Law requires you to prepare proper annual tax returns if you own a small business.
The typical cost of preparing taxes for a small business, according to the National Society of Accountants, ranges from roughly $184 per year for a Schedule C to around $826 per year for a corporation.
While an accountant can provide peace of mind, paying your taxes yourself with small company accounting software can often save you a lot of money.
Although most tax software solutions promise accuracy and a maximum refund, the user experience and functionality might differ greatly.
So, if you’re doing taxes for a small business this year, here are the top tax software options for you, as well as recommendations for the best LLC service for your Small business growth.
What Is Tax Software, And How Does It Work?
Tax software is a crucial tool for small businesses because it allows them to stay on top of their tax obligations.
It also makes it easy to precisely evaluate your finances in order to pay taxes when they are due.
For small firms, engaging a tax professional or accountant who charges by the hour might be too expensive.
Tax software is a comprehensive and simple-to-use solution that can save time and money for business owners.
Check out our selections for the top small business tax software alternatives for 2022 below.
1. H&R Block
We chose H&R Block as the best overall tax preparation service because it is a well-known brand in the industry.
Their tax software for small businesses and business owners is easy to use and covers a wide range of tax circumstances.
It has a simple user interface that makes it simple to complete your taxes correctly the first time.
H&R Block is a well-known name in tax preparation for both individuals and businesses. Since its inception in 1955, it has prepared over 800 million tax returns.
You can pick between online and downloadable forms of H&R Block’s tax software if you wish to do your taxes.
2. Intuit TurboTax
QuickBooks users will likely find the TurboTax software program to be the best overall option for submitting their federal tax returns.
The package’s comprehensive help from tax professionals, four alternative ways to handle your taxes, and audit support are all features that make it popular.
On the TurboTax website, users scored their tax preparation experience 4.6 out of 5 stars.
Their self-employed strategic planning range from $89 federal and $39 per state for expenses and business income to $389 federal and $49 state for full service with tax professionals.
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3. Liberty Tax
Liberty Tax combines physical locations with online services, which is a wonderful benefit for new business owners who may need face-to-face assistance with complicated tax issues.
In addition, Liberty Tax’s Tax Education School provides both online and in-person tax courses.
If you’re a first-time business owner, these courses can help you obtain tax knowledge so you can save time and money when tax season arrives.
4. TaxAct
TaxAct is a firm favorite among S and C businesses and partnerships, who appreciate the fact that it is the only site online where you can submit your taxes using either a PC or a Mac.
They also provide reductions for bundling personal and business taxes and have a Consumer Affairs user rating of 3.6 out of 5 stars.
Additionally, the program can assist sole proprietors, and self-employed individuals obtain the maximum amount of business deductions of $75.96 federally and $54.95 per state.
However, one of their major drawbacks is that their audit support alternatives are restricted.
5. TaxSlayer
TaxSlayer is on several “Best of” lists for the self-employed, including ours, thanks to its positive evaluations, user-friendly interface, and useful features.
For personal and corporate income and spending, 1099s, and Schedule Cs, the company provides a $47.95 starting choice.
TaxSlayer transfers all required info from your federal return to your state return for $36.95.
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Conclusion
You have a lot on your plate as a small business owner.
Between managing your staff, marketing your business, and keeping track of your finances, it can be difficult to find time to pay your taxes.
Fortunately, there are tax software systems tailored to small enterprises.
This article will examine some of the top tax software for small businesses and will assist you in determining which software offers the most value.
