Tax time can be full of stress, but it doesn’t have to be. With the right tools and a little knowledge, doing taxes for your small business can not only save you money; it could also free up more time in your schedule so that you’re able to focus on running or growing your company even further! Tax season is quickly approaching and if you’re looking to do taxes for your small business this year, choosing the best software might be a daunting task. We’ve helped narrow down some of the most popular tax preparation software for businesses.
H&R Block
With its trusted name and well-known in tax preparation, H&R Block offers an awesome user experience and covers a huge range of situations. With straightforward software that’s easy to use the first time around, it will make your taxes breeze by quickly!
H&R Block is a famous brand in business and personal tax preparation. It was founded in 1955, operating around 10,000 retail locations across the world for those looking to do their own taxes or visit an H&R Block office location near them. For 2019’s personal income tax season alone 23 million people chose to use H&R Blocks’ software while 8 million opted for its online services instead!
TaxAct
TaxAct is the best choice for partnerships and corporations because it has been doing business since 2000, completing over 80 million tax returns. Taxpayers can either complete their taxes online or with a PC/MAC on one of their many platforms.
TaxSlayer
TaxSlayer is the best software for self-employed tax filers because of its low pricing and highly rated online experience that works well with 1099 earners who need to complete a Schedule C. TaxSlayer traces its roots in 1965 when they began offering IRS approved software to professional tax preparers, which was then followed by their consumer-facing do-it-yourself business in 1998 where you can file your taxes either on desktop or mobile devices through an easy to use interface.
TurboTax
TurboTax is an industry leader in tax software that offers a wide range of options for filing and preparing taxes. TurboTax includes the option to get on-demand support from a professional, as well as robust technical help with its online and downloadable products. We consider it our best choice when looking at providers of virtual assistance because this company simply has more features than any other provider we looked at!
FAQ’s
Is TurboTax actually free?
Is the edition really free? Yes. We guarantee you’ll pay nothing to file your simple federal and state taxes!
How much does Drake software cost?
The price for Drake Accounting Pro is $495 if you already purchased Drake Tax PPR. Otherwise, the full purchase price of this software package will be a whopping $795.
Do I file my personal taxes with my business taxes?
As a sole proprietor, you will have to file the income your business generates on a Schedule C form that is filed along with your personal taxes. If you do this, though, it means there’s no separate tax return for your small business and all of its earnings are lumped in with those from any other sources – like wages or capital gains.
How much money does a business have to make to file taxes?
For 2020 taxes, there are many cases in which you do not have to file. For example, if your adjusted gross income is between $12-400 and self-employed with a net business profit of over 400 dollars at the end of 2019 then it won’t be necessary for you to submit a return this year.
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