September 23, 2014

10 Apps to Assist with Your Small Business Taxes

small business tax apps

Tax time is almost here. And as with almost anything else in your small business, there are apps designed to get you through it.

You can use some apps for filing your tax returns. Others can be used to keep you better organized throughout the year — by doing things like tracking your expenses.

We’ve identified 10 small business tax apps you may find useful as a small business or microbusiness owner, an entrepreneur, or a solopreneur.

Small Business Tax Apps

FreshBooks

Many small business owners may need help with accounting and an organized accounting process can really prove beneficial at tax time. FreshBooks is one of several all-in-one accounting apps used for tracking expenses, producing invoices for your customers and tracking payments.

FreshBooks is available on Android and iOS devices. New users get a free 30-day trial. Monthly plans after the trial period start at $19.95 per month, according to the FreshBooks website.

TurboTax Home & Business

This is probably one of the most recognizable names on the list. TurboTax, from Intuit, offers an app for small business owners that costs $99.99. That price includes the cost of one e-file of a tax return.

The online app claims that using it allows you to identify and get the most money for your tax deductions, especially those specific to small businesses. You can also use it to create W2 and 1099 forms for your employees. Throughout the year, you can use this app to help track expenses, too. There is also a feature that accounts for value depreciation of your assets.

TaxCaster

Intuit also offers a companion app for your mobile device called TaxCaster. The app is designed to give you a glimpse at any possible tax return you can expect.

IRS2Go

This app comes directly from the Internal Revenue Service. The IRS2Go mobile app is available for both iOS and Android devices. The app is supposed to allow you to track your refund. It also provides you with tax prep information. And you can request tax return information and account transcripts through the app.

When the IRS receives your request through the app, they’ll send you the information you requested in the mail.

MoBu

This is a Windows app designed to run on desktops or mobile devices. The cost for the MoBu app is $6.99, but there is a free version with limited capabilities.

Like many of the apps on this list, MoBu uses charts and graphs to give a picture of your finances. Although MoBu is marketed toward personal finance, self-employed people can also use some of the features.  This is how a description on the Microsoft app store describes it:

“When other applications only offer you to enter and track your expenses and income, MoBu lets you in addition define expenditure and savings budgets, and fully analyze your financial wealth and simulate the future.”

Mint

This is a free app from Intuit Inc. that has the sole aim of tracking and organizing your expenses. Mint organizes your expenses to let you know where your money is being spent. It presents this information in easy-to-read charts and graphs.

Mint would be a good app for any entrepreneur keen on controlling expenses. Forecasting features allow you to get a glimpse at future expenses and savings.

inDinero

This app is designed for both desktop and mobile use. inDinero claims it can perform all your financial tasks, from your accounting to tax returns. The app uses graphs and charts on an online dashboard to present your business’ financial information.

inDinero offers three levels of paid service, based on the size of your business. It charges a flat fee. But not just any business can use this app. inDinero requires that you request an invite to use its services. It will review your application.

TaxACT

This popular tax software has online apps for small businesses filing their federal and state taxes. TaxACT says small business owners can file their 1065, 1120, 1120S and 1040 Schedule C returns using its app. A free trial has limited services but does allow you to file one federal return for free through e-file. Premium offerings start at $12.99 and include assistance with filing your business taxes.

Record keeping, or a lack thereof, could make tax season even more arduous on small business owners. Below are several mileage, receipt tracking apps you can use to accomplish this.

Expensify

This is a free app you can use on desktop or mobile. Expensify has a service designed specifically for businesses. This app allows you and your employees to track your expenses by taking photos of receipts. It also tracks employee mileage through GPS.

This app even allows you to reimburse employees for their expenses from inside Expensify. The app also integrates with some popular accounting software, which should come in handy at tax time.

iDonatedIt

If you’re a charitable person or have donated anything in the course of a year, use the iDonatedIt app to calculate the value of that donation. If you track your donations throughout the year using this app, accounting for them at tax time should be easier. It is available for both Android and iOS devices.

While some of these small business tax apps are free to use, others obviously require an up-front cost. But remember, as tax professional J.K. Lasser points out, the money you spend on a tax prep app like those in our list is tax deductible.

Using App Photo via Shutterstock

5 Comments ▼

Joshua Sophy - Staff Writer


Joshua Sophy Joshua Sophy is a staff writer for Small Business Trends, covering technology and business news. He is a journalist and editor with 15 years experience in media. A former newspaper reporter and editor, Joshua also serves as President of the Board of Directors of a curling club and is editor of a regional newsletter focused on the sport of curling in the Eastern U.S.

5 Reactions

  1. These business tax apps can truly turn helpful if utilized in a proper manner. Believe there can be many apps in future which help in solving tax issues. As every initiatives needs to be taken for the betterment of small business.

  2. This is a nice collection of apps, here are two more.

    Slice – connects with your email to pull together emailed invoices and receipts. Just the thing you might forget. Android and iPhone. Free

    Shoeboxed – takes on the “paperwork in a shoebox” metaphor. Lets you take a picture of your receipts and keeps a digitized copy. This can later be pulled into Excel, Quickbooks and other financial programs. iPhone only but free.

    Check with your accountant. They might have a suggestion or two to help connect to what they use to prep taxes.

  3. Thanks for your responses.

    Keep in mind, this is just a snapshot of the volume of apps available to small business owners that help keep you better organized and tax savvy, specifically.

    In my opinion, any app that aids you by organizing or automating your business and keeps you more organized is one you should seek out or continue to use.

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