As a small business owner or freelancer, tax season can be a daunting task. It is essential to have the best tax software to simplify the process and ensure that your tax filing is accurate and efficient. With so many options available in the market, it can be overwhelming to choose the right software that suits your business needs. This article covers the top tax software for small business owners and freelancers in 2022.
1. QuickBooks Self-Employed
QuickBooks is one of the largest accounting software that is popular among small business owners and freelancers for its user-friendly interface and easy-to-use tools. QuickBooks Self-Employed is specifically designed for freelancers and sole proprietors, providing an efficient and affordable way to manage their finances.
One of the distinctive features of QuickBooks Self-Employed is that it enables you to separate your personal and business expenses with minimal effort, making your tax filing process easier. The software allows you to track your income, expenses and calculate your taxes. You can also invite your accountant to access your data directly on the platform.
QuickBooks Self-Employed offers a free trial of 30 days, and the paid subscription starts at $10 per month. The premium plan includes additional features like tax estimates and quarterly tax payments, making it a good fit for small business owners.
TurboTax is an intuitive and straightforward tax software tool that caters to individual taxpayers and businesses alike. The software is easy to navigate, and its guided interface makes tax filing an effortless process. It offers step-by-step guidance and prompts you to input every detail required to complete your tax return accurately.
TurboTax offers a variety of paid plans, starting at $0 for a basic plan for simple tax returns. The other plans include deluxe, premier and self-employed, with pricing varying based on your specific needs. TurboTax offers a unique feature called the SmartLook, which enables you to connect with certified experts that can guide you through your tax filing process.
3. H&R Block
H&R Block offers a clear and concise tax preparation software that is suitable for both small business owners and freelancers. Similar to TurboTax, the software offers free and paid plans, starting at $0 for basic returns, with pricing that varies based on your tax filing needs.
One of the standout features of H&R Block is that it offers support for cryptocurrency tax filing. This feature makes it a great option for tech-savvy entrepreneurs who invest in cryptocurrencies and require accurate tax reporting.
H&R Block also offers safe and secure online tax filing that ensures the protection of your data and sensitive information. Their tax software is user-friendly and easy to navigate, making it an excellent choice for those who are new to tax filing.
TaxAct is known for its affordable pricing, making it an excellent tax software for small business owners and freelancers on a budget. The software offers three plans: free, deluxe, and premium, with pricing varying based on the specific needs of the user.
TaxAct’s interface is straightforward and easy to use, allowing you to complete your tax filing process with minimal effort. The software has a feature called DocVault, which enables mobile uploads, making it easier for you to track digital copies of your forms, receipts, and invoices.
TaxAct also offers protection against identity theft and fraud, making it a reliable and secure option for taxpayers. You also get access to a team of tax professionals that can guide you through any complex tax filing issues.
In conclusion, choosing the right tax software for your small business or freelance work is crucial to ensure accurate tax reporting and reduce errors. The tax software listed in this article offer reliable, user-friendly and efficient software tools that cater to the specific needs of small business owners and freelancers. Consider your specific needs carefully and choose a software that best suits your budget and tax filing requirements.