Tax season is upon us and as a small business owner, you’re probably looking for the best tax software to make filing your returns an easy task. With so many options out there, it can be overwhelming to choose between them. Two of the most popular tax software providers are TaxAct and TurboTax. Both offer a range of features that cater specifically to small business owners. But which one is right for you? In this blog post, we’ll take an in-depth look at TaxAct vs TurboTax and help you decide which one will suit your needs best!
Overview of TaxAct vs TurboTax
TaxAct and TurboTax are two of the most popular tax software options for small business owners. TaxAct offers a range of features that cater specifically to small businesses, including assistance with deductions, asset depreciation, and employee payroll taxes.
TurboTax also provides similar features but includes more advanced tools that can be beneficial for larger businesses. One such feature is the ability to import your financial data directly from QuickBooks or other accounting software.
Another difference between TaxAct vs TurboTax is pricing. TaxAct generally has lower prices compared to TurboTax; however, this may vary depending on the specific edition you choose and any additional add-ons you require.
Both tax software providers offer excellent customer support through phone or chat services. However, TurboTax’s customer service is known for being more extensive than TaxAct’s due to its long history in providing tax solutions.
When it comes down to choosing between TaxAct vs TurboTax for your small business needs depends on various factors like size of business and budget limitations.
TaxAct
TaxAct is a popular tax software for small business owners. It offers affordable pricing and various features that make it easy to navigate through tax season. One of the standout features of TaxAct is its user-friendly interface, which provides step-by-step guidance for filling out tax forms.
Additionally, TaxAct offers free phone support for all customers, making it an excellent choice for those who may need assistance during the filing process. Another feature that sets TaxAct apart from other tax software providers is its accuracy guarantee. If there are any errors on your return due to a mistake made by TaxAct, they will reimburse you up to $1000 in penalties or interest.
Furthermore, with TaxAct’s vast library of online resources such as FAQs and video tutorials available 24/7, users can quickly get answers to their questions without having to wait for customer service representatives’ help.
If you’re looking for affordable yet reliable tax software with useful features and significant resources at your fingertips – then look no further than TaxAct!
TurboTax
TurboTax is a user-friendly tax software that is widely used by small business owners. It offers an easy-to-use interface, making it simple for users to navigate their way through the different sections of their tax return. TurboTax also provides detailed explanations and help tips throughout the process, which can be especially useful for those who are new to filing taxes.
One of the standout features of TurboTax is its ability to import financial data directly from various accounting software programs such as QuickBooks and Xero. This saves time and minimizes errors caused by manual data entry. Additionally, TurboTax has a mobile app that enables users to file their taxes on-the-go.
TurboTax also offers multiple packages designed to suit individual needs. For example, businesses with more complex tax returns may require the Self-Employed package while those with simpler returns could opt for the Deluxe or Premier versions.
Furthermore, TurboTax offers free audit support in case you receive an IRS notice related to your return filed with them. If you have any questions or concerns while using this software program, customer support agents are available via phone or live chat 7 days a week during extended hours (from early morning until midnight).
How to Choose the Right Tax Software for Your Business
Choosing the right tax software for your small business can be a daunting task. With so many options available in the market, it can be overwhelming to choose which one is best suited for you. Here are some tips to help you make an informed decision:
- Firstly, identify your specific needs and requirements. Consider factors such as the size of your business, the complexity of your finances, and any specific features that may be important to you.
- Secondly, do your research on different tax software options available in the market. Read reviews from other users and compare prices and features offered by each software.
- Thirdly, consider seeking advice from a professional accountant or tax advisor who may have experience using different tax software programs.
- Fourthly, ensure that the tax software program you choose is user-friendly with simple navigation and clear instructions.
Look for additional benefits such as customer support services or free trials before making a final decision.
By following these steps and taking into consideration all necessary factors when choosing a tax software program for your small business will ultimately lead to saving time and money during this stressful period whilst keeping track of financial records accurately.
Conclusion
After comparing TaxAct vs TurboTax, it’s clear that both tax software options have their strengths and weaknesses when it comes to small business owners. While TaxAct may be the better option for those who need a more affordable choice that still offers comprehensive features, TurboTax is ideal for businesses with complex tax situations.
Ultimately, the decision on which software to use will come down to your individual needs as a small business owner. Consider factors such as cost, ease of use, customer support, and available features before making your final decision.
No matter which software you choose, always make sure to double-check your work and stay up-to-date on any changes in tax laws or regulations. With the right tools at your disposal and a strong understanding of your taxes as a small business owner, you’ll be able to file confidently each year without any added stress or hassle.