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Business Tax Software

 

Business tax software can be an easy, low-cost alternative to hiring a costly accountant. Read on to find the product that's right for you.

TurboTax

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TurboTax Business $109.95

Best for: S Corporations, C Corporations, Partnerships, Multi-Member LLCs

Summary: TurboTax's most robust offering is able to handle more complicated returns for corporations and partnerships. TurboTax claims that this product will help you claim all the business deductions and credits you can possible get, including a list of write-offs by industry. This product asks you to fill out a questionnaire to determine the relevant forms, which they help you to quickly and easily fill out. This product also allows you to prepare returns for multiple businesses, even if they are different entity types. Finally, it helps you reduce audit risk by providing an Audit Risk Meter that tracks common audit triggers on your return. They will also represent you in the event of an audit (Audit Defense).

Read full TurboTax Business review.

TurboTax Home & Business $99.95

Best for: Sole proprietors, Consultants, 1099 Contractors, Single-Member LLCs

Summary: This product is a great option for independent contractors, single-owner LLCs and those who are considered as self-employed. The interface walks you through industry-specific deductions to help you get a larger refund. It also helps you reduce audit risk by providing an Audit Risk Meter that tracks common audit triggers on your return. They will also represent you in the event of an audit (Audit Defense).

Read full TurboTax Home & Business review.

TaxCut

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H&R Block TaxCut Online Office $109.95

Best for: Business owners, Self-employed, Complicated tax returns

Summary: TaxCut Online Office is not technically software. It is actually full-service tax preparation, performed by an H&R tax professional and done via the internet. You would get the same service if you walked into an H&R Block office. The only difference is that, instead of wasting time in their office, you can sit at home while your taxes are being prepared. You can either fax or send any relevant documents via an H&R Block message board. Online Office handles "complex tax situations," which include both business and personal income. Once the return is completed, the H&R Block preparer will send it to you to check and approve. They will also sign and e-file your return for you.

Read full H&R Block TaxCut Online Office review.

H&R Block TaxCut Signature $99.95

Best for: Business owners, Self-employed

Summary: This product allows you to prepare moderate to complex returns with the assistance of an H&R Block tax professional. Unlike TaxCut Online Office, this product is not full-service tax preparation. But, you do have the option for an H&R tax pro to review, correct, sign, and e-file your return. You also get unlimited tax advice during the remainder of the year. TaxCut Signature helps you to maximize your deductions by assisting with a Schedule C return, home mortgage, rental property, home office, business expenses or asset depreciation. You also get everything included with TaxCut Premium, which handles individual/personal income.

Read full H&R Block TaxCut Signature review.

H&R Block TaxCut Premium + E-file $49.95

Best for: Self-employed, Home office deductions

Summary: This product is best for relatively straightforward personal and self-employment taxes. It also provides detailed, instructional videos on claiming home office deductions. You get one free tax advice session with an H&R Block tax professional, who can help answer specific questions about your return. This option is great for freelancers or those who are considered as sole proprietors and who do not have multiple businesses or business partners.

Read full H&R Block TaxCut Premium + E-file review.

TaxACT

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TaxACT Home & Business 1065 $44.95

Best for: Partnerships

Summary: This product includes all of the features of TaxACT's Deluxe product (for personal taxes) and also supports the necessary forms for business partnerships. The state add-on for State 1065 returns is automatically included, which makes this product a great value for those who must pay state income taxes. They also give you detailed Depreciation Reports for depreciable assets and Loan and Savings Calculators, which help you compute loan payments and the future value of savings deposits. This product is offered as a software download only (no online version is offered).

Read full TaxACT Home & Business 1065 review.

TaxACT Home & Business 1120S $44.95

Best for: S Corporations

Summary: This product includes all of the features of TaxACT's Deluxe product (for personal taxes) and also supports the necessary forms for S Corporations. The state add-on for State 1120S returns is automatically included, which makes this product a great value for those who must pay state income taxes. They also give you detailed Depreciation Reports for depreciable assets and Loan and Savings Calculators, which help you compute loan payments and the future value of savings deposits. This product is offered as a software download only (no online version is offered).

Read full TaxACT Home & Business 1120S review.

TaxACT Home & Business 1120 $44.95

Best for: C Corporations

Summary: This product includes all of the features of TaxACT's Deluxe product (for personal taxes) and also supports the necessary forms for C Corporations. The state add-on for State 1120 returns is automatically included, which makes this product a great value for those who must pay state income taxes. They also give you detailed Depreciation Reports for depreciable assets and Loan and Savings Calculators, which help you compute loan payments and the future value of savings deposits. This product is offered as a software download only (no online version is offered).

Read full TaxACT Home & Business 1120 review.

TaxACT Business 1065 $29.95

Best for: Partnerships

Summary: This product includes all of the features of TaxACT's Deluxe product (for personal taxes) and also supports the necessary forms for business partnerships. The state add-on for State 1065 returns is automatically included, which makes this product a great value for those who must pay state income taxes. They also give you detailed Depreciation Reports for depreciable assets and Loan and Savings Calculators, which help you compute loan payments and the future value of savings deposits. This product is offered as a software download only (no online version is offered).

Read full TaxACT Business 1065 review.

TaxACT Business 1120S $29.95

Best for: S Corporations

Summary: This product includes all of the features of TaxACT's Deluxe product (for personal taxes) and also supports the necessary forms for S Corporations. The state add-on for State 1120S returns is automatically included, which makes this product a great value for those who must pay state income taxes. They also give you detailed Depreciation Reports for depreciable assets and Loan and Savings Calculators, which help you compute loan payments and the future value of savings deposits. This product is offered as a software download only (no online version is offered).

Read full TaxACT Business 1120S review.

TaxACT Business 1120 $29.95

Best for: C Corporations

Summary: This product includes all of the features of TaxACT's Deluxe product (for personal taxes) and also supports the necessary forms for C Corporations. The state add-on for State 1120 returns is automatically included, which makes this product a great value for those who must pay state income taxes. They also give you detailed Depreciation Reports for depreciable assets and Loan and Savings Calculators, which help you compute loan payments and the future value of savings deposits. This product is offered as a software download only (no online version is offered).

Read full TaxACT Business 1120 review.

TaxBrain

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TaxBrain 1040 Premium $69.95

Best for: Small business owners, rental owners & self-employed

Summary: This product is designed for small business filers, who have a rental or are self-employed. 1040 Premium supports Schedule C for profit and loss from business, Schedule SE for self-employment tax, home office deductions and several other key small business-related forms. Although you don't get as much tax support as you'd get with TurboTax and TaxCut, this product is a value at 30% cheaper than market price.

Read full TaxBrain 1040 Premium review.

TaxBrain 1040 Deluxe $39.95

Best for: Partnerships, S Corporations, & Investments

Summary: This product includes all of the features of TaxBrain's 1040 Basic product (for personal taxes) as well as supports income from business partnerships, S Corporations and investment trading. The software also supports small business deductions and an array of business-related tax forms, including Schedule A for itemized deductions, Schedule B for interest and dividend income, Schedule D for capital gains and losses, and more. Although you don't get as much tax support as you'd get with TurboTax and TaxCut, this product is a value at 36% cheaper than market price.

Read full TaxBrain 1040 Deluxe review.

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