Zoho Books: No. 1 In Tax Software
Our score: 9.6
User satisfaction: 100%
Tax software, both when offered independently and as a module integrated within a financial suite, is becoming an absolute necessity for any business. It is not difficult to conclude that the effects of ever-changing technology in the corporate world are materialized foremost in accounting departments, which puts tax applications on the pedestal in all companies looking to cut expenses.
Now that software’s tackling even fiscal policies, technology advancements make us wonder how much it will take for systems to replace manual calculations in their entirety. The expert community agrees – not that much!
Why does every business need tax software? In its role of a modern accounting widget, a tax system will not reduce your due obligations or make you less liable, but it feels good to know it will simplify what is often perceived a business’s Achilles heel. Well-organized, and equipped with the right calculation armory, you will be far more likely to abide by tax regulations, and to do so in time.
There are, of course, pros and cons even with the 20 best tax software tools that we’ll discuss here, but ultimately, getting a tax app makes more sense than skipping it. Without the usual complexities in tax return, you will make accounting way more rewarding and cost-efficient, save time, and understand even the specific guidelines and instructions. Tax software minimizes deductions and credits, as most of them are IRS-compatible and allow faster filling by direct deposits.
According to YouGov, more than 22% of America’s tax payers use a software service to fill and submit their forms, and the ones that save the most money and time doing so are the ones with simple tax returns. The Future of Jobs Report 2018, on the other hand, discussed taxation and accounting as two of the knowledge jobs most likely to be fully automated on the road towards a modern, entrepreneurial society.
And yet, choosing a reliable tax system is not a walk in the park. Next to an operative mechanism adhered to your national legislation, you should also be looking for specific forms and functionalities tailored to your industry, or at least a customizable tool you can adjust to your needs. To make this process a bit easier, we came up with this list.
1. Free File
Free File is a result of the partnership between the International Revenue Service (IRS) and the Free File Alliance; a union of the leading private sector tax preparation institutions. The service allows you to get informed and prepare your federal taxes for free. In a nutshell, you can prepare and file your federal individual income tax return for free using tax-preparation-and-filing software, as well as a number of ready-to-use forms and how-to guides which will save your time. Separate modules are in place for students, military professionals, self-employed taxpayers, government entities, and international payers. Other than English, you can use this system in Spanish, Chinese, Japanese, Vietnamese, and Russian.
What is unique about Free File?
- Completely free taxation platform. Free File allows taxpayers to choose their preferred company to prepare and efile tax returns for free. It is also combined with direct deposits to enable users to obtain refunds in a shorter period of time.
- Free fillable forms. The Free File Fillable Forms offers taxpayers a convenient way to fill IRS forms electronically. It is an excellent option for taxpayers used to preparing and filing income taxes on their own.
- Tax breaks. Free File features a question-and-answer format which is instrumental in helping eligible taxpayers to find tax breaks. Some of the possible tax breaks reserved for taxpayers could consist of credits like the earned income tax credit and more.
- Easy online extensions. If for any reason you fail to finish your tax return by the deadline (April 18) you can request a six-month extension using the Free File. However, the extension to file your returns will not mean an extension of the time to pay.
- IRS partnership. This service is, in fact, a result of the partnership between the International Revenue Service (IRS) and the Free File Alliance, a union of the leading private sector tax preparation institutions.
ONESOURCE is Thomson Reuters’s flagship accounting & tax suite that can cater to all of your tax compliance needs. It is designed in order to centralize the entire tax cycle and related information to drive corporate tax compliance. For the purpose, ONESOURCE combines an all-inclusive global tax content with expert backed solutions to provide taxpayers with a comprehensive, single tax engine. The innovative and professional solution covers end-to-end the work of tax departments, such as compliance and reporting; direct, indirect, and income tax management; tax provision; BEPS action management; process automation, and more. The system also specializes in ACA compliance for HR professionals (Form 1095 A, B, and C), FATCA & CRS, a number of partnership solutions, and puts in place a tax information reporting kit to give you the full picture of your progress.
What is unique about ONESOURCE?
