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Tax Software for Small Business

Turbo Tax vs TaxACTHello,

I am looking for suggestions on tax software for small businesses.  Specicially, i will be assisting a friend with the tax return for her bar/ restaurant.  The business is set up as an LLC taxed as a partnership with 2 partners - so i will need need the software to be able to generate K-1s.  I am looking for a relatively low cost solution, as the software will only be used for this one company.  Thanks in advance for your help.  



(Agent, JKS Solutions, Inc.) |

You should look at the professional version of Tax Act. The price for the software is reasonable if you aren't doing that many returns. One drawback is that you need to check if they have the software for the state in which the LLC is operating. There also might be some calculations that aren't included in the software so you have to be diligent in reviewing the return and not just taking the software calculations. However, that should be part of your quality control process anyway. You might also want to check to see that you are happy with what prints out for the return. What prints for a standard return is not as comprehensive as the more popular business tax software programs but you can easily print those items to include with the return. You can see what they offer at I don't work for them, I just use their software.

Reed Kingston
Title: Managing Director
Company: StrataFusion
(Managing Director, StrataFusion) |

I used TurboTax for my own 3-member LLC several years ago. It was easy to use, guiding me through the whole process. If the books are clean and the LLC's capital structure is documented, you should not have any issues getting the returns completed and filed.

Kundan Lal
Title: Accounting & Finance Consultant
Company: Real Time Cloud Services, LLC
(Accounting & Finance Consultant, Real Time Cloud Services, LLC) |

My recommendation for the tax software would be TaxAct as it is best for self-employed individuals.

In TaxAct, for multiple members, i.e. (for your friends' company and her partner) file a partnership return, Form 1065. If you are thinking to file a corporation, then fill and submit form 8832.

If you are looking for additional benefits of TaxAct like tax filing from anywhere anytime, real-time access of tax data, advanced security, business continuity, and disaster recovery, you can go for TaxAct Software hosting- .

I hope it helps!


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