Do you need business tax software to help you file your taxes, but you’re not sure which product best fits your business?
TurboTax Business is a great option for business tax software. They offer federal returns for $159.99 and state filings for $49.99, and your one-time purchase of this software enables you to file taxes for multiple businesses. However, it may not be right for you.
In this TurboTax Business alternatives guide, we’ll explore a couple of their top competitors to see if one of them might better fit the needs of your business.
1. H&R Block Premium & Business - Pricing Starts at $79.95
H&R Block has been one of the leading companies in the tax filing industry since they opened for business in 1955. I really like their Premium & Business software, as it includes a number of convenient features at a solid price point.
- H&R Block Premium & Business costs $79.95 for federal returns, and just $19.95 for a state return (although additional state filings cost $39.95). Just like with TurboTax Business, this purchase allows you to file taxes for multiple businesses.
- While H&R Block doesn’t have automatic QuickBooks data transfers like TurboTax, Premium & Business does allow you to import income and expense data via CSV files. Just make sure you double-check to make sure everything transfers correctly!
- If audit protection is a high priority for you, you’ll appreciate that H&R Block provides all Premium & Business customers with in-person audit support.
I think H&R Block Premium & Business is an excellent product, although their customer reviews aren’t that great compared to TurboTax Business. Overall, they offer a relatively similar set of features at prices that won’t break the bank.
2. TaxAct Business - Pricing Starts at $39
The other top option in this industry is TaxAct Business. They’re a more recent company that’s only been around since 1998, but they’ve managed to capture a corner of the market with their cost-effective business tax software solutions.
- TaxAct Business is a very affordable business tax software option. Your federal return filing will cost either $39 (for sole proprietorships) or $60 (for other business entities), and they charge $37 for state returns. However, these rates only cover filings for one business. If you have multiple businesses to file taxes for, you’ll have to buy multiple copies of this program.
- With TaxAct Business, you have the option to import accounting data using CSV files. This system is similar to H&R Block Premium & Business.
- TaxAct Business does not offer audit support, except for a brief FAQ section on their website. If you get audited, you’re basically on your own.
TaxAct Business is a good option for entrepreneurs with simple filings who want to save money. Their customer reviews are just 'okay', and they don’t help if you’re audited, but if you’re seeking a budget-friendly option for business tax software, I think they’re well worth looking into.
Final Thoughts
All of these business tax software options are easy to recommend in my eyes. They are all capable of saving you lots of money over hiring an accountant, and sparing you time and hassle compared to the DIY option. Each of these software solutions has its advantages and disadvantages. In general, TaxAct Business has the lowest prices, H&R Block Premium & Business has the best audit protection, and TurboTax Business is the most convenient. Your preferences and requirements may differ from my own, so your pick might not be the same as mine. For me personally, I give a slight edge to TurboTax Business simply because they have the highest convenience factor. Whichever one you choose for your company, best of luck with your business tax filing!