It's that time of year again—tax season. If you're a new small business, finding the right tools to do your taxes is a must, especially if you don't employ an in-house accountant.
Understand what you need before you start your search. Do you know your industry-specific deductions? Different tools can help you identify them. You can also research the customer support for software programs, in case you need assistance before the deadline.
To get you started, here's a list of the best tax software for 2017:
E-File is an online platform that allows you to file federal and state taxes easily. You can use their system to enter (and save for next year) all of your tax information in straightforward forms, with explanations for each question if you need it.
The software will calculate everything for you, so you can avoid doing any kind of manual math. It will also check your returns for accuracy and errors automatically, so you won't submit your returns with incorrect information.
Every filing status is supported with E-File, and the software makes it especially simple for small business owners.
Price: 3 plans: Free (for individuals) +$19 for state taxes; $24.95 +$19 for state taxes; $34.95 +$19 for state taxes
One of the most well-known tax software options, TurboTax is a great choice for small business owners looking to file themselves. It's especially useful if you're already using QuickBooks for accounting purposes—with TurboTax's online software, you can import everything quickly.
TurboTax's online software has additional tools to find industry-specific deductions, and tools to track your risk of an audit. If this is your first fiscal year for your small business, TurboTax will also find startup cost deductions.
TurboTax is also one of the easiest programs to use, and is constantly updated with the latest laws and deductions.
Price: 4 plans: Free for individuals, $54.99 for their Deluxe plan, $79.99 for their Premier plan, and $114.99 for business plans.
TaxACT is a thorough program for a great price. You receive a full suite of tools in any form you wish to file—online, desktop or mobile software. Each tool includes step-by-step directions so you can follow along easily and find the information you need quickly.
TaxACT also supports imports from Excel or several other accounting programs. You can also download reports from your file, like depreciation reports and capital gains.
Price: 3 plans: Free; Plus for $27 +$33 for state; and Premium for $37 +$33 for state
4. H&R Block
H&R Block started as a tax company for businesses, so they know what they're doing. If you're a first-time filer as a small business owner, you might benefit from their in-person consultations—they have stores located all over the country.
They also provide desktop software if you want to file from your office. Both settings come with a 100% accuracy guarantee, so you know you're getting quality service either way. The desktop service is simple to use, and you can make the most out of your refunds with their deduction suggestion tools for business expenses.
Price: 3 plans: Free; $54.99 +$37 for state; $79.99 +$37 for state
Your small business taxes can be difficult your first year, but once you chose a program you can load that information easily for years to come.