Best Tax Software for Small Business of March 2023

sginccpa June 28, 2023

Small businesses may need help understanding the complexities of tax regulations, deductions, and credits when filing their taxes. Fortunately, tax software has developed to make the procedure easier to handle, more precise, and more effective. To assist you in making an informed choice for your business, we will examine the features, advantages, and pricing of the top tax software for small businesses in March 2023 in this post.

Tax Software

Using tax software, taxpayers, corporations, and tax experts may easily prepare, file, and manage their tax returns and related financial paperwork. By automating different operations, such as calculating income and deductions, assessing tax due, and producing finished tax forms that can be submitted electronically or printed and mailed, these software programs are intended to make the tax filing process simpler.

Promising Features of Tax Software

Tax software typically offers features such as:

- The software guides users through a step-by-step process to input their financial information, such as income, expenses, deductions, and credits.

- Most tax software supports a wide range of tax forms, including the standard income tax forms like 1040, 1040A, or 1040EZ, as well as schedules and additional forms for specific situations.

- The software performs automatic calculations of taxable income, deductions, credits, and tax liability based on the information provided by the user.

- Many tax software programs can electronically file (e-file) tax returns directly with the IRS and state tax agencies, often for faster processing and refunds.

- Tax software typically includes error-checking features that help identify mistakes or discrepancies in the entered data before submitting the tax return.

- Tax planning: Some tax software includes tools and resources for tax planning, such as estimating future tax liabilities or optimizing deductions and credits.

5 Best Tax Software for Businesses

1. TurboTax Business

TurboTax Business is a popular choice for small businesses and partnerships, providing step-by-step guidance, industry-specific deductions, and automatic error detection.

Features

- Step-by-step guidance

- Industry-specific deductions

- Automatic error detection

- Audit support

- E-file capabilities

Benefits

- User-friendly interface

- Comprehensive tax deductions

- Accurate calculations

- Expert support available

- Seamless integration with QuickBooks

Pricing

TurboTax Business pricing starts at $169.99 per return, with additional fees for state returns and expert support.

2. H&R Block Premium & Business

H&R Block Premium & Business is a versatile tax software solution for small business owners, providing robust features and expert support.

Features

- Corporate, partnership, and LLC tax filing

- Payroll and employer forms

- Asset depreciation

- Audit support

- Unlimited expert tax advice

Benefits

- Comprehensive tax support for various business structures

- Easy-to-use interface

- Accurate calculations

- Excellent customer support

- Competitive Pricing

Pricing

H&R Block Premium & Business pricing starts at $89.95, with additional fees for state returns and expert support.

3. TaxAct Business

TaxAct Business is an affordable and reliable tax software solution for small businesses, offering a variety of features and excellent customer support.

Features

- Corporate, partnership, and LLC tax filing

- Payroll and employer forms

- Deduction maximization

- Audit support

- Error detection

Benefits

- Affordable pricing

- Straightforward user interface

- Comprehensive tax support for various business structures

- Excellent customer support

- Accurate calculations

Pricing

TaxAct Business pricing starts at $54.95 for federal returns, with additional fees for state returns and expert support.

4. Xero TaxTouch

Xero TaxTouch is a mobile-friendly tax software solution designed for freelancers and small business owners, offering a simple and intuitive user experience.

Features

- Expense tracking

- Receipt capture

- Mileage tracking

- Schedule C support

- Quarterly tax estimates

Benefits

- Mobile-friendly interface

- Easy expense management

- Accurate tax estimates

- Simple tax filing process

- Integration with Xero accounting software

Pricing

Xero TaxTouch pricing starts at $5.99 monthly, with additional fees for state returns and expert support.

5. TaxSlayer Business

TaxSlayer Business is a cost-effective and user-friendly tax software solution for small businesses, offering robust features and excellent customer support.

Features

- Corporate, partnership, and LLC tax filing

- Payroll and employer forms

- Deduction maximization

- Audit support

- Error detection

Benefits

- Affordable pricing

- Straightforward user interface

Pricing

It is available from $29.95 to $59.95.

FAQs

What Are The Benefits Of Using Tax Software?

Convenient and easy to use
Highly beneficial in keeping records
Cost-effective alternative for tax filing and recording
Faster turnaround and receipt

Is My Personal Information Secure With The Tax Software?

Security is a top priority for any tax software. This software uses advanced encryption technology to protect personal information during transmission and storage. They also implement strict access controls and regularly update our security measures to safeguard your data.

Can I E-File My Federal And State Tax Returns With The Tax Software?

Yes, tax software supports e-filing for both federal and state tax returns. Their user-friendly interface will guide you through the process, allowing you to submit your returns directly to the IRS and your state’s tax agency. In addition, E-filing is fast and secure and often results in quicker refunds.

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Best Tax Software for Small Business of March 2023

Tax Software

Promising Features of Tax Software