Managing all the paperwork and calculations when filing taxes can be a daunting task for small business owners. A wide range of business tax software is available to make filing taxes less stressful and time consuming. Here are some of the software solutions out there that can help you maximize your business expense claims.
- Cost: $129.95 for federal taxes, $49.95 for state taxes (TurboTax Business State)
- Runs on Windows XP, Vista, Windows 7
- Direct download or CD shipping
- Import data from previous years and generates filled in tax forms quickly
- Free telephone and live chat technical support in addition to website
As one of the most popular business tax software packages out there, TurboTax Business is designed to work for various business entities such as corporations, partnerships and LLCs. It features a rich user friendly interface that guides you through every aspect of tax filing by asking a series of simple questions. If you have last yearâ€™s numbers on hand, you can import that data to save a lot of typing; this also lets you compare numbers year by year. Itâ€™s also compatible with e-filing electronic returns with the IRS.
TurboTax Business tax software can help maximize tax deductions for your business and has the ability to prepare numerous forms including W-2, 1099-INT, 1099-MISC and 1099-DIV to account for employee payroll and contractor expenses. The software takes into account different business expenses including transportation costs, office supplies, marketing and advertising expenses as well as travel costs. Calculations are always checked for accuracy and completeness.
TaxACT Home and Business
- Cost: $55 with money back guarantee
- Runs on Windows 2000, XP, Vista, Windows 7
- Direct download, feature rich and compatible with various business tax forms
- Data from federal return can be integrated into state return (requires extra state edition)
- Offers one free federal e-file
- Free support offered in online knowledge base, unlimited telephone and email support
- Great for the self employed, small business owners, people who generate rental property income and those with specific business deductions and mortgages
TaxACT Home and Business tax software comes with two titles (TaxACT Deluxe and TaxACT State) and your pick of TaxACT Business 1065, TaxACT Business 1120S or TaxACT Business 1120. Itâ€™s perfect for self employed individuals who work in home offices. It has a familiar â€œinterview styleâ€ format of questions designed to walk you through the entire process.
TaxBrain Online Tax Preparation
- Cost: $39.95 for 1040 Deluxe and $69.95 for 1040 Premium
- Web based business tax software solution
- QuickAccess loan program let you receive your tax refund quickly via direct deposit or mailed check
- Offers tax preparation for previous year tax returns dating back to 2004
- Free live chat, email and telephone support from certified tax professionals
This business tax software is actually web based with nothing to install. It uses a simple questionnaire format to generate the right forms for you. There are also worksheets to fill out with the corresponding numerical data, which are then used to perform all the necessary calculations. Business owners would primarily be interested in the 1040 Deluxe Tax package which has support for employee business expenses (Form 2106) and deductions associated with partnerships and S Corporations. The 1040 Premium Tax package can handle home office deductions, rental property and business income.
H&R Block At Home Premium & Business
- Cost: $79.95 with 60 day money back guarantee
- Runs on Windows XP, Vista and Windows 7 with internet connection for product updates
- Direct download
- Handles corporations, S corporations, LLC, partnerships
- Business expense and vehicle tax deductions
- Data import feature for previous year tax information
- 5 free federal e-files
Offered by leading tax preparation firm H&R Block, the At Home Premium & Business tax software is a good choice for business owners who are also interested in filing personal tax returns in addition to their business. It offers support for various payroll and employer forms and lets you import information from W-2 and 1099 forms.