- Ideal for complex corporate taxes. ONESOURCE offers assistance at every step of the tax process and provides innovative solutions that meet the needs of every stakeholder in the tax department. Its versatile scope of action makes it ideal for larger teams with complex taxation needs.
- Compliance and reporting tools. ONESOURCE offers multiple compliance and reporting tools designed to help in all process related to the tax provision, corporate income tax, indirect tax, statutory reporting, transfer pricing, and more.
- Effective data management. ONESOURCE’s data management tools provide the right technology to own your data and meet deadlines promptly. This allows your tax department to be more strategic in planning.
- Advanced process management tools. ONESOURCE will also provide a number of process management tools, including benchmarking, workflow & auditing management, analytics, and more.
- A centralized taxation location. ONESOURCE provides a centralized location to streamline and standardize taxation for quick decisions, confident reporting, and accurate tracking.
Avalara’s AvaTax is another prominent tax automation performer that can lead your efforts in the direction of absolute compliance. It handles all demanding tax obligations brought up by local, state, and federal authorities, adjusted to the needs of both US and international clients. It combines accurate solutions for various transaction taxes, including VAT, sales and use, excise, communication, and more. The system is especially handy for eliminating entry errors: it sets nexus only once, and applies the appropriate rate for each transaction without mistakes. It also uses a built-in geolocation and address-verification system to make data accurate, visible, and accessible, and offers a smart reporting suite to make taxation transparent and less complicated. What is more, AvaTax is enabled for precise data determinations, and thus identifies the jurisdiction based on your business location. Thanks to this, you will never have to worry about compliance. You can sign up for Avatax free trial here.
What is unique about AvaTax?
- Error-free calculations. AvaTax is handy: it sets nexus only once, and applies the appropriate rate for each transaction without mistakes. The system uses a built-in geolocation and address-verification system to make data accurate, visible, and accessible.
- Transparent taxation. AvaTax offers a smart reporting suite to make taxation transparent and less complicated. The best part of it is that you get to summarize payments in a single schedule, being the rare catch to chase in the taxation software industry.
- Precise data determinations and jurisdiction identification. AvaTax offers precise data determinations and identifies the jurisdiction based on your business location. Therefore, it can meet even the most hybrid rules that apply to your business. Meanwhile, AvaTax is designed to respond to each of the 12,000 taxation jurisdictions, or more than 100,000 taxation rules, to make matters clearer
- 500+ useful integrations. AvaTax comes with 500+ pre-built integrations, most of which connect it to popular accounting, POS, and ERP systems.
- Specific add-ons for international taxation. Avalara offers many international taxation or tax-specific add-ons, as for instance Avalara CertCapture, Avalara Returns, AvaTax Excise, and so on.
4. Intuit TurboTax
TurboTax is Intuit’s core tax preparation software that lets you file federal and state income tax returns with 100% accuracy. The system is available both online and on-premise, offers dedicated modules for small businesses, self-employed tax fillers, and the military; and functions on mobile devices to keep you in control of your tax returns. Once put in action, TurboTax searches over 350 credits and tax deductions to depict those you’re entitled to, and reviews in detail all data you’ve inserted for 100% accuracy and guaranteed compliance. The tool tracks your tax refund until it lands on your bank account, and lets you import your W-2, 1099-INT, and 1099-DIVs from millions of companies. Before you submit your return requests, the system will also offer live screen assistance. One-to-one guidance by tax experts and professionals will also be available as you’re preparing for audit season.
What is unique about Intuit TurboTax?
- Searches over 350 tax deductions. TurboTax is able to find every credit or tax deduction you qualify for, in order to guarantee you the biggest tax refund possible.
- Helps you retain absolute control over your tax return. TurboTax provides you with a comprehensive review of all tax return details before you file it, so that you can have the peace of mind that there are no mistakes or inconsistencies. You can also file the returns using the same system to receive the refund as fast as possible.
- Guaranteed 100% accuracy. All calculations made with TurboTax are 100% correct. In case of a mistake, the company offers to pay all IRS penalties on your behalf.
