Small Business Tax Software, Solutions & Packages
For many small business owners, tax is time-consuming, tedious and generally quite stressful. It usually involves spending staying up late and spending hours sifting through spreadsheets to make sure every cent is accounted for and ensuring compliance with the law.
But managing your tax doesn’t have to be such a chore. Regardless of whether you hire an accountant, staying on top of your taxes and making tax planning part of your wider business strategy is a smart move that can spare you many headaches, help you save more on tax deductions and reduce your tax liability.
As well as hiring a bookkeeper or tax accountant to assist you with your tax planning and keep on top of your financials, there are a number of tools and software designed to help small businesses manage and prepare their taxes. Tax software makes the process of filing your taxes faster and easier. In addition, there are a number of tax incentives, solutions and packages available to small businesses to help you save and maintain a healthy cashflow.
We have a range of offers for business tax software, solutions, incentives and packages. Our deals cover tax preparation and filing, tax management, small business tax deferrals and more. Our offers have been curated with small businesses in mind, so you can shop safely for the offers for your business.
With so many tax software options and offers on the market, it can be difficult to understand what’s what. Our goal is to give you an overview of the different options available to help you choose the best tax solutions for your business. We will cover:
- Business tax software
- Small business tax packages and solutions
Tax Software
What is tax software?
Tax software is designed to help you complete and file your tax returns online, manage your tax obligations and keep all of your tax data secure in one place. Some accounting software programs such as Xero, MYOB and Quickbooks have in-built tax tools that integrate with other core areas of your financials such as account receivable, accounts payable, payroll and more.
Why use tax software?
Tax software automates much of the process of filing a tax return and can save you a considerable amount of time. But there are several other benefits of using tax software:
- Automatically updates any changes to tax law and legislation
- Navigate tax forms more easily
- Estimated tax refund
- It’s often cheaper than hiring an accountant
Tax software is automatically updated with the latest tax laws and legislation. This can take the weight off you as a business owner as it helps you ensure compliance with your tax requirements.
Tax software can also help you navigate tax forms more easily to ensure everything has been completed correctly. Not completing certain sections of a tax form may result in fines and penalties. Some tax software also offers estimated tax returns, and while it might not be 100% accurate, it can help you with budgeting and forecasting your finances.
Using tax software can also help you save on hiring a tax accountant. Tax accountants fees can quickly add up, so if your tax return is relatively straightforward tax software may be a more cost-effective option. That said, tax accountants can be worth their weight in gold in terms of how much they can help you save on your tax bill; they have a thorough knowledge of tax laws and small business tax deductions that you may not understand or know how to apply.
What are the top features of tax software to look for?
The top features to look out for when choosing tax software include:
- Payroll tax: Keep accurate and comprehensive records of your employees’ payroll tax to ensure compliance for end-of-year financial reporting.
- Tax filing: Prepare and submit your tax return forms online with ease. You can also generate pre-populated forms and access tax information resources to ensure you understand key tax terms and classifications.
- Deduction suggestions: Most tax software identifies and suggests deductions that your small business may be eligible for to potentially reduce your tax liability.
- Audit support: If you do get pulled up for an audit, many tax software providers offer audit support at an additional cost or free of charge.
How much is tax software?
Accounting and tax software is usually priced on a one-off or monthly subscription basis. Prices can start from $35. Some software may offer several plans ranging from basic to advanced. There may also be an option to purchase add-ons or additional services from live professionals.
How do I choose the right tax software for my business?
Not all tax software is equal and you ultimately need to choose software that has all of the features you need and is easy to use - after all, it’s meant to save you time. Here are some useful considerations to help you choose:
- Help and support: How much help and support do you need? Does the provider offer on-hand assistance?
- Affordability: Can you afford it? Do they have several plans for different needs and budgets?
- User experience: Check out reviews and try to gauge how user-friendly it is. It should have a clear user interface that is easy to access and navigate.
Small Business Tax Solutions & Packages
In addition to using accounting and tax software to keep on top of your financials and tax reporting, there are a number of tax solutions for self-employed individuals and small businesses such as government tax incentives and serviced packages. It’s important to keep updated with these offers to avoid missing out on potential opportunities.
What are small business tax solutions?
Small business tax solutions include things such as:
- Tax incentives
- Tax return packages
- Tax planning packages
Tax incentives
Federal and state governments offer tax incentives for small businesses from time to time such as tax waivers and deferrals. These incentives are designed to support small businesses and stimulate the economy by helping you boost your cashflow and invest back in your business.
Tax return packages
Some tax accountants offer tax preparation packages to make lodging your returns fast and straightforward. There are also online tax services such as Etax that offer tax return services at the click of a button. Tax return packages can be a good option if you do your own bookkeeping but want affordable professional assistance to make sure that you’ve applied all relevant deductions and can get the best possible return.
Tax planning packages
Accountants and advisory firms may also offer tax planning and advisory services and bundled packages to help you set up your business and align it with the right strategies for growth. Services offered in these types of packages include annual and quarterly tax planning, ATO compliance, filing income tax returns, preparation and lodgment of BAS, financial reporting and general tax queries. Some packages allow you to select a couple or multiple services while others offer the full scope of tax services.
If you have any questions on tax software, solutions and packages and the options available or would like advice on your business tax liability, feel free to connect with an expert tax accountant on SavvySME. You can also reach out to other business owners for advice and recommendations.
