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The global tax software market is growing fast. It’s expected to hit $11.19 billion by 2026. But, finding the right corporate tax software for your business can be tough. Accountants, small business owners, and taxpayers all need these tools.
This guide is here to help you find the best corporate tax software. It will help you with tax filing, compliance, and saving money.
Key Takeaways
- The corporate tax software market is a rapidly growing industry, projected to reach $11.19 billion by 2026.
- Businesses of all sizes, from small enterprises to large corporations, rely on specialized tax software to manage their tax preparation and compliance needs.
- Identifying the right corporate tax software platform can be challenging, with factors such as features, pricing, and user experience to consider.
- This guide will help you navigate the top corporate tax software options and find the best fit for your business.
- Leveraging the right tax software can help you maximize your tax savings and streamline your tax filing processes.
The Growth of the Tax Software Industry
The tax software industry has grown a lot in the last 30 years. It started to get popular in the 1990s with products like TurboTax for Windows. Now, it’s a huge market worth billions of dollars and is expected to grow even more.
There are three main groups that use tax software: accountants, small business owners, and regular people. Thanks to better technology, tax software is now easier to use. It has more features and is available to more people.
| Metric | Value |
|---|---|
| Global Tax Management Software Market Size (2022) | $18.74 billion |
| Global Tax Management Software Market CAGR (2023-2030) | 10.1% |
| Software Segment Revenue Share (2022) | 72.0% |
| Professional Services Segment Growth Rate (Forecasted) | Fastest-growing |
| Tax Compliance Software Segment Revenue Share (2022) | Over 26.0% |
| Direct Tax Segment Revenue Share (2022) | Over 53.0% |
| On-Premise Deployment Segment Revenue Share (2022) | Over 51.0% |
The tax software industry is growing because people need better ways to manage taxes. New technologies like cloud computing and automation are helping. As tax rules get more complex, the market will likely keep growing.
Top Tax Software for Accountants
Choosing the right tax software is key for accountants. It helps streamline work and serve clients better. Intuit ProSeries Tax is a top pick for its advanced features and strong reputation.
Lacerte Tax by Intuit offers over 5,700 tax forms and finds over 25,000 errors. ProConnect Tax is cloud-based, with access to the same forms and over 20,000 automated calculations.
Intuit ProSeries Tax
Intuit ProSeries Tax is a favorite among accountants. It has many features, including:
- Access to more than 5,700 standard tax forms
- A diagnostic system that can detect over 25,000 potential errors
- Intuitive workflow management tools to streamline tax preparation
- Seamless integration with other Intuit products, such as QuickBooks
Looking for Lacerte Tax’s full range or ProConnect Tax’s cloud ease? Intuit’s ProSeries meets the needs of accountants and tax pros.
| Feature | Lacerte Tax | ProConnect Tax |
|---|---|---|
| Tax Forms Available | 5,700+ | 5,700+ |
| Potential Error Alerts | 25,000+ | 20,000+ |
| Platform | Desktop | Cloud-based |
| Pricing | Custom quote | Custom quote |
Intuit ProSeries Tax is a top choice for accountants. It offers unmatched features and a strong reputation, helping to improve your practice and client results.
Drake Tax
Drake Tax is a top pick for accountants working with small and midsize businesses. It’s affordable yet packed with features for complex tax needs. Reviewers love its detailed preparation tools, smooth workflow, and strong error-checking.
TaxSlayer Pro
TaxSlayer Pro is the pro version of TaxSlayer. It has unlimited live support and three pricing plans. This makes it great for small and midsize businesses looking for reliable tax software.
- Over 77,000 tax pros use Drake Tax to boost their work.
- Drake Tax has great onboarding and support during tax season.
- Users really like Drake Tax, showing it’s reliable and trustworthy.
- It gives quick results, speeding up tax prep and saving time.
- Drake Tax checks returns carefully to avoid mistakes.
Drake Tax has special features for small and midsize businesses. It includes:
- Easy data management with imports of electronic forms and data.
- Quick multi-state returns without extra modules.
- Auto-fill features for EIN database, saving time.
- Tools for planning and comparing tax scenarios.
- Clear results and error messages for detailed reviews.
Drake Tax and TaxSlayer Pro are top choices for small and midsize businesses. They offer efficiency, affordability, and advanced features.
Top Tax Software for Small Business Owners
There are many great tax software options for small businesses. H&R Block, Intuit TurboTax, and TaxAct Business are among the best.
H&R Block
H&R Block is a top choice for tax software. It was named the best in 2022. It helps with finding and claiming deductions and tracks payroll taxes.
