One of the biggest challenges many small business owners face is managing taxes. In case you are not an accountant yourself, you would want to outsource this job to a specialist or use the small business tax preparation software to make your job easy. These tools allow you to manage your federal and state tax and ensure that you don't end up paying more than what you should. When choosing a tax software, make sure to check its features and characteristics. In this article, we will discuss the top 5 tax software for small businesses in 2021.
- H&R Block - H&R Block is a popular choice in the tax software for small tax preparer It has impressive tools for tackling complex issues. The best part about this brand is that it comes among the oldest suppliers globally and offers this software at a reasonable price. At present, two business solutions are available: H&R Block Office for small businesses and H&R Block Online for the self-employed. H&R tax software allows you to chat and discuss things with specialists. If you feel the tax filing is too complicated, you can call your local branch and discuss the further steps with expert accountants.
- TurboTax - TurboTax is one of the best tax software for small businesses because it helps you throughout the tax filing process. The refund guarantee and clean interface give you some extra peace of mind. The downloadable, dedicated business package provides you excess to the most advantageous tax-saving strategy. By using TurboTax, you will get support from an Enrolled Agent (EA) and CPAs, which is essential for small businesses during the tax filing process. Moreover, you will be able to create unlimited 1099-INT, 1099-MISC, W-2, and DIV forms, prepare tax returns for multiple businesses, and import from QuickBooks.
- TaxSlayer. TaxSlayer's Self-Employed package is the best option for personal use because it is suitable for 1099ers and sole proprietors. You get various functions and features at a reasonable price. TaxSlayer has an intuitive and nicely designed interface and this tool also provides audit assistance if required. It's relatively affordable and you can also get solutions via support. For simple tax filing affairs and minimal requirements, TaxSlayer is the best tax software for small tax preparer.
- TaxAct - TaxAct is an ideal solution for many small and midsize businesses because it is fast and easy-to-use. With the help of TaxAct, you get a solid and authentic approach with step-by-step help, a data entry wizard, the ability to import last year's returns, and unlimited free support. PC Magazine rated the online and mobile versions of TaxAct Deluxe as the best choice among competitors for 2014, citing ease of use as well as a good price. But Kiplinger's review of the same version suggests that TaxAct is simple but more suitable for people familiar with the tax code or having fairly simple results.
- FreeTaxUSA - The federal tax filing is completely free through FreeTaxUSA. The software offers you email-based customer support, integrates tax return information, and accounts for over 350 deductions and credits. If you have got more sophisticated small business tax affairs (like Form 1120), FreeTaxUSA might not be a suitable option for you. However, you can try it if your tax affairs are not very complicated because it offers easy-to-use interface and basic functionality. FreeTaxUSA works best for sole proprietors and freelancers. There are only two options (Simple and Premium) for small businesses. So, it is recommended to head straight for the Premium/Advanced package to get the job done more effectively.
So this was our list of top 5 tax software in 2021. Most of them can be used online or downloaded if you still insist on doing so. The software options come in multiple versions and the small business package is top-notch in both price and complexity. Get the one that best suits your need or hire tax preparer in India to maximize your tax deductions.