A Guide to Tax Software for Small Businesses

Making it through tax season is an exercise in organization, discipline, and financial planning. The good news is that there are a great deal of small business tax planning software solutions available.

We’ve narrowed down the plethora of tax season software options to highlight a few we really like.

What is Small Business Tax Planning Software?

One way to think about tax software is part how-to guide, part tax calculator, and part organizer. You enter revenue, expenses, and other financial information, and the software calculates the tax you may owe or the refund you’re due. In many cases, it also allows you to electronically file your state and federal tax returns.

Most tax preparation software for professionals and other businesses offers different service tiers, based on the type and complexity of your taxes. As you might expect, these tiers come with different prices.

1. TurboTax Premium

TurboTax is a big name in small business tax planning software. And it’s no wonder why. Their small business solution is one of the easiest-to-use, finds deductions across a variety of industries and types of businesses, and offers a 100% accuracy guarantee.

As of this writing, it’s $89 to file your federal taxes and $39 for a state filing.

2. TaxSlayer Self-Employed

Generally speaking, the more complicated your return, the more you’re likely to pay to file. However, TaxSlayer Self-Employed finds a nice sweet spot between complexity and budget-friendliness.

TaxSlayer lets you electronically file federal and state returns for less than $100. And that price includes tax help from their experts. It’s good for novices and seasoned business owners alike. If taxes aren’t your thing, there’s a guided step-by-step option. If you’ve been down this road before, you can choose to go straight to the forms and enter your information.

3. H&R Block Self-Employed

Want a lower-cost solution for tax prep but still want hands-on support? Try H&R Block. It’s an easy-to-use solution that walks you through filing your taxes step-by-step. They also offer expert help online or on the phone (for a fee).

Another Option: Hire a CPA

The right tax software can make doing your return quick and painless. But no amount of software can give you the same peace of mind as hiring a certified public accountant (CPA).

Ideally, a good CPA can stay alongside you as your business grows and provide guidance when tax laws change. If an issue arises, such as an audit, your CPA can be available to help you navigate IRS questions and requirements.

Many CPAs are small business owners as well, which offers you the benefit of supporting another small business. We’re big believers in that.

Similar to using small business tax planning software, the cost of a CPA can vary, based on your tax situation and needs. A simple tax return might be just a few hundred dollars, while in-depth consulting can be much more. CPA costs also can vary, based on your business location.

Let’s Make Taxes Less Taxing

Tackling taxes is one of the things that nearly every business owner deals with. The good news is that you don’t have to do it alone. The same is true when it comes to other aspects of running your business. We’re here with an online Resource Center well-stocked with how-to guides, handy tools, and timely advice.