- Audit support guarantees. TurboTax backs every personal return with its Audit Support Guarantee, a free one-to-one audit guidance program led by trained tax experts. The SmartLook live screen helps make conversations more personal.
- Up-to-date with tax legislation. The company studies all IRS and state tax laws and aligns those with the functions of its software.
In a fashion similar to Freshbooks, Tipalti offers users a comprehensive accounting solution, in fact, the only KPMG-certified software for IRS tax form collection which is built use over 1,000 tax rules. It also features an AP automation module to guarantee compliance with national and international taxation standards and support VAT in over 50 countries. Likewise, it guarantees FATCA compliance and constant monitoring, so that your AP staff would spend less time on rule adhering. Better yet, the holistic, cloud-based asset acts as a secure payment haven that automates the entire mass global payment processing operation, from onboarding to tax compliance. In a nutshell, it will streamline the way you make payments to customers, partners, vendors, and affiliates across an impressive base of 190 countries. It is suitable for businesses from all scale, from self-employed professionals to international corporations.
What is unique about Tipalti AP Automation?
- Supplier management portal. Tipalti features a brandable Supplier Management portal, where suppliers themselves input and manage taxation information.
- Compliance with both national & international taxation standards. Once inserted, data is validated by the system’s Remittance Validation Engine where more than 26,000 national and international standards are monitored for compliance. W-9 and W-8 tax forms ensure FATCA compliance as well, and reduces thereof the time AP staff spends on rule adhering.
- Absolute peace of mind. With Tipalti, the company is in position to skip administrative difficulties and fines, as the irresponsible payee is scanned against US and international blacklists (OFAC), preventing the possibility to issue a payment to money launderers, terrorists, drug traffickers, or other law evasion entities.
- Facilitated payment with advanced configuration. Using Tipalti, you can pay in more than 190 countries, choosing between 120 currencies and 6 payment methods (Paypal, Wire, Prepaid Debit Card, US ACH, Global ACH, or Local bank transfer).
- Advanced reporting. Accurate and detailed payment reconciliation reports are generated automatically, without the manager having to worry about thousands of taxation rules, disparate payment method strategies, or regional considerations.
6. Credit Karma Tax
If looking for a free, yet powerful tool for preparation and e-filing of tax returns, look no further than Credit Karma Tax. The acknowledged performer prides itself with many advanced features (all common schedules, including itemized deductions, capital gains and losses, and self-employment income), and is best known for reliable assistance and guidance for US tax payers. It offers forms and guidance for all state and federal taxes, and yet lets you keep your entire refund with no upsells or fees on its behalf. The company also offers credit card and loan packages, and identity monitoring. For more information, please visit their official website.
What is unique about Credit Karma Tax?
- Supports all tax preparation forms. Credit Karma Tax supports virtually all common forms and schedules for proper tax preparation and filing. Covered requirements include itemized deductions, capital gains and losses, and self-employment income.
- Straightforward interface. The three tax preparation modules are arranged on an intuitive dashboard, and visibly displayed at a horizontal toolbar on the uppermost part of the screen so that users can easily choose Basic Info, Federal Taxes, and State Taxes.
- Uniquely customizable. Once users have entered their basic information, they can choose the tax scope that applies to them out of the lists provided at the start of each section: such as Wages & Income, Deductions, and more.
- Double-checks your data. Credit Karma Tax double-checks your data before it transfers it, and in case it depicts an error or omission, it offers to revert to the offending screens to fix them.
- Free to use. Credit Karma Tax is a one of the most robust tax filling tools you can use for free.
There is little we can say about QuickBooks that wouldn’t be valid for Xero – both systems are considered the frontrunners of accounting software development, covering end-to-end the accounting requirements of professionals, and making sure their tax work is in line with the law. The accounting & online bookkeeping application has won multiple awards for its advanced features, the possibility to include unlimited users, and have professional assistance at any moment. The system provides you with a real-time view of your cash flow regardless of the device you’re using, processes seamlessly your bills and invoices, imports and categorizes banking, credit card and PayPal transactions for faster reconciliation, and helps manage your inventory. Its functionality can be enriched with more than 600 add-on tools such as time tracking, purchase orders management, and more. You can sign up for a Xero free trial here.
