As tax season approaches, many small business owners grapple with a familiar tension.
They wonder if their documents are ready, whether they can handle filing themselves, or how much they need to budget for professional help.
Fortunately, you don’t have to be a finance expert to tackle your tax obligations.
A plethora of tax preparation software options—affordable for nearly every situation—can make the process much easier.
If you’re feeling lost in choosing the right software for your business, we’ve rounded up a thorough guide to some of the most popular choices available this year.
HOW WE EVALUATED THE BEST TAX SOFTWARE
Choosing the right tax software is crucial for both individuals and businesses.
It can significantly streamline the tax preparation and filing experiences.
RECOMMENDED TAX SOFTWARE SOLUTIONS
To assist you in finding the best fit for your needs, we’ve analyzed a selection of 11 widely recognized tax software options for this year:
- H&R Block
H&R Block stands out as a leading option.Its online platform offers a variety of filing methods, including e-filing and access to tax professionals.
- TurboTax
While TurboTax provides a comprehensive selection of tax-filing tools, it might not be the most affordable choice available. - TaxSlayer
Known for its budget-friendly offerings, TaxSlayer particularly appeals to freelancers, providing tailored solutions for self-employed individuals. - E-file
If discounts and promotions matter to you, E-file is worth considering.This software often has special offers throughout the year, catering to cost-conscious users.
- TaxAct
Designed specifically for entrepreneurs and independent contractors, TaxAct boasts valuable tools, including a tax estimation calculator. - Jackson Hewitt Online
Jackson Hewitt has gained popularity for its utility in filing multiple state returns, offering unlimited state returns at a fixed rate. - Liberty Tax
For those who are already familiar with the brand, Liberty Tax provides a convenient way to file taxes online without breaking the bank.
GREAT FREE TAX SOFTWARE OPTIONS
Many tax software offerings come with free versions tailored to specific situations.
- FreeTaxUSA
This platform lets users file for various tax circumstances at no cost. - Cash App Taxes
Recognized as one of the best free tax solutions, Cash App Taxes allows users to file both federal and state returns without any fees. - TaxHawk
TaxHawk provides free federal tax filing, along with low-cost options for state submissions. - IRS Free File Program
Taxpayers with an adjusted gross income (AGI) below $73,000 may be eligible for free filing through trusted providers participating in the IRS program.
| Software | Free Federal E-filing? | Basic Tier | Premium Tier | State Returns |
|———————–|————————|————|————–|—————|
| H&R Block | Yes | $25 | $75 | $19.95 |
| TurboTax | Yes | $0-$119 | $0-$119 | $59 |
| TaxSlayer | Yes | Free | $32.95 | Free |
| E-file | Yes | Free | $37.49 | $22.49 |
| TaxAct | Yes | Free | $69.99 | $39.99 |
| Jackson Hewitt Online | No | $25.00 | $25.00 | Included |
| Liberty Tax | No | $45.95 | $85.95 | $36.95 |
| FreeTaxUSA | Yes | Free | Free | $14.99 |
| Cash App Taxes | Yes | Free | Free | Free |
| TaxHawk | Yes | Free | Free | $14.99 |
| IRS Free File | Yes | Free | Free | Varies |
Ultimately, the right tax software for you will depend on your unique preferences and needs.
While established brands like H&R Block and TurboTax are popular among users, many taxpayers are discovering that lesser-known alternatives can offer exceptional service at a fraction of the cost.
The key lies in weighing the familiarity of trusted names against the potential savings of exploring new options.
Source: Smallbiztrends