Complicated business tax questions should only be answered by CPAs or Enrolled Agents. If you have employees and/or non-employees who do work for you, you might want to find software that prepares W-2 forms and 1099-MISC forms.Īll of these companies offer online support, but be careful about who you trust. These preparation programs don't always include personal tax-return information, although the products can sometimes be bundled. You'll have to buy a separate program for your personal taxes if you purchase software for partnerships, corporations, or multiple member LLCs. The Schedule C programs also help you calculate your self-employment tax (Schedule SE) and include it in the appropriate sections of your personal tax return. If you are filing your business taxes on Schedule C, the option you get will also include forms to prepare your personal taxes for the year. The business option might be an all-business one (in TurboTax, for example) or you might need to select a specific business type (in TaxAct).
What These Tax Programs Include-And Don't IncludeĪll three major tax preparation programs offer options for businesses, but the way they offer them differs. You'll need software with Form 1065 if you're a partnership or multiple member LLC. You'll need tax software that includes Form 1120 if you're a corporation, or software that includes Form 1120S if you're an S corp. You would file Schedule C, along with your personal tax return if you're a sole proprietor or single-member LLC, so you'll need a tax software version that includes Schedule C. The software you need depends on your business type and the federal income tax forms you must file. (A listing of these forms in the features only means that they can be used for your tax return, not to prepare for others.) What Forms Do You Need? You can use a specific version of one of these programs to prepare W-2 forms for employees and 1099 forms for non-employees if you hire them. Three major tax software programs-TurboTax, H&R Block, and TaxAct-offer both online and desktop versions to prepare federal income tax returns as well as your state business tax returns. Prepare your business taxes using TaxAct, H&R Block, or TurboTaxĪs a business owner, you might be considering online or desktop software if you prefer doing your own taxes.
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