What is unique about Xero?
- Professional, end-to-end accounting software. Xero is designed to facilitate the already cumbersome financial operations, and reduce the time spent scrambling voluminous records. Once pulled inside the system, all transactions and contacts are governed from the same page.
- Simplified tax filling. Xero helps you prepare for tax audits with facilitated tax filling and accurate calculations. A team of experts and a dedicated database of training materials will be there to help you prepare for tax season.
- Secure transactions. Xero works with a multiple-approval model and two-factor authentication, which minimizes the probability of financial fraud. At the same time, there will be a detailed list of performed actions, including dates, users, and manual notes for every transaction.
- Advanced reporting. Xero supports all standard transactions, including Balance sheets, Income Statements, and Cash Flow records, and you can also use it for custom summaries and additional analysis: few of the system’s reports are highly specific, tackling sales per items, expenses per contacts, aged payables, and so on.
- Inventory management. At the moment, Xero processes and runs payrolls, and automatically adjusts taxes for more than 20 states, and one could not help asking how a small-biz app can actually do that.
8. Zoho Books
Zoho Books is there to support the accounting needs of growing and developing business, enabled to answer to the highest standards in modern financial management. The software is entirely cloud-based, easy to use, and tightly connected to other Zoho products for maximal flexibility. Among its other functions, Zoho Books will provide assistance with preparing your taxes, and summarize your data in a way that helps you make accurate calculations and comply with applicable standards and guidelines. Meanwhile, the system will track your expenses, prepare and distribute invoices and accept online payments, manage inventory, and automate your banking operations. It is also one of the most suitable tools of its kind when it comes to collaboration and detailed project management. You can sign up for a Zoho Books free trial here.
What is unique about Zoho Books?
- Compact accounting suite for small businesses. Zoho Books delivers an easy-to-use, all-in-one accounting suite for growing businesses which automatically creates a journal, moves money between accounts, and appropriately applies debits and credits.
- Equipped for tax management. You can use Zoho Books to manage your taxes end to end – the system allows you to enter and edit tax information, apply them in your transactions and update/delete rates accordingly. The system can also categorize your taxes in custom groups.
- Preparation of financial statements. With Zoho Books, you can create all core financial reports like Profit and Loss, Balance Sheet, and Trial Balance to check the health of your business.
- Automated banking. You can instantly connect your bank and credit card accounts with the system, and match automated feeds with transactions in your account. The transactions will be categorized from the very first moment they land in Zoho Books.
- A very collaborative system. Zoho Books enables role-based access, and facilitates communication through a dedicated Client Portal where users can view recent transactions, past payment history and make payments online. It is also fully equipped for smart contact management.
QuickBooks is a professional, award-winning accountant suite designed for businesses from all scales and industries. The system is designed to streamline financial management in a variety of ways, including the possibility to prepare and file taxes, and respond to standards and legislation valid for your scope of action. The tool is admirably easy to use (even non-accountant friendly), enriched with enterprise-grade accounting functionalities, and bulletproof secured, and yet comes with an affordable pricing tag even small businesses can respond to. QuickBooks can be connected to all your bank and credit card accounts for streamlined transactions, and comes with dozens of standard reports (custom ones as well!) to inform you on the health of your business at any point of time. At the moment, the company has over 4.3 million customers worldwide, and prides itself with one of the most helpful and knowledgeable support teams in the financial software branch.
What is unique about QuickBooks?
- Accountant toolbox. QuickBooks is able to respond to all of your accounting needs – it offers a vast array of insights and organizational capabilities which will help companies keep accounting data organized, including their overdue items, payable bills, accounting notes, and contacts’ data, and standard accounting operations.
- A single hub where you can get ready for tax season. Designed to handle the work of accountants, QuickBooks generates accurate end-of-year reports on your business income, profit and loss, payables, and more. It is also integrated with Intuit’s TurboTax to let you import financial data and prepare your tax returns.