Intuit TurboTax
TurboTax by Intuit is great for small businesses. It supports self-employed people and has features for sole proprietors. It also integrates with other apps.
TaxAct Business
TaxAct Business is good for partnerships and corporations. It helps with different business types, including tax-exempt ones.
“Finding the right tax software can be a game-changer for small business owners, helping them navigate the complexities of tax filings and maximize deductions.” – Jane Doe, CPA
These top tax software options help all types of businesses. They make tax preparation easier and ensure you follow tax laws.
Best Corporate Tax Software
Bloomberg Tax Provision is a top choice for complex tax calculations. It’s easy to use and helps manage risk. It also shortens the time needed for tax procedures.
It can be set up quickly. It automatically creates footnote disclosures. It also calculates state-by-state tax provisions and keeps track of UTBs.
Vertex O Series is a leading corporate tax preparation software. It handles the whole tax process, from start to finish. It works well with your current systems, making tax filing smooth.
It has advanced features for big companies. These include tax calculations across many places, audit management, and reporting. This software makes complex tax issues easier to handle.
Lacerte from Intuit Accountants is another top choice. It’s known for its wide range of features and how well it works with other software. It helps CPAs work faster, saving them hours on tax returns.
| Software | Key Features | Pricing |
|---|---|---|
| Bloomberg Tax Provision |
| Custom pricing based on your specific requirements |
| Vertex O Series |
| Custom pricing based on your specific requirements |
| Lacerte |
| Custom pricing based on your specific requirements |
These best corporate tax software solutions have everything you need. They integrate well and make tax filing easy. They help big companies and accounting firms deal with complex tax issues.
TaxAct Business
If you own a small business, TaxAct Business might be perfect for you. It’s designed for partnerships, corporations, and more. It even has a package for sole proprietors.
TaxAct Business lets you file online, no matter if you’re on a Mac or PC. This makes it easy for many businesses to use. It’s great for both small and medium-sized companies.
| TaxAct Business Features | Benefits |
|---|---|
| 100% Accuracy Guarantee | Ensures your calculations are correct and protects you from IRS or state penalties in case of errors. |
| Money-Back Guarantee | If you’re not completely satisfied with the software, you can receive a full refund within 30 days of purchase. |
| Start Free Option | You can try the online business products for free and only pay when it’s time to file. |
| Unlimited Expert Assistance | The TaxAct Xpert Assist and TaxAct Xpert Assist for Business plans provide unlimited access to tax experts. |
TaxAct Business has many features. It includes fast data entry and accounting record import. It also has comprehensive tax guidance and detailed depreciation and disposal summaries.
Its interface is easy to use, with step-by-step guidance. It also has powerful tax-saving tools. TaxAct Business is a top choice for small businesses looking for a reliable online tax filing solution.
Top Software for Taxpayers
H&R Block
H&R Block is a top name in personal tax filing software. It’s easy to use and has lots of features. Over 65 million tax returns have been filed using their software.
It helps families, investors, homeowners, and the self-employed. The software is simple but still powerful. It helps users find and use all their deductions and credits.
H&R Block’s software meets many taxpayer needs. It’s great for simple returns or complex ones. The step-by-step help and access to tax experts make it a top pick.
The software also works well with other financial platforms. Users can easily import data from TurboTax for personal taxes. This makes filing taxes faster and less stressful.
H&R Block’s H&R Block personal tax filing software is a top choice. It’s easy to use, has lots of features, and offers personalized help.
TaxAct
TaxAct tax software is a top pick for filing taxes online. It’s easy to use and affordable. This makes it great for people with simple tax needs.
The software is designed to be simple. It guides you step by step. This helps you fill out your taxes without mistakes.
- Free IRS e-file for fast and accurate return filing
- Accounting records import from Trial Balance Reports in CSV format
- TaxTutor guidance for expert tax tips and strategies
- TaxAct Alerts for inspecting returns for errors and tax-saving opportunities
- Loan and savings calculators for financial computations
- Security technology and monitoring processes in place for data protection
TaxAct also helps you find more tax savings. They offer a 100% Satisfaction Guarantee. Over 94 million tax returns have been filed using their software.
“TaxAct’s intuitive interface and comprehensive features make it a breeze to file my taxes each year. I highly recommend it to anyone looking for a user-friendly tax software solution.”
TaxAct is perfect for both new and experienced filers. It makes tax preparation easy. This lets you focus on saving money on taxes.
Tax Practice Management Software
In today’s world, tax practice management software is key for tax pros and firms. It makes everything smoother, from talking to clients to managing documents. It also helps with workflow, tax rules, and gives insights.
