Best Tax Software for Small Business of July 2023
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In a world of small businesses, tax season can be both confusing and time-consuming. As a business owner, you want to ensure that you’re staying compliant with local laws while minimizing your tax liabilities. For this reason, it’s crucial to choose the best tax software tailored for small business needs. As of July 2023, we have rounded up the top five tax software options that every small business owner should consider.
1. Intuit QuickBooks
Intuit QuickBooks is a comprehensive and feature-rich tax software that has long been a favorite among small business owners. With its user-friendly interface and integration with other accounting tools, QuickBooks provides a seamless experience to manage taxes efficiently. Additional features such as multi-device syncing, invoicing, and cash flow management make it a top choice for any small business.
2. H&R Block Premium & Business
H&R Block Premium & Business offers an intuitive solution for the tax preparation needs of both individuals and businesses. With payroll support, asset depreciation tracking, and expert guidance within the platform, H&R Block Premium & Business is perfect for those looking to file federal and state taxes without feeling overwhelmed by complex forms.
3. TaxAct Business Edition
TaxAct Business Edition is another contender in the world of small business tax software. It caters to various business structures, including sole proprietorships, partnerships, LLCs, C-corporations, and S-corporations. TaxAct also includes free phone support from specialists during the tax filing process or anytime a query arises.
4. Xero TaxTouch
Xero TaxTouch is specifically designed for freelancers and self-employed professionals managing their own finances. Its straightforward interface allows users to easily track income and expenses, categorizing transactions as they occur throughout the year. With TaxTouch’s on-the-go cloud access and optimization features for Schedule C filers, it’s an excellent choice for small business owners in the gig economy.
5. TurboTax Business
TurboTax Business offers a robust package with industry-specific features catering to today’s entrepreneurs. With step-by-step guidance, built-in error checks, and audit support, TurboTax provides peace of mind during tax season. Plus, its integration with QuickBooks ensures seamless data transfer between platforms if you’re already using Intuit’s accounting software.
Final Thoughts
Choosing the right tax software for your small business depends on your company’s structure and individual needs. However, these five top options offer versatility and comprehensive features tailored specifically for small businesses. Take some time to explore each platform’s capabilities before settling on the one that best fits your organization’s requirements. With the right tool in hand, tax season will be much less stressful and more manageable in July 2023.