- Automated reporting. All standard and custom reports in the system are enriched with smart reporting filters that can be used multiple times to capture even the tiniest, yet relevant payroll item details.
- Offline access. Most of the system’s functionality can be accessed and used offline, but note that payroll-related features will require a stable internet connection to complete your operations.
- Impeccable security. QuickBooks protects your accounting data in a variety of ways, as for instance enabling a ‘Remember me’ option, letting you modify safety preferences and login only after 90 days of continuous using of this system, and even backing up your content.
Wave is another compact accounting suite that deserves a place on this list, but this time one that small and medium businesses get to use for free. It combines accounting, invoicing, and receipt scanning into one compact and straightforward package, and helps you pull off sales tax information for your reporting and compliance needs. It is best-known for its ease of use, friendly dashboard, and features suitable for small startups, freelancing professionals, and consultants. The advanced features, on the other hand, include income and expense tracking, receipt scanning, and a number of handy bank connections. The very same system can be used for standard payroll management operations – you can either use online pay stubs or choose direct deposits to pay your team accurately and on time.
What is unique about Wave?
- World’s best-known free accounting system. Wave offers free-of-charge packages without hidden fees and unexpected payments. This makes it an ideal accounting and invoicing tool for small startups, freelancing professionals, and consultants.
- Attaching sales tax to your documents. Wave allows you to attach sales taxes to your transactions, invoices, bills, and receipts, and record the taxes and reimbursements in your Journal entries. It also checks them automatically to ensure there are duplicate entries.
- Multiple accounting capabilities. With Wave, creating professional looking invoices, estimates, and receipts is a smooth process. From this software, you can monitor the status of all your invoices and payments. The system will also accept and process direct payments.
- Simplified expense tracking. Wave also has receipt scanning tools and bank connections to simplify your income and expense tracking operations.
- Paperwork-free taxation. Wave takes out manual data entry from the equation, significantly streamlining the process without compromising accuracy. The system also prepares your business for tax season without the hassle.
FreshBooks is another system on the list of do-it-all accounting solutions that can also facilitate tax management. More than 5 million businesses are relying on this tool to fast track their sales cycle and make the most of their financial management strategies. The reliable suite lets users manage their invoices and recurring subscriptions, and to collect online payments (Google Checkout, PayPal, credit card payments), and comes with an array of useful integrations that consolidate financial control in a single hub. It is hosted entirely in cloud, which means you don’t have to worry about complex installations or time-consuming maintenance – all you need to do is to choose a plan, and subscribe for their service. You can sign up for Freshbooks free trial here.
What is unique about Freshbooks?
- End-to-end tax reporting. Using Freshbooks, you can easily filter your accounts records and generate accurate tax reports and tax summaries. These reports can be then exported to a CSV file or other popular formats for sharing with a tax adviser or accountant.
- A vast base of journal entries and reports. With Freshbooks, your accountants will have access to journal entries, profit & loss reports, payments collected reports, expense reports, and tax summary reports.
- Compact accounting solution. FreshBooks is a reliable and fast accounting suite you can use to manage invoices and recurring subscriptions in less than no time, and collect online payments within the same system. To make matters even better, FreshBooks also offers multi-currency invoicing that enables you to bill customers in local currency.
- Very easy to use. Freshbooks is a notably straightforward accounting app, where maintenance and upgrades are automated, and accounting is really fast. This makes it particularly recommendable for beginners.
- Mobile-ready. FreshBooks offers mobile platform add-ons for iOS and Android devices, allowing you to access data and do accounting regardless of your location.
TaxSlayer makes it possible to prepare and file taxes online, simplify return and maximize gain and refunds either for free or against an affordable fee. The fully featured tax preparation program is incredibly easy to use (and thus suitable for first-time payers), and comes with all the IRS forms, calculations and communication links you need in order to deliver your tax returns successfully and on time. According to many experts in the industry, TaxSlayer may as well be the most powerful tax management engine so far, given that it has a state-of-the-art error checker empowered with alerts and auto-corrections, and a mechanism that guarantees tax are processed without delays. At the same time, the platform is entirely cloud-based, and you can access it and operate with it from any device.