The best software works with the whole firm. It keeps track of work and makes sure deadlines are met. It automates tasks and keeps data safe. This lets tax pros focus on what matters most and serve clients better.
Key Features of Top Tax Practice Management Software
- Comprehensive client management, including CRM functionalities to enhance client relationships and service delivery
- Secure, organized document and file management to ensure the proper storage, access, and organization of client documents
- Efficient scheduling and calendar integration tools for better time management, including reminders and conflict detection
- Accounting and invoicing modules to streamline financial operations, such as automated invoicing and expense tracking
- Tax compliance and reporting tools to ensure accurate and timely filing, while providing valuable business insights
- Robust data security and access controls to protect sensitive client information
Firms need to pick software that fits their needs. This includes cost, ease of use, and how it grows with the firm. The right software boosts efficiency, accuracy, and client service, making the firm more profitable.
“BNA, a US-based firm, delivers tax returns in three days with the right tech stack.”
| Software | Ratings | Pricing | Key Features |
|---|---|---|---|
| Karbon | 4.8 stars (G2), 4.7 stars (Capterra) | $59 to $109 USD per user/month | Practice management, CRM, workflow automation |
| Drake Tax | 4.5 stars (G2), 4 stars (Capterra) | $1,695 USD one-time payment, $99 USD per user/month | Tax preparation, compliance, reporting |
| Taxfiler | 4.5 stars (G2), 4.8 stars (Capterra) | Not available | Personal tax, accounts preparation, corporate tax, partnership tax, trust and estate tax |
Using the right tax practice management software helps firms run better. It improves service and keeps them competitive. These tools make tax pros work smarter, follow rules, and give clients valuable insights.
10 Best Tax Preparation Software for CPAs and Accounting Firms
Choosing the right tax software is key for CPAs and accounting firms. It ensures they follow tax laws well and report correctly. The best software has features like AI, tax planning, and financial reports. Here are 10 top software options:
- Intuit TurboTax
- Bloomberg Tax Provision
- Sage Business Cloud
- Lacerte Tax
- Drake Accounting
- CCH Axcess
- CCH AnswerConnect
- TaxWise Online
- Xpitax Outsourcing Services
- CCH CPELink
These tools help make tax prep easier, handle tough tax cases, and offer detailed reports. They use AI, tax planning, and cloud tools. This makes tax work more efficient and accurate.
| Software | Key Features | Pricing |
|---|---|---|
| Intuit TurboTax | AI-powered automation, easy to use, works with accounting software | $0 to $129 for federal, $0 to $64 for state |
| Bloomberg Tax Provision | Full tax planning and compliance, detailed reports | Prices vary by firm size and needs |
| Sage Business Cloud | Works well with Sage accounting, does tax calculations automatically | $0 to $99.99 for federal, $39.99 to $59.99 for state |
With the right software, CPAs and firms can make tax work easier and faster. They can file on time and accurately for their clients. These top software options help firms work better and serve clients well.
“94 out of Accounting Today’s Top 100 Accounting Firms trust CCH Axcess for its unbeatable automation, integration, and collaborative capabilities.”
Benefits of Tax Preparation Software
Handling Complex Tax Scenarios
Tax preparation software is very helpful for both people and accountants. It makes dealing with tough tax situations easier. It also saves time compared to doing taxes by hand.
With this software, you can manage your taxes well. You can keep all your tax documents in one place online. It makes dealing with hard financial situations simpler.
For accounting firms and CPAs, this software is a big help. It makes their work easier, keeps them in line with rules, and helps them serve clients better. It’s great for those with complex finances, like small business owners or people with a lot of money.
- Streamline tax preparation and filing processes
- Manage complex tax scenarios with ease
- Maintain all tax-related documents in a centralized, digital location
- Maximize tax deductions and credits to optimize tax savings
- Enhance productivity and efficiency for accounting professionals
Whether you’re filing taxes yourself or you’re an accountant, this software is a big help. It lets you handle tax filing with confidence. You can make sure you’re getting all the deductions and credits you can.
“Tax preparation software has become an essential tool for managing even the most complex tax situations. The ability to streamline the filing process and maximize deductions has been a game-changer for both individual taxpayers and accounting professionals.”
Conclusion
This guide has looked at the best corporate tax software. It shows what each platform offers. From Intuit ProSeries Tax to TurboTax, there’s something for everyone.
These tools make tax time easier. They help businesses and people get their taxes done right. They offer features like automated calculations and easy integrations.
Choosing the right tax software is key. It helps you avoid mistakes and keeps your data safe. By looking at what each software offers, you can pick the best one for you.
