As the end of the year approaches, and Q4 comes to a close, business owners like you have to worry about hitting your sales numbers and setting new goals for the next year. What you aren’t thinking about is filing your taxes.
We know – the deadline isn’t until April 15, but that doesn’t mean you shouldn’t start thinking about it early. Why? Well, for one thing you can get some really good Section 179 tax write offs when you finance new or used equipment before December 31. But also because you need to ensure you are making the right choice when you select tax software. And getting the right one takes some time.
There are a lot of tax resources out there for business owners, and we want to help you find the best one for you. So, here’s our list of the best 14 tax resources you should invest in this year. Please note: we have listed our top tax software for small businesses here, in no particular order.
TurboTax Business has a tax preparation solution that will get you the money back you deserve. With an easy-to-use interface, extra help and guidance for things like investment sales and retirement, and a way to easily track any donated items throughout the year, TurboTax will get you your maximum tax refund – guaranteed.
- Easily import your previous year’s TurboTax return to save time
- Import your profit & loss statements right from Quickbooks
- Guidance and support entering income and expenses (this comes in especially handy if you don’t already use Quickbooks!)
- Basic, $29.99: Step-by-Step guidance. Easy prep, import last year’s return, quickbook importation.
- Deluxe, $59.99: Maximize your deductions. Everything listed above, plus 1-state download, additional help on over 350 deductions, and access to ItsDeductible which helps you accurately value donated items.
- Premier, $89.99: Investments and rental property. Everything listed above, plus you receive answers to your tax questions and get extra help for things like retirement and investment sales.
- Home & Business, $99.99: Personal and business. Everything listed above, plus what you need to maximize your small business taxes and self-employment income.
H&R Block for Business makes sure that your tax returns come back accurately the first time around. With data security, a step-by-step guide, and tax forms readily available, you’ll be on your way to better savings.
- Ability to easily prepare and e-file business returns
- Produce yearly payroll and employer forms
- Unlimited Business State Program downloads
TaxACT speaks your language because they know you aren’t a tax expert. Many small businesses won’t want to outsource their taxes, and will want to do it themselves. TaxACT’s business product allows you to do that without any complications.
- Three different packages tailored to the type of business you run (privately owned, LLC, or corporation)
- Provides a broad list of expenses to help you maximize deductions
- File electronically immediately for a quick tax refund
Cost: Different packages based on your need
- Partnerships, Corporations & Multi-Member LLCs: $49.99
- Partnership or LLC Form
- C Corporation Form
- S Corporation form
- Sole Proprietors, Self Employed & Single Member LLCs: Free Federal
- Itemizers, investment, interest, dividends, etc.
- Free tax help and audit support
- Sole Proprietors, Self Employed & Single Member LLCs: Deluxe Federal which includes:
- Import prior year TaxACT data and investments, forms, etc.
- Maximize deductions for donations
- Bonus free phone support
Ever start doing your tax return and realize you had somewhere better to be? Well, TaxSlayer allows you to prepare and file your taxes from any device, anywhere you are because they know you are constantly on the go. But what else makes them a good choice?
- They will get you your maximum tax refund or you get the money you spent on the software back
- You can deduct fees right from the Federal tax refund to save out-of-pocket expenses
- 100% accurate calculations guaranteed
Cost: Free – $39.95
- Basic, Free: Step-by-step guide, real-time tax refund calculator and free email and phone support.
- Classic, $17.95: Everything listed above, plus all major forms and schedules and the ability to pull prior year information
- Premium, $39.95: Everything listed above, plus priority support, ability to ask tax professionals questions, and receive tax audit assistance.
Jackson Hewitt is sure to ask more of the right questions so you get back everything you deserve. As certified tax preparers, they understand how difficult taxes can be for some people, so they make it easy – and they work with you along the way,
- Federal, e-file, and W-2 download
- Easy last-year tax return import
- Health coverage exemptions
Cost: Free – $49.94
- Free version includes features listed above, plus unlimited chat and email support
- Basic, $19.95: Everything listed above, plus earned income credit with no dependents, interest income greater than $1,500, and premium tax credit
- Deluxe, $34.95: Everything listed above, plus itemized deductions, health savings accounts, and more.
- Premium, $49.95: Everything listed above, plus business income and expenses, rental properties, depreciation and vehicle expenses
Premium might be best for the business owner, but if you are looking for personal too check out some of the other options!
Backed by the tax professionals at Liberty Tax, eSmart Tax helps you make sense of tax forms. And they make it affordable for you, too. Not only do they promise the biggest refund, but they also have a price guarantee so your rates don’t increase after you begin your return.
