Commercial Tax Prep Software

What Is the Best Commercial Tax Prep Software To Buy?

Are you deciding on which commercial tax prep software to buy for your company?

What a year it’s been for the IRS! Jobs Act and the Tax Cuts triggered changes in the tax code, as well as the issuance of new forms.

The 1040A and 1040EZ are gone, and the new form is much abbreviated.

Six schedules are new.

These changes for 2018 returns have kept accounting professionals and tax preparation software suppliers busy.

This is why it is important to make sure that your commercial tax prep software is up to date.

These software options have you covered.

Some of them are free to use, at least for filers with easy returns.

Whereas, for larger companies with more employees you will need to upgrade to access the extra features.

1) TurboTax

TurboTax is arguably the top name in personal tax preparation software and its developed by Intuit.

Specialists and basic users alike appear to think and they have made an easy to follow interface.

Although you’ll pay top dollar for this one its worth it.

It scores kudos for user experience to have the ability to import a good many employer tax IDs.

You can take pictures of your W-2s and 1099 forms rather than type risking typos and mistakes.

Also, there is an expense feature to file Schedule C.

It inputs them and categorize them, add them up, and can extract possibly tax-deductible expenditures directly from the bank account.

The 2019 variant will search more than 350 tax deductions and credits to see once you input your info if you qualify.

The software engages you much as a professional would with questions and guidance.

Although some pop-up messages may be a bit unnecessary and potentially jarring when you’re concentrating.

Subsequently, if you become confused or hit a brick wall, TurboTax provides experts to talk with if you use the online version.

Additionally, it has a smart feature that will put you in touch with a tax expert, and it provides audit support.

However, each time that you want to do something that falls out the simple range, you’ll be asked to pay for it or upgrade to another program.

Such as income from investments itemizing deductions, or self-employment.

What if a mathematical problem is made by TurboTax?

They’ll pay all related IRS penalties on your behalf. Very strong!

How much will all this cost you?: $79.99 if your tax situation is really simple. And if you acted and filed before the 2019 tax season officially geared up in January, you can save $30. The true cost is free for both federal and state returns. You can expect this to grow to $39.99 for federal returns and $36.99 for the state when tax season gets underway.

2) H&R Block

H&R Block Premium does just about everything that TurboTax does in a different way.

Why does it fall to the second location?

Mostly it’s a matter of opinion.

Reviewers and users often clap for TurboTax but is a very close race.

H&R Block is friendly and easy to follow.

Also, asking questions and deciphering your answers as you prepare your tax return.

However, H&R Block is always good at deciphering your own answers effectively.

You have to dig for informational responses in the Help window or solicit live professional tax advice and you might hit that brick wall more frequently.

If required, you can pay extra to have an expert review your finished return for an additional measure of assurance before you file.

Or simply back up your file and head off to one of the thousands of H&R Block offices in the U.S. if you run into problems.

Then, you could sit down with a professional at no cost if you purchased the commercial tax prep software.

A big plus is that H&R Block is reported to be the best when it comes to this type of handholding.

It offers tax prep checklist to track down the files you’ll have to prepare your return.

H&R Block is more accepting of tax situations that are more complicated.

How much will all this cost you? The Premium version costs $64.95 with all its bells and whistles, but the fundamental package for easy returns is only $19.95. A Deluxe version is available for $44.95. Keep in mind that these costs might go up a little when filing season starts.

In closing, this is an overview of 2 of the best commercial tax prep software and I hope that this helps you with your decision to better manage your finances.