TurboTax Business Pros & Cons
- With TurboTax Business, you can prepare tax returns for multiple businesses. Even if they’re different business types — for example, an LLC and an S-corporation — one TurboTax purchase covers every entity you own. This extremely convenient and cost-cutting feature is my favorite aspect of this software.
- TurboTax Business gets strong reviews from their customers, especially when compared to their top competitors. Simply put, many customers have complaints about their business tax software, but TurboTax has mostly positive feedback.
- Do you own income property? Do you need asset depreciation assistance? TurboTax Business has some advanced features that come in really handy when addressing questions like these. They go to great lengths to make sure you’re getting your best possible return, no matter what type of business you operate.
- Because TurboTax Business is made by Intuit, the same company that sells QuickBooks, TurboTax can automatically import data from your QuickBooks income and expense accounts. This can save you quite a bit of hassle if you’re already a QuickBooks customer.
- TurboTax Business is not cheap. This software will set you back $159.99 to file your federal return, plus another $49.99 for state. Some competitors (like TaxAct) have both federal and state returns available for under $40 each.
- There is no Mac version of TurboTax Business. It is solely for Windows users.
TurboTax Business Pricing & Features
With TurboTax Business, you’ll spend $159.99 to file your federal return, and $49.99 for a state return. Take a quick look at how they advertise this product on their own website, then we’ll dive into the details.
TurboTax Business is complete business tax software, for any business type in any state. Whether you have an LLC, S-Corporation, C-Corporation, or even if you own multiple businesses of different structures, your purchase of TurboTax Business has you covered. Let’s see what they have to offer in addition.
- Up to 5 federal e-files included
- QuickBooks integration to import financial data
- 100% accuracy and maximum refund guarantees
- Free audit guidance (comprehensive audit representation available for an additional fee)
- Guides to rental properties, asset depreciation and more
One of the strengths of TurboTax Business is how it’s truly a “one size fits all” answer for business taxes. Entrepreneurs in a wide varieties of fields enjoy the peace of mind they get from TurboTax Business, and there’s a reason they have more brand power than any of their competitors.
In general, business tax software doesn’t have the greatest reviews. Customers tend to get frustrated with how much work they’re still required to do, and leave negative reviews because the software can’t do absolutely everything for them.
However, TurboTax Business doesn’t have many of these critical reviews, and overall their reviews are quite positive. Their many positive reviewers frequently comment on their ease of use, as well as how the software does a good job finding possible deductions.
Customer Reviews Section Last Updated 11-20-17
- TurboTax.com: 4.1/5, 1,421 reviews
Conclusion: Customer feedback is a big pro for TurboTax Business. Their few unhappy customers seem to mostly be upset that this software isn’t as easy as using an accountant. As long as you don’t expect that level of personalization or convenience, TurboTax Business makes a strong case with their great customer feedback.
How TurboTax Business Compares
I’ve spent so much time researching business tax software that it’s unavoidable that I’ve developed some personal favorites. Still, the goal here is not to talk you into using my favorite program, but rather to figure out if TurboTax Business is right for you.
TurboTax Business is one of the best business tax software options, but they won’t be the perfect answer for every entrepreneur. With that in mind, let’s take a look at one of their top competitors, TaxAct. How do they compare?
Pricing: Depending on your business structure, TaxAct costs either $39 or $60 for federal filings, and they charge $37 to file your state return. TurboTax Business is considerably more expensive at $159.99 for federal and $49.99 for state.
Features: Each of these programs has some features the other lacks. If you own multiple businesses, you can file taxes for all of them with your one-time purchase of TurboTax Business. With TaxAct you’ll need to purchase a separate version for each business.
Aside from that, TurboTax Business has QuickBooks integration, whereas TaxAct requires you to import some data manually. TaxAct has a 100% satisfaction guarantee, which TurboTax Business doesn’t offer.
Customer Support: TurboTax Business offers unlimited one-on-one phone support, and they also have extensive customer forums on their website where you can find answers to many of your questions. TaxAct has similar support for their customers, with phone and email options, although their website doesn’t have a forum system like the one TurboTax provides.
Experience: TurboTax has been providing business tax software since the mid-1980s. TaxAct doesn’t have quite that experience level, but they’ve been around for a while too, as they formed in 1998.
Here's A Quick Visual
Pricing Starts at $39
In Business Since 1998
Perfect for: Anyone looking for personalized experience and software built to grow with them as they evolve
Pricing Starts at $159.99
In Business Since 1980s
Perfect for: Anyone looking for the most comprehensive business tax software for multiple businesses
Frequently Asked Questions
Do They Provide Audit Support?
They do, but there’s a bit of a catch. Your purchase of TurboTax Business includes audit guidance, which means they’ll help you figure out what you need to do if you get audited. However, if you want actual audit representation, you’ll need to add their Audit Defense feature to your order for about $45. You cannot add this feature on later, you must buy it additionally when you first purchase the software.
How Secure is Their Service?
TurboTax Business has a lot of security safeguards that make sure your data is as secure as possible. Your account is protected by multi-factor authentication and a fingerprint password, and you’ll be notified by email if any changes are made to your account. They also have dedicated security staff who work around the clock to keep you safe online.
Can I Import Data from Previous Returns or Accounting Programs?
Absolutely! You can directly import your data from previous returns, and TurboTax Business also transfers income and expense data from QuickBooks.
Should You Use TurboTax Business?
In my opinion, TurboTax Business earns a score of 4.7/5. I really like the way you can file taxes for multiple businesses with one software purchase, and their customer feedback is quite strong for this industry. Ready to start your tax return with TurboTax Business? Need some more time to review your other options? Either way, simply use the buttons below and you’re on your way!