The Best Tax Software for Small Business

Small Business

If you own a small business, every dollar matters, especially when it comes to small business taxes. Whether your business is a partnership, LLC or corporation.


  • 30% Off Tax Filing Coupon @ E-file

    30% Off

    Save time by filing in just a few minutes

    All Deductions Supported
    All Credits Supported 
    Business & Personal Income
    Itemized Tax Deductions

    More Less
  • File Your Taxes For Free @ E-File

    Free Offer

        Complete Filing Support
        Free Federal E-filing
        Get your Tax Refund Fast
        Single or Joint Filing

    More Less
  • TurboTax Self-Employed Savings

    TurboTax Self Employed
    The perfect personal and small business tax solution.

    More Less
  • $20 Off TurboTax Deluxe

    Limited Time Offer: Save $20 on TurboTax Deluxe

    More Less
  • Best Sellers in Tax Preparation

    TurboTax Deluxe Desktop Tax Software, Federal and State Returns + Federal E-file
    TurboTax Home & Business Desktop Tax Software
    H&R Block Tax Software Deluxe + State
    TurboTax Premier

    More Less
  • $20 Off TurboTax Premier + State 2019 Tax Software

    Turbotax premier + state is recommended if you sold stocks, bonds, mutual funds or options for an employee stock purchase plan, own rental property or you are the beneficiary of an estate or trust (received a k 1 form)

    Save $10 on MTP3 Digital when you purchase 1 or more Intuit ASINS

    More Less
  • $100 Off QuickBooks Essentials

    Get $100 off the first year when you purchase QuickBooks Online Essentials

    Track income & expenses
    Invoice & accept payments
    Capture & organize receipts
    More Less
  • 20% Off TaxAct Discount

    TaxAct Software makes filing your federal tax return easy with Maximum refund.
    TaxAct is a low cost option for tax preparation and free email and phone support more than make up for it.
    More Less
  • 35% Off Federal and State Returns : TaxAct

    35% Off

    File Taxes Online, Tax Filing Made Easy

    More Less

Without a good tax software, you could miss important tax credits and deductions that could end up saving your business money in the long run. With the right tax program, you can also avoid costly tax errors.

Small Business Tax Software

Which tax software is best for small business?

Small Business Taxes are confusing enough without the additional stress of figuring out which tax software is the best tax software.

  • TaxAct: Good Value for Money.
  • TurboTax: Best UI but pricy.
  • H&R Block: Best for complex business.
  • Liberty Tax: Best for beginners.
  • eFile.com: Best for small business.
  • FreeTaxUSA: Best budget option.

What is the cheapest tax service?

As a general rule, prices of tax professionals or accountants increase as your financial situation and your tax return become more complex.

Taxes

You should expect to pay an average of $200-$300 range if you want to itemize your deductions on your tax return.

If your tax situation isn’t very complicated, you can save money by purchasing online tax preparation software instead.

If your 2021 tax situation is very simple and basic, you can have your return prepared and filed for free, subject to some income limits.

What is the difference between 1065 and 1120s?

If you are a sole proprietorship, you report your income and expenses on a Schedule C attached to your federal Form 1040 tax return when it is filed.

If you are a corporation or a partnership, you file a Form 1120 or a Form 1065 tax return.

How much does it cost to file taxes for a small business?

No matter how small your business is, you have to file your taxes. But, your small business tax preparation cost can be more expensive than you might think.

You can use accounting software (recordkeeping) to record your business transactions.

The more organized your bookkeeping are, the less time it takes to file your taxes.

Many accountants charge you per hour. If your accountant spends less time organizing your records, your bill could be lowest.

Average small business tax preparation cost and may vary depending on your region, industry, and business size:

  • $174 for a Form 1040 Schedule C (business)
  • $634 for a Form 1065 (partnership)
  • $817 for a Form 1120 (corporation)
  • $778 for a Form 1120S (S corporation)
  • $457 for a Form 1041 (fiduciary)
  • $688 for a Form 990 (tax exempt)
  • $68 for a Form 940 (Federal unemployment)
  • $115 for Schedule D (gains and losses)

What is the cheapest businesss tax preparation software?

TaxAct Business is the cheapest tax filing solution.

Self-Employed Taxes for Independent Contractors

If you’re freelancer or a self-employed, you likely get paid as an independent contractor rather than an employee.

Tax SavingsYou could be considered an independent contractor if you operate as a sole proprietor, form a limited liability company (LLC), or adopt a corporate structure like c or s corp.

Employees normally get paid on a weekly, biweekly or monthly basis. As an independent contractor, there is no consistent schedule.

These payments are not considered a salary or wages for tax purposes as no federal income taxes, Social Security taxes or Medicare taxes are taken out before you receive the money.

One need’s to file an yearly tax return to pay federal income tax if your net earnings from self employment are $400 or more.

Along with your IRS Form 1040, you’ll file a Schedule C to calculate your net income or loss for your small business.

You can file a IRS Schedule C-EZ form if you have less than $5,000 in small business expenses.

Independent Contractor’s Examples
Accountants, Freelance writers, Hairstylists, Lawn care providers, Electricians, Physicians, Dentists, Attorneys

Types of Small Business

Tax App Filing

The most common types of business entities include sole proprietorships, partnerships, limited liability companies (LLC), C or S corporations and cooperatives.

  • Sole proprietorship: Simplest form of business entity.
  • Partnership: owned by two or more individuals.
  • Limited liability company: LLC’s are hybrid structure that allows owners, partners or shareholders to limit their personal liabilities.
  • Corporation: Independent of its owners, it can sue, be sued, own and sell property, and sell the rights of ownership in the form of company stocks. There are several types of corporations, including C corporations, S corporations, B corporations, closed corporations and nonprofit corporations.
  • Cooperative: co-op is owned by the same people it serves.

Best Online Tax Software
Best Tax Software for Small Businesses
TurboTax Business
Partnerships, S Corp, C Corp, multi-member LLC, trusts and estates
File Business Taxes Online TaxAct Business Tax Software
Premium & Business Tax Software software for small business owners

Similar Stores
Tax Preparation
Free Tax Software
TaxAct
Jackson Hewitt
Small Business Tax Software
Free Student Tax Filing
e-file.com
TurboTax
TurboTax Deluxe

One thought on “The Best Tax Software for Small Business

  1. Taxact is the best business taxes software with a good price point for sole proprietorship, partnership, C corp, or S corp

Leave a Reply