S corp tax software: Taxact or Turbotax?

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markfaix
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S corp tax software: Taxact or Turbotax?

Post by markfaix » Sat Jan 12, 2019 4:30 pm

I am a sole owner/employee of a small business S corp. I wanted to try to do our own 1120S federal and state as my overpriced CPA is getting too expensive. I need to do Sch L (balance sheet) and Sch M-1 and M-2.

Any recommendations? Reviews are terrible for Taxcut, and mixed for Taxact and Turbotax business.

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MP123
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Re: S corp tax software: Taxact or Turbotax?

Post by MP123 » Sat Jan 12, 2019 8:36 pm

I use TurboTax Business for my 1120s and the schedules you mention. It works fine but it's a bit less friendly than the TurboTax personal editions for the 1040. I think that's largely because there's more potential complexity in the return.

If you have a prior year CPA prepared 1120s to use as a model you'll have no problems with it.

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markfaix
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Re: S corp tax software: Taxact or Turbotax?

Post by markfaix » Sun Jan 13, 2019 4:58 pm

MP123 wrote:
Sat Jan 12, 2019 8:36 pm
I use TurboTax Business for my 1120s and the schedules you mention. It works fine but it's a bit less friendly than the TurboTax personal editions for the 1040. I think that's largely because there's more potential complexity in the return.

If you have a prior year CPA prepared 1120s to use as a model you'll have no problems with it.
MP123,

Does the K-1 generated by TT Business auto-import into your TT for your 1040, or do you have to retype all the numbers again?

Jefferson
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Re: S corp tax software: Taxact or Turbotax?

Post by Jefferson » Sun Jan 13, 2019 6:27 pm

I’ve had a small business for years. I could see shopping around for a lower priced CPA, but I would never do without one.

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chickadee
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Re: S corp tax software: Taxact or Turbotax?

Post by chickadee » Sun Jan 13, 2019 7:24 pm

I love Taxact for our S Corp. Seems like it does automatically put the K-1 info into 1040 if I remember correctly. If not, it was easy to enter. Last year I had to buy the download version for Windows, but this year it is online. In fact, I already have my taxes done, and am just waiting for official 1099 div and int to complete. You could try it for free and see what you think. You only have to pay at the end when it’s time to file! Honestly, I can’t believe I paid someone to do it for years. The software made it so easy.

I actually bought TurboTax last year, started using it and then returned it (money back guarantee) and then I switched to TaxAct which was so much better, not to mention cheaper then TT business plus TT for the 1040.

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MP123
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Re: S corp tax software: Taxact or Turbotax?

Post by MP123 » Sun Jan 13, 2019 8:08 pm

markfaix wrote:
Sun Jan 13, 2019 4:58 pm
MP123 wrote:
Sat Jan 12, 2019 8:36 pm
I use TurboTax Business for my 1120s and the schedules you mention. It works fine but it's a bit less friendly than the TurboTax personal editions for the 1040. I think that's largely because there's more potential complexity in the return.

If you have a prior year CPA prepared 1120s to use as a model you'll have no problems with it.
MP123,

Does the K-1 generated by TT Business auto-import into your TT for your 1040, or do you have to retype all the numbers again?
I've always keyed the K-1 in. I don't think TT will import it but maybe.

It does forward all the info from previous 1120s returns though which will help a bit on the schedule L (at least for next year in your case).

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