Form 1065 is the tax return used by partnerships to report business income and expenses. Multimember limited liability companies (LLCs) not being taxed as S corporations (S-corps) also must file Form 1065. While Form 1065 doesn’t generate a tax liability, it’s very important to complete it on time and accurately. The penalty for a late…
Schedule C, also known as “Form 1040, Profit and Loss,” is a year-end tax form used to report income or loss from a sole proprietorship or single-member limited liability company (LLC). You must file a Schedule C if the primary purpose of your business is to generate revenue or profit and if you’re involved regularly…
Small business owners can prepare their own tax returns for a fraction of the cost of tax professionals, as most certified public accountants (CPAs) charge a minimum of $500 for a business return. Below, we’ve identified the best small business tax software based on price, features, and ease of use. : Best overall small business…
TaxSlayer is an online tax preparation software that allows you to file state and federal tax returns anytime and anywhere. It lets you file simple returns for free and handle complex self-employed tax situations at a low cost. Its features include free phone and email support, guaranteed maximum refund, IRS audit assistance, and a mobile…
FreeTaxUSA is an online tax preparation software that lets you file federal returns directly to the IRS electronically for free and process state returns at a low cost. Its features include tax return backup, unlimited amended returns, accuracy guarantee, a refund maximizer, priority support with live chat, and more. You can file federal taxes for…
H&R Block is an online tax preparation service that helps you file your own tax returns either online or with software that you download to your computer. You can also file with a tax professional in an office or virtually. Its features include W-2 import, refund transfer, a tax calculator, a tax preparation checklist, and…
We present the best six software applications for tax professionals with different-sized businesses and types of clientele. Tax software is the core of a tax preparer’s business, and the best software for tax professionals includes the ability to prepare both individual and business returns. The needs of tax preparers vary greatly based on their need…
TaxAct is an online tax preparation software that supports all the major tax forms and schedules (both federal and state). Its features include W-2 import, a deduction maximizer, a maximum refund guarantee, and a mobile app. TaxAct offers a free plan that allows you to file Form 1040 for free, plus a state return for…