- Credit maximization and evaluation to see if you qualify for different credits or deductions
- Easy reporting of business expenses
- Quickly file by importing previous years’ tax returns
Note: They suggest the premium version for business owners
- Premium: Suggested for business owners. Depreciation, business expenses, home office deductions, gains, profit and loss, and S Corporation.
Also backed by Liberty Tax Service, Taxbrain has a wealth of tax knowledge to share. Their professionals built the Taxbrain engine from start to finish, so they can answer all of your questions right when you need them.
- Live representatives available to help you complete your tax return
- Easily download your profit and loss statement and other important business documents
- Fast and easy filing for an almost-instant deposit into your account
- 1040 Premium: Suggested for business owners. Business property, self-employed, depreciation deduction or sale of business assets, plus itemized deductions, stocks, capital ains, and more.
Oneprice Taxes lives up to their name. They only charge one standard rate for any and all tax needs you have. They believe that filing should be easy, and affordable, and they make sure their products reflect that.
- Pay only one flat rate no matter how complex your taxes may be
- Prepare and file your taxes in under an hour
- Ability to try software for free with no risk
- Own a Home & State Return
- Investment/Rental & State Return
- Sole Proprietor & State Return
EZ Tax Return stands out from the tax crowd because they believe in constant education and innovation. They don’t believe in relying on their past successes. Every year they continue to upgrade and innovate, add supporting forms, and take what they’ve learned to make a better product. Here’s all that it can do for you.
- Phone support that won’t put you on hold. They’ll call you when they have an answer to your question.
- EZ Tax Return partners with InfoArmor to provide credit protection and monitoring, which comes free with the package.
- If you find a better value within 30 days of filing, EZ Tax Return will refund the full cost of services.
- This includes both Federal and State (Federal alone is $29.95 and State alone is $19.95)
- 3 years secure storage
- 3 years unlimited downloads
- Unlimited re-file for rejections
E-file is big on having a price advantage. In addition to their easy e-filing tax services, they also guarantee the right tax form at the lowest price and a fair value pricing model. This means you never have to upgrade services if you don’t need to and in your world, cost matters.
- Unlimited state tax returns for one flat fee
- E-file will meet and beat any competitor’s price
- Receive tax audit assistance if needed
Cost: $34.95, but start free
- This is the plan suggested for business owners (but other options include a Free version and a $24.95 version
- Itemized deductions
- All forms & schedules
- Form 1040 included
One of the best things about FreeTaxUSA is that they tailor their products specifically to the self-employed business owners. They understand that you have a lot on your plate, so they guide you through the process and get you the credits and write-offs you deserve.
- A dozen forms are supported and can be downloaded for use in tax filing
- E-file, printing, and backup is included
- Add a state return for only $12.95
Cost: Federal- free or $5.95; State – $12.95
- Free: E-file, account information roll over, complex tax filing, tax extension
- Deluxe, $5.95: Everything listed above, plus amended tax returns, priority customer support, live chat, and audit assistance
For businesses that already have SurePayroll or those who are looking to upgrade their payroll systems, using this as a tax service too is a win-win. While their main mission is to provide convenient payroll services, they make it easy for business owners to handle their taxes through their software as well.
- They calculate, pay, and file local payroll taxes for you
- Automatically posts W-2s and 1099s online so you can review and approve
Cost: Contact for a Quote
GoDaddy is a great option for business owners looking to invest in an online bookkeeping service that can double as a tax resource. With Outright, by GoDaddy, you don’t have to search far and wide for any receipts or spreadsheets to properly file your taxes. They take care of it for you.
- Imports data from your bookkeeping and categorizes them by Schedule-C tax time
- Receive alerts for upcoming tax deadlines and be aware of how much you may owe
- Tracking for sales tax that you collect from your customers so you know much to report to the state government
- Profit & Loss, spending and best customer reports
- Create, send, and track professional customized invoices
- Tax worksheets and reports
The IRS does not host any tax software, but they are the best resource out there for information on business taxes. Below are some of the key features we thought would help you the most, but browse their website to discover even more information.
- Small business and self-employed tax center
- Large business and international tax center
- Employment Taxes
- Small business forms and publications
Much like these 15 resources, Direct Capital is on your side this tax season. We want the process to be as easy as possible, so we hope you received guidance with this post.
And, as we mentioned, if you want to want to take advantage of that Section 179 tax write off before the end of the year, we’ve got your covered. Just call our finance experts at 866-777-0117 to learn more!