1. TurboTax Business - Pricing Starts at $159.99
TurboTax Business has been one of the industry leaders for business tax software since the mid-1980s. Their brand power is undeniable, and they’re so popular for a reason. How do they stack up to H&R Block?
- TurboTax Business is a bit more expensive than the other options in this guide. You can get your federal return filed for $159.99, while your state return will set you back $49.99. Like H&R Block, TurboTax allows you to prepare and file taxes for more than one business.
- It’s hard to get more convenient than TurboTax Business. They have a super-handy system that automatically transfers your accounting data from QuickBooks, saving you a good amount of time and effort. The other software solutions in this guide allow you to import data using CSV files, but you’ll need to double-check the data manually to make sure it transfers accurately if you don’t use TurboTax.
- With TurboTax Business, all customers receive basic audit support, meaning they’ll help you decide what to do if you get audited. For an additional $45, you can add on their Audit Defense feature, which provides in-person audit representation.
Finally, when it comes to customer reviews, TurboTax Business really shines. They have some of the best customer feedback in this industry. Honestly, I like everything about TurboTax Business, except for the fact that their prices are higher than the other software solutions in this guide.
2. TaxAct Business - Pricing Starts at $39
I’m also a big fan of TaxAct Business, which is a budget-friendly business tax software option. They’ve been offering tax software since 1998, and they’ve become a popular option due to their affordability.
- Their prices are tough to beat. TaxAct Business offers federal returns for $39 (for sole proprietorships) or $60 (for other entities), and their state filings are $37. Unlike H&R Block and TurboTax though, TaxAct only covers tax returns for one business. If you need to file returns for multiple businesses, you’ll need multiple copies of this software.
- TaxAct Business does not provide audit protection, which isn’t really a surprise considering how low their prices are. They do have a portion of their website’s FAQ section dedicated to audit advice, but that’s about it.
- All of their services are covered by a 100% satisfaction guarantee. If you’re unhappy with TaxAct Business for any reason, simply ask for a refund and they’ll repay your service fees.
TaxAct Business has pretty mixed customer reviews, but if you have relatively simple needs for filing your business taxes, their affordable rates are really appealing.
All of these business tax software solutions are solid choices. Any of them can save you quite a bit of money compared to hiring an accountant or tax attorney to file your business taxes for you. On the other side of the coin, they’re all much more convenient than preparing and filing your own business taxes. These 3 software products all have their own advantages and disadvantages.
Generally speaking, TaxAct Business has the most affordable rates, TurboTax Business is the most convenient option, and H&R Block Premium & Business has the most comprehensive audit defense. Depending on your personal preferences, your pick may not be the same as mine. I'd personally give the edge to TurboTax Business, as I really appreciate their ease of use. No matter which one you choose to simplify your business taxes, best of luck!