It’s that time of year again – when you have to start thinking about filing your business tax return for 2018. Depending on what type of business you have, there are many different ways to prepare and file your taxes. Are you a partnership, corporation, or multiple member LLC? Each type of business will require a different type of filing and comes with its own complexity.
If your tax filing is on the complex side, it may be best to get some outside help from an experienced professional tax preparer. But most times there are products available to help you alleviate some of that confusion, making filing your own business taxes easier than before. First, let's figure out what type of form you will need to use...
Business Income Tax Forms
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What Business Income Tax Return Preparation Software is Best for You?
Cost: Premium online $49.99 (state return is an additional $36.99), Self-Employed online $79.99 (state return is an additional $36.99)
- Online tax preparation for small businesses using their Self-Employed version, including Schedule C and Schedule SE
- Unlimited business state filing is included
- Premium version includes Schedule C-EZ and not Schedule SE
- Premium & Business version includes Schedule C, Corporate, S corporation, LLC, and Partnership
Cost: TurboTax Business $169.99 (state return is additional cost), Self employed: $120, Premier: $80, Deluxe $60
- TurboTax automatically identifies industry-specific deductions for your business and can automatically import expenses from QuickBooks
- Deluxe, Premier, and Self Employed versions support Schedule C returns
- TurboTax Business is required for S Corporations, Corporations, Partnerships, and Multiple Member LLCs
Cost: Download edition $59.95 (1 state return included), Business (all) $59.95, Online Sole Proprietor $59.95 (state return is additional cost)
- Online edition of TaxAct can be used on Windows or Mac, but the download version is only available for Windows at this time
- Online Sole Proprietor edition is needed for filing business tax returns on Schedule C (and personal tax return)
- TaxAct does not allow you to create your W-2 form and 1099 form on its software
If you have any questions about these softwares, please reach out to their customer service phone lines. For help with filing your tax returns, please contact your tax professional (or use the support lines included in the plan you choose.)
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Editor's note: This blog was originally published in January 2018 and has been completely updated in January 2019 to reflect the changes in best 2018 business tax preparation software.