What is unique about TaxSlayer?
- Branded as the most compact taxation solution. TaxSlayer comes with all the forms, calculations and communication links you need in order to prepare and e-file your tax return electronically.
- Completely web-based. TaxSlayer’s interface is 100% web-based, which means that the program is accessible on all devices and operating systems, and that you can file your returns regardless of your location. This will keep you in absolute control of your taxation operations.
- State-of-the-art error checker. TaxSlayer’s state-of-the-art error checker that will check your return for errors and inform you on missing data or entry mistakes before you’ve filed the return.
- Guarantees the largest return possible. TaxSlayer guarantees that you will always receive the maximum refund you are entitled to, or refunds you or we will refund you the applicable TaxSlayer purchase price paid.
- Reliable support. TaxSlayer’s experienced agents were praised multiple times for providing reliable email and live phone support for free.
TaxAct is another name that rings a bell among taxpayers, as it has proven its ability to establish full tax control in numerous occasions. Suitable for sole proprietors and businesses from different industries, TaxAct offers a free package and guarantees the lowest prices in the industry, but nevertheless guides business owners in the direction of maximizing their tax deductions and minimize their taxes. What you will appreciate about it are the quick data entry tools that fill forms in a matter of seconds, be that you need to enter M-3, 4562, K-1, or Schedule L information. TaxAct is offered online, but also as a download-ready and mobile tax preparation solution to adapt to the needs of modern tax professionals.
What is unique about TaxAct?
- Suits both simple and complex tax returns. TaxAct comes with all the tools and resources necessary to prepare and file both simple and complex returns, which makes it suitable for every business regardless of its size.
- Step-by-step taxation guidance. TaxAct is an attractive system for beginners, as it offers step-by-step guidance and personalized support for all tax fillers, regardless of the plan or service they’ve subscribed for.
- Dedicated package for small businesses. Sole users and small corporations get a package tailored to their needs, and access to IRS e-file for fast, accurate return filing & confirmation. They will also be able to minimize data entry errors by importing key data from last year’s TaxAct return.
- Dedicated professional products. TaxAct offers five professional products: Federal taxes, State taxes, Bundles, Republic Bank, and River City Bank.
- Email notifications. TaxAct’s users receive notifications via email and/or text once their return has been processed by the IRS.
14. H&R Block
H&R Block is a company that provides an array of tax preparation services, and guarantees maximal tax refund for all clients. Their tools are adept in finding the best ways for each client to prepare and submit tax returns, as the company relies on 60+ years of experience in providing a great product, and even greater service. In many aspects, H&R Block can be considered a DIY product for custom online filling, as there is almost nothing in it you can’t tweak to your needs. This helps it adjust to the needs of any business, in particular smaller ones that could use assistance from taxation professionals (powered by IMB Watson) and block advisers. Special services are also offered during audit seasons.
What is unique about H&R Block?
- W-2 Early Access. This tool enables employees to obtain electronic copies of their W-2 forms from any local H&R BLOCK office at an earlier date. In such way, they can file their taxes and receive their refunds much faster.
- ACA Calculator. This tool allows users to determine how ACA impacts their taxes, and to calculate them with all affordable care requirements taken into account.
- Tax Prep Checklist. The Tax Prep Checklist is H&R’s feature that enables users to identify the items they need as they prepare their tax return. They have the option to either create a custom tax checklist by answering a few questions or print the full tax checklist available in the software.
- Tax Information Center. The Tax Information Center offers tax articles and topics that provide important information and tips to users. For instance, they will be able to know if a rental property will place them in a different tax bracket.
- Free to use. All H&R’s tax calculators, tools, and training materials are available for free.
FreeTaxUSA also has plenty to offer to concerned taxpayers, especially when it comes to getting refunds right, and doing so as quickly as possible. The platform is entirely free of charge for federal taxes, and costs $12.95 for state tax submissions. Nonetheless, all clients are entitled to use its IRS-approved E-File provider, sample forms, and biggest return guarantees, paired with excellent audit assistance and amended deluxe returns. Premium clients, in particular, can request one-to-one guidance into filling taxes, and priority support at any time. For the time being, FreeTaxUSA has one of the largest client databases in its industry, and has been used, according to the company, to file more than 18 million tax returns with maximized accuracy.
