning income for. They are the most cost-effective form of business income since you don’t have to pay anything to have it set up and you don’t have to pay an annual fee to keep it running.
Filing Requirements for S Corporations & Partnerships
Successful small business owners understand the importance of filing the right tax forms every year. However, it is often difficult to select the appropriate tax forms because different types of businesses are required to file for different forms.
S Corporations and partnerships are so similar that it is important for both businesses and their owners to understand what each form does. While you can file for S corporation paperwork online, and it’s also simple to file your partnership paperwork, it…s important to understand not only how to file the forms but also which forms are relevant to your business.
Understanding the differences between the two types of businesses makes it easier to properly file the right paperwork. S Corporations and partnerships require different paperwork, as well as different tax considerations and requirements.
The purpose of this post is to create awareness of the different forms and their purposes, including how they affect small businesses.
Filing Requirements for a Limited Liability Company (LLC)
Costs & Features to Consider
Business owners and tax professionals share a similar outlook when it comes to preparing and filing taxes in the United States: at the end of the year, they wish they asked more questions before they began calculating and filing. While the actual preparation and filing process can be extraordinarily nerve-wracking and difficult, a few key considerations could have kept taxes from becoming a stressful experience.
In order to help those who prepare taxes on a regular basis, let’s discuss the features and pros and cons to tiny business taxes you should consider before buying software for your small business. As you read the list below, know that these represent simple — though not entirely comprehensive — considerations that you can make with each purchase of tax software. But they are easy enough to include in your purchasing decisions with almost any software you’re considering.
The Features and Features to Consider when Buying Small Business Tax Software
Depending on the nature of the tax return and the capacity of the software, a small business tax software should do the following:
Transpose a federal tax return onto the state return. This includes both the federal Schedule C in conjunction with various state forms.
Calculate taxes as they should be calculated; that is, the tax rules should be followed and calculated the same way they are on a traditional tax return.
Bottom Line
The Tax Software With All Covered Expenses & Discounts
Best Small Business Tax Software of 2021
Tax software tends to be complicated for small business owners, large corporations, startups, and other small businesses in terms of tax filing. A lot of them are those that handle taxes, especially for small businesses [Amazon Tax Return Software For Small Business] [Free Amazon Tax Return Software For Small Business].
Tax software is essential for small businesses because it helps them save time and money when filing taxes. It's also helpful in helping small business owners gather important data and information about the businesses.
Recently, some business owners have started to believe that tax software is still complicated.
However, the truth is that today's tax software providers have developed tax filing tools that are very useful to small businesses. Also, there are now tax software providers that have developed tax software specifically to help small businesses.
That having been said, it is important that you read the reviews related to tax software in order to choose one that suits your needs perfectly and also your budget. Additionally, you also need to take time to understand the tax software that you're planning to buy.
With that said, we've done some research so you don't have to. We've found a combination of tax software that best meets the needs and requirements of both business owners and accounting firms.
Most tax software providers offer different tax software to choose from.