Businesses must calculate, report, and pay taxes on time every year; many SMBs rely on tax software designed to handle these tasks. Check out these tax software preparation applications.
Taxes are an unavoidable component of business activity. Regardless of which taxes are being collected, businesses must calculate, report, and pay the proper authorities what is due on time every year. Large enterprises can hire a team of professional accountants to handle the task, but many small businesses rely on tax software specifically designed for this routine essential chore.
While there are dozens of software packages specializing in tracking, reporting, and paying corporate income taxes common to businesses in the US, six options stand out from the crowd; in some cases, these business tax software packages offer specialization or customization vital to specific industries and corporate tax structures.
Image: Intuit
TurboTax from Intuit is likely the most well-known brand name of tax preparation software in the US. TurboTax Business provides SMBs with the tools necessary to file income taxes for sole proprietorships, partnerships, S Corps, C Corps, multi-member LLCs, trusts, and estates. TurboTax Business costs $170 for the Federal tax return, with states costing an additional fee. The price includes electronic filing.
Key features of TurboTax Business are:
- 100% accuracy guarantee;
- it integrates with QuickBooks;
- automatic transfer of data from previous year;
- automatic transfer of data from Federal to state, saving input time; and
- tech support is available by phone.
Image: H&R Block
Premium & Business Tax Software from H&R Block provides small businesses with the tools necessary to file income taxes for sole proprietorships, partnerships, S Corps, C Corps, multi-member LLCs, trusts, and estates. The standard cost of H&R Block Premium & Business Tax Software is $55.99 ($44.99 for state).
Key features of H&R Block Premium & Business Tax Software are:
- Payroll and employer forms;
- free state program;
- free in-person audit representation; and
- five free electronic filings.
Image: TaxAct
TaxAct Business provides SMBs with the tools necessary to file income taxes. Users are required to select a separate package for each type of return at a cost of $109.95 per unit. State tax returns are available for an additional fee.
Key features of TaxAct Business are:
- Automatic transfer of data from previous year;
- unlimited free support;
- 100% accuracy guarantee;
- free electronic filing; and
- seven years of access to your return.
Image: Liberty Tax
Online-only Liberty Tax Premium provides self-employed contractors and single-member LLCs the tools necessary for preparing income tax returns. However, Liberty Tax Premium does not provide services for preparing partnerships, S Corps, C Corps, multi-member LLCs, trusts, and estates. The service costs $89.95, but a discount price of $44.95 is currently available. State tax returns cost an additional $34.95.
Key features of Liberty Tax Premium are:
- Free competitor product data import;
- audit assistance; and
- supports depreciation calculation.
Image: efile.com
Online-only eFile.com Premier provides self-employed contractors and single-member LLCs the tools necessary for preparing income tax returns. However, eFile.com Premier does not provide services for preparing partnerships, S Corps, C Corps, multi-member LLCs, trusts, and estates. The service costs $39, with state tax returns costing an additional $28.
Key features of eFile.com Premium are:
- Auto downgrade level of service to reach a fair price;
- 100% accuracy guarantee; and
- unlimited state tax returns for a single fee.
Image: TaxSlayer
Online-only Tax Slayer Self-Employed provides self-employed contractors and single-member LLCs the tools necessary for preparing income tax returns. Tax Slayer Self-Employed does not provide services for preparing partnerships, S Corps, C Corps, multi-member LLCs, trusts, and estates. The service costs $54.95, with state tax returns costing an additional $39.95 per state.
Key features of Tax Slayer Self-Employed are:
- Free tax guidance for contractors and self-employed;
- prepare, print, and e-file;
- tax payment reminders;
- 1099 & Schedule C support; and
- 100% accuracy guaranteed.
This post was written by and was first posted to TechRepublic
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