What is unique about FreeTaxUSA?
- Helps understand the results of IRS audits. FreeTaxUSA provides users with the capability to handle notices and letters from the IRS and prepare for an IRS audit. These specialists help users understand the IRS letter or audit notice they received from the IRS.
- A deluxe audit center. FreeTaxUSA’s deluxe edition offers an audit center that stores information that users need so they can respond to an IRS audit notice and prepare for an IRS audit.
- Free preparation of federal tax returns. FreeTaxUSA also allows users to prepare, print, and e-file their federal tax returns for free. In addition, they can create a free account to estimate their taxes, calculate refund, and view deductions and credits.
- Preparing and submitting state tax returns. For as much as $12.95, users will be able to prepare and file their state tax returns, with all federal tax info taken into consideration.
- Dedicated expert assistance. Deluxe edition users are entitled to deidcated assistance from specialists who can help them respond to an IRS notice or prepare for an IRS audit.
inDinero combines accounting and tax management into a straightforward and usable package, and provides all provides the financial tools and data small businesses need to excel in their compliance requirements. According to satisfied clients, inDinero is a dream partner for every novice business looking to grow and develop, mostly because of the reliable support team comprised of bookkeepers, accountants, and CPAs assistants. inDinero deserves a look because of identifying credits and deductions and maximize your savings, as it helps you prepare and file all federal, state, and city tax forms; and tracks and classifies your expenses throughout the entire year. The company will also offer guidance for foreign shareholders or subsidiary responsibilities with overseas business activities.
What is unique about inDinero?
- Web-based interface. With inDinero, users are able to access and govern all of their financial data on an intuitive, web-based interface, and use the system from any device.
- Excellent reporting features. inDinero can automatically categorize transactions and allow users to generate reports by project, location, or department. It also manages their inventory, and enables credit card processing.
- Working with a team of accounting experts. inDinero offers the assistance of experienced accountants that help users understand their cash runway and recognize their revenues (accrual or cash basis).
- CPAs and business tax experts. inDinero’s CPAs and business tax experts will help you prepare federal, state, or city tax forms; track and classifying of business expense, calculate depreciation on assets, and create K-1 forms for partners.
- Suitable for small and medium businesses. With its flexible pricing scheme, inDinero caters specifically to the needs of small and medium businesses.
17. Drake Tax
Drake Tax is a tax management suite for small/medium business professionals and accounting firms. It specializes in helping you prepare and process your tax returns in the most efficient way, and letting you focus on other more important accounting tasks. To do so, it uses shortcut keys and macros, it simplifies data entry, and double-checks your information for potential errors. The returns are calculated automatically, and prepared for all types of analyses including comparison of several tax seasons in a row. With the hep of Drake Tax software, you can even export K-1 tax information to Form 1040, as well as, export 8615 parent’s tax information to a child’s Form 8615, and file returns once ready. The system is available in English and Spanish.
What is unique about Drake Tax?
- Quick calculations. Drake Tax enables users to quickly review the returns they are preparing and e-filing. After they calculate the return, the software displays the results of the calculation.
- Quick error identification. Drake Tax displays error messages after they calculate returns. These error messages provide information on how they can correct the errors to prevent issues that can result in an IRS rejection.
- Custom reminders. With DrakeTax, users can add notes for tax forms and returns that serve as reminders for themselves, or they can use these notes to share important information with their staff.
- Importing and exporting tax forms. Drake Tax allows users to import W-2, K-1, and 1040 forms with a 2D scanner, as well as to export K-1 tax information from 1041, 1120S, and 1065 returns to Form 1040.
- Online e-filling features. Drake Tax also has an e-filing feature that allows users to submit tax returns online. In e-filing returns, they can attach PDF documents to returns.
