Whether you prepare taxes professionally or just on your own, there are countless software providers to choose from. Each option varies on price and features. Are you looking for the best tax preparation software for tax return preparation? If so, this article is for you. While there are many tax software companies offering products for you to use.
These top software will make your quest a lot easier and ensures you get the most value of your dollar spent.
Best overall tax software
TurboTax
LEARN MOREOn TurboTax’s secure site
- Cost$90 or $170 federal, $40 or $50 per state (see breakdown by plan below)
- Mobile appYes
- Live supportYes, costs extra
- Better Business Bureau ratingA+
Terms apply, see below for our methodology.
Pros
- Step-by-step guidance with a Q&A format that is easy to follow
- TurboTax Live provides on-demand advice and a final review from a tax expert or CPA
- Live Full Service has a tax expert prepare, sign and file your return
- 100% accuracy guarantee, or TurboTax will pay your IRS penalties
- Maximum refund guarantee, or TurboTax will refund the plan fees you paid
- Audit support, which provides free assistance if you get an IRS or other tax notice
Cons
- More costly than other software programs
- Live expert assistance plans cost $80 more for federal and $10 more per state
- Live Full Service charges an additional $90 for federal, state is additional
Cost breakdown by plan:
- Self-employed (for personal and business income and expenses): $90 federal, $40 per state
- Live self-employed (includes help from tax experts): $170 federal, $50 per state.
Runner-up
H&R Block
LEARN MOREOn H&R Block’s secure site
- Cost$87.99 or $194.99 federal, $49.99 per state (see breakdown by plan below)
- Mobile appYes
- Live supportYes, costs extra
- Better Business Bureau ratingA+
Terms apply, see below for our methodology.
Pros
- Simple step-by-step guidance that’s easy to follow
- Unlimited on-demand chat or video support with Online Assist plans
- Ability to speak to a tax expert who has an average of 10 years experience (costs extra)
- Over 11,000 physical locations so you can meet with a tax expert in-person
- Maximum refund guarantee, or H&R Block will refund the plan fees you paid
- Audit support guarantee, which provides free assistance if you get an IRS or other tax notice
- 100% accuracy, or H&R Block will reimburse you for any penalties or interest up to $10,000
Cons
- Plans that include speaking with a live tax expert cost $107 more for federal returns
- One of the more costly software programs
Cost breakdown by plan:
- Self-employed (for personal and business income and expenses): $87.99 federal, $44.99 per state per state
- Online Assist Self-employed (includes help from tax experts): $194.99 federal, $49.99 per state.
Best free tax software
FreeTaxUSA
LEARN MOREOn FreeTaxUSA’s secure site
- Cost$0 federal, $12.95 state
- Mobile appYes
- Tax expert supportYes, costs extra
- Better Business Bureau ratingA+
Terms apply, see below for our methodology.
Pros
- Federal filing is free to use
- Audit defense available with the Deluxe edition, which gives you support from a representative if the IRS audits your federal tax return
- Maximum refund guarantee, or FreeTaxUSA will refund the plan fees you paid and provide a coupon for a free amended tax return
- 100% accuracy, or FreeTaxUSA will reimburse you for any penalties/interest charges.
eFile
A zesty no-frills business tax solution
TODAY’S BEST DEALS
REASONS TO BUY
+Decent features+Cheaper+Solid option
Another option if you’re looking for a simple-but-effective means to tackle your tax is eFile. This online-only option currently comes in three different packages, with a Free Basic being only suitable for standard W-2 income affairs. However, eFile is pretty useful if you’re a self-employed business person.
While eFile isn’t really aimed at, or indeed geared up for larger businesses due to its inability to let you file the corporations Form 1120 using the service, it is also useful for SMBs. Indeed, for businesses there’s the Premium edition, which delivers a speedy calculator-style system that issues useful estimates, plus a support agent to help you through the process.
Going down the eFile route means you’ll probably want to bypass the Deluxe edition and go for that Premium model in order to enjoy all of the benefits of a small business targeted filing system. While eFile has a slightly more light-hearted feel to its approach, generally speaking this is a solid and reasonably-priced option.
Read our full eFile review.
Jackson Hewitt Online
Combining a software service with real help
TODAY’S BEST DEALS
REASONS TO BUY
+Ideal for basic filing+Ability to get pro help
REASONS TO AVOID
-Can be a little patchy
The name is already a familiar sight in many physical locations across the US, but Jackson Hewitt Online is a useful extension of the brand that allows filing via the internet. While Jackson Hewitt Online does have its main focus on individual needs, it also caters for small business.
Jackson Hewitt Online has simplified its strategy over successive years, having had various packages previously. Which one you’d choose would have been dependent on the complexities of your tax filing affairs.
However, Jackson Hewitt Online has made amendments to its pricing structure this season and things are currently even more straightforward than ever, with $24 being the universal charge for state tax filing, or $25 for federal. There’s also a $49 option that covers all bases.
And, even though filing can be done online, the additional edge of Jackson Hewitt is the way that you can combine that with the ability to connect with a tax professional. The Jackson Hewitt Online route is suitable for the self-employed and those with more complex tax affairs. So, if you want the reassurance of being able to work through all of that with a real person then it’s worth investigating.
Read our full Jackson Hewitt Online review.
Genius By Sag Infotech
Genius software is for those who cannot afford errors in their work. It works with perfection and provides the facility of directly uploading return from the software for e-filing. Gen IT software is the subsidiary of Genius which is another popular income tax software used by the Chartered Accountants. The benefits that are behind the success of Gen IT software are:
- You can do bulk e-filing with the help of the ERI facility provided by this software.