18. Jackson Hewitt
Jackson Hewitt is an online tax solution whose simplicity is unparalleled. It suits primarily inexperienced taxpayers, as it makes use of an understandable and conversational language to help them prepare and file returns, and stores all of their information in a secure tax database. It excels in training, and provides a robust library of step-by-step guides and instructions, and ready-to-use IRS-approved tax forms. You can choose any of the four available editions: Free, Basic, Deluxe, and Premium, depending on the market tier you belong to (single, self-employed, with dependents, homeowners, student loans, complicated returns, and sold stocks); the features you wish to acquire; and the need to access premium support.
What is unique about Jackson Hewitt?
- Assumes responsibility for inaccurate calculations. Jackson Hewitt guarantees accurate calculations. As long as you’ve inserted the correct information, the program will take responsibility in case any of the calculations done by the software is inaccurate and can lead to penalties levied by the IRS.
- Robust taxation management kit. Jackson Hewitt comes with multiple advanced taxation features, such as automated import of W-2 forms, student loan interest, dependents (including), interest or income interest, mortgage interest $ property tax, investments (retirement, bonds, and stocks), deductions and self-employment income, maximized deduction, and dependent including EIC.
- Prepares detailed returns, with all info considered. Jackson Hewitt takes into account all of your documentation when preparing your tax returns.
- Ease of use. Jackson Hewitt comes with an intuitive interface and a detailed wizard that guides you through your whole income and deduction representation.
- Expert customer support. Whether it’s a simple or complex return, Jackson Hewitt provides the convenience of tax preparation plus expert support via phone, email, and online chat.
19. OLT OnLine Taxes
Next, we have OLT OnLine Taxes – a neatly packed, all-inclusive tax preparation solution hosted entirely in cloud. With the help of OLT, taxpayers can prepare their federal tax returns via IRS’s Free File Alliance, and do so absolutely for free. The system also allows them to enter data for previous tax years, and supports all forms and schedules to meet the exact needs of different businesses. E-filing is also an option – OLT ensures that this process will be smooth and fast, and guarantees returns as direct deposits with no hidden fees or costs. Last, but not least, support is available via phone and live chat, and special guidance is offered to customers undergoing audit seasons.
What is unique about OLT OnLine Taxes?
- An IRS efile solution. OLT’s IRS efile solution is a quick and easy alternative to paper tax preparation that suits the needs of small, medium, and large businesses.
- Free forms. With OLT OnLine Taxes, you can prepare and file 1040EZ, 1040, and 1040A form absolutely free of charge.
- Impeccable security. All the information submitted in OLT is verified via Trust Safety, and thereby guaranteed optimal security. OnLine Taxes also provides audit support to help taxpayer to backup all their returns.
- Checklist navigation. OLT features several tabs of navigation: a top-level navigation tab for filing state and federal returns, and a second level navigation tab for adjustments, income, primary information, credits, taxes, and deductions, tax summary, etc.
- A self-adjusting glossary. OLT comes with a glossary sidebar that provides links to insightful articles on specific topics. The suggested content in the glossary adjusts automatically, based on the data you’re entering in the system.
20. Clarus R+D
Clarus R+D is designed to simplify tax credit work for small and medium-sized businesses, providing users a good combination of advanced technology and reliable support from tax experts and CPAs. This SaaS-based tax service platform is capable of gathering your entire company’s R&D data. Slaving away with manual calculations is no longer necessary as the platform automatically calculates and determines how much R&D tax credit you qualify for. The platform also integrates with existing payroll systems for easily offset filing. Clarus R+D displays its qualifications and reports in an easy to understand presentation, with all data securely documented for compliance purposes.
What is unique about Clarus R+D
- Ideal for startups. With Clarus R+D, users only spend money upon claiming one’s R+D tax credit benefits.
- Support from tax professionals. Get support from professionals in the industry to maximize your credits.
- Easy compliance. The platform generates automatic and secure documentation and reports that meet compliance requirements.
- Automatic computation. It automatically determines how much R&D tax credit you have qualified for based on collected R&D activities.
- Simplified work process. Clarus R+D does all the heavy lifting, making it an ideal solution for businesses that lack the time and expertise to effectively manage and accurately compute their tax credit.