- It provides ITD web service with the help of which you can quickly upload the return
- Every provision related to set off losses, clubbing of incomes, chapter VIA deductions, rebates, arrears, etc. are taken care of by this software.
- It provides automated returns and calculates relevant ratios also.
- It provides the option of Bulk verification and generate various MIS reports such as refund status, pending returns, filed returns with dates, etc.
- PAN application through form 49A, changes, and correction in PAN and its online submission
Price – Rs. 5000 at time of installation and 2500 per year for updation
Website – https://saginfotech.com/genit.aspx
Our Rating – 4.3/5
CompuTax Software
CompuTax is a very popular software among Chartered Accountants, It makes the preparation and filing of returns very easy. You can even prepare Balance Sheets and Profit & Loss accounts as per revised schedule VI and various audit reports with the help of CompuTax. The following are the benefits that are provided by CompuTax Software:
- You can do PAN verification very easily as all the data such as PAN, TAN, NSC details, MAT credits, etc. are automatically transferred.
- TDS returns can be filed without much effort as all data related to TDS returns such as Advance tax, TCS, self-assessment tax from 26 AS, etc. are transferred.
- Along with the computation of taxes, it will take care of deductions, set off losses, clubbing, carry forward losses, etc.
You can say it is a complete package for Chartered Accountants with the help of which they can get themselves automated and reduce manual efforts.
Price – Rs. 4500 per year
Website Page – https://www.computaxonline.com
Our Rating – 4.1/5
Taxcloudindia By Cleartax
Taxcloudindia is a software by cleartax. It is one of the limited cloud based applications present in market.
Features –
Pre-Fill Your Client’s Return – Get pre-filled data directly from the government portal in one click. File IT returns in 2 minutes.
Directly File Without Client’s XML. – TaxCloud has an ERI license that allows you to directly e-file returns.
Computation Report For All Your Clients – Edit and share with your clients.
Price – Rs. 6000 per year
Product page – https://taxcloudindia.com/
Our Rating – 3.3/5
KDK Software
KDK software is another old company providing Income tax and related softwares from a long time. This is an offline software and you have to installed it in your windows computer. Mac option is not available. The main issue with this software is the support, which many users complain about.
Price – Rs. 5400 per year
Product Page – http://www.kdksoftware.com/zen_Income_Tax.html
Easy Office- Complete Tax Solution
Easy Office helps in the completion of various tasks such as income tax returns, TDS returns, balance sheet preparation, and Audit reports without much effort. You can meet all the compliances required in taxation with the help of this software. Many chartered accountants use this software and they trust its results. It is an example of accuracy, user-friendliness, and exceptional quality of work. It is complete tax management and office management for professionals working in the field of taxation. The modules provided in this software include:
- Income tax
- TDS
- Balance Sheet and audit reports
- Office Management utilities
- CMA data
Price – 1900 (100 assessess) or Rs. 2900 (unlimited assessess)
Product Page – http://www.electrocom.in/incometaxsoftware.php
Saral Tax Office
As the name suggests, Saral tax office software will completely automate the process of return preparation and computation of tax. It includes the ITR filing option also. You can say it will automate all the tax-related work and manual efforts are reduced to the minimum. The exclusive benefits that are provided by this software are:s
- Calculation of all type of perquisites exemptions
- Calculation of taxes
- Calculation of all type of allowances exemptions
- Calculation of depreciation
- Calculation of NSC interest
- Capital gain calculations with indexation, STT, etc.
- Special rate taxes and rebates calculation
- Gratuity calculation, arrears, and relief, etc.
- Presumptive incomes, partnership incomes, and many more
Price – Rs. 5500 per year (Single user) Rs. 8800 per year (mult user)
Product Page – https://www.saraltaxoffice.com/income-tax-software
EZ Tax
In this software, the complete return filing process from login to e-filing can be done within minutes. It is the modern tax engine that works amazingly well for CA firms. You can say it is the easiest and comprehensive tax filing portal that will help in planning, filing, and saving taxes. It is a highly satisfying tax portal and growing very fast because of the following reasons:
- It is highly secure, comprehensive, and accurate. The results will give you peace of mind.
- It will save you time and money. No need to visit tax consultants again and again
- It gives accurate results for all income levels
- It is easy to file the belated or revised return through this portal along with the original return
- It will give you a true self-service filing experience. This software is used by the topmost CA firms
- It provides an Audit checker that will help in preventing IT notices
Price – Rs. 30 per filing
Product Page – https://eztax.in/free-tax-filing-software-for-ca-trp
Zen Easy Tax Software
It will take care of your statutory deductions along with the calculation of income and taxes. The set-off provisions in case of losses, clubbing of income in case of a minor, calculation of rebates, etc. All these things are taken care of by this software. Other benefits that are provided by this software are:
- Computation of income of Foreign Company, Non-residents, and Trust while complying with all related provisions
- Calculation of interest u/s 234A, 234B & 234C
- Automatic return preparation
- Easy Import of P&L and Balance sheet
- Automatic form 10E preparation and calculation of relief u/s 89(1)
- Automatic preparation of form 29B and MAT calculation
- Various MIS reports such as Pending return list, filed returns, refunds, etc.
- Back and restore facility of client data
- E-payment of taxes and preparation of challans
- MICR code list
- Preparation of final accounts including trading, P&L, balance sheet, capital accounts, etc.
Conclusion
With the tax season upon us, now is the perfect time to talk about the best tax preparation software for business returns. Many of you are looking for the best option to file your business tax returns. Well, you are in luck because here I will provide you with some options that are suitable for small businesses that want to grow their company or just start their first year of operation.