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The Benefits of Business Tax Software

December 8, 2018
Small Business

Now more than ever, small business owners are realizing that there are software tools available to make their business lives much simpler.  From CRM’s to accounting software, the availability and effectiveness of many platforms brings into question the need for traditional solutions or professionals.

One example is tax return preparation.  20 years ago, most business tax returns were prepared by local accountants and mostly by hand. 10 years ago, general tax programs like TurboTax Business started to target the business tax return market with solutions that worked some times, but were not good fits for most business owners.

However today, there are very sophisticated business tax software solutions that can make filing your business return a breeze and can do it at a price that leaves thousands of dollars in your pocket.

When tax time comes and you need to file your taxes, you have several benefits and expectations you require from that process:

  1. Pay as little tax as possible
  2. Make the process easy
  3. Pay as little for tax preparation as possible
  4. No IRS red flags or problems
  5. Help me strategize for next year

There are several software suites that can promise to do this, but only one really delivers: Halon Tax Software.

Halon is what you would call a “hybrid tax software”.  Most of the mundane, boring, and time consuming work is done by a software program.  We call it the Halon Tax Engine.  

However, Halon also employs CPA’s, Tax Attorneys, Enrolled Agents, Data Analysts, and many other tax pros that review, fix, and guide you through the tax process.  This means you get all of the benefits of software, without sacrificing that personal human touch you get with professional tax return preparation.

One of the main problems with traditional (local tax preparer) tax filings is the price.  CPA’s and local tax box stores cost hundreds if not thousands of dollars.  The average price of an S-corporation tax return in 2018 was $727.  And that does not include the additional fees and other services one may have to purchase to get it efiled or to have audit protection.

If you are not sure what an S-corporation is, if you make more than $10K per year, you need to be one or you are overpaying on your tax bill.  We have a great ebook called “The Dangers of Sole Proprietorship” you can download here.

Today’s business tax software is a fraction of the cost.  The purchase price of Halon Tax for example, is as low as $249 for a Form 1120S, prepared for you using your QuickBooks account, reviewed and signed by your personal CPA, and e-filed for you.  No extra fees, no additional cost.

Also, s corp tax software used to be a full day of work.  You had to enter all of the information by hand, type in every amount and transaction, only to realize something did not balance or there was an error that would not allow the return to be filed.

But not anymore.  At Halon Tax, our users connect their bookkeeping and send the returns for completion in about 15 minutes.  From there our team of bookkeepers and CPAs reviews the financials for accuracy and tax deductibility.

From there our Halon Tax Engine creates the tax return and sends it out to no less than 3 of our CPA/EA staff members to review.  If they find any issues with business expenses, tax deductions, red flags, or other problems, the team flags the return for supervisors and we work with you to take action and fix the books and the tax filing.

Your Sole Proprietorship Could Put Your Family At Risk!

If you have what is called a "naked" sole proprietorship, you may be putting your assets and family in danger.
To see if you have your business setup correctly, and to learn how to fix your current businesses structure, download our free ebook:
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Clients of Halon Tax Grow Their Revenue by 18%/yr on Average

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One of our most convenient features is being the only solution that can truly call itself QuickBooks Tax Software.  We integrate with QuickBooks Online, which means our staff can review your books, transaction by transaction.  It gives our solution and edge you will not find anywhere else.  We are the only tax software that integrates with QuickBooks Online.

Once your return passes through all of Halon Tax review processes, you are provided the return to review.  You can even setup a meeting for a personalized tax review with one of our in-house CPA’s.  This is all included in our packages, no extra fees or nickle and dime billing.

After you meet with our CPA Team and you are ready to file your return, you can e-sign the signature pages, all within the app, and Halon Tax will e-file the return for you and make sure we get confirmation from the IRS that it has been filed.

We can make sure your refund is direct deposited to your bank account so that it arrives in the fastest possible time frame.  We are capable of filing federal returns, state returns, and for any tax years you may need.  If you have back tax work that needs completed, we can handle that.

We serve all types of business owners.  Sole proprietors, S-corporations, and Partnerships.  Sorry, no C-corporations yet.  You can purchase returns via credit card, and you pay only when the tax forms and summaries are ready to be sent to the Halon Tax Engine for completion.  The software will show you instantly what your return will look like before you have to pay anything.

Tax return filing is just half of the battle.  Without proper planning and strategy analysis, you and your business will still overpay in tax.

One of the first ways we help clients at Halon is by taking a look at the business structure and the tax system the business has set up with the IRS.  Usually being a sole proprietor or single member LLC taxed as a sole prop has drawbacks tax-wise.

We can show you different methods of filing that allow you to keep much more of your hard earned money and stay perfectly compliant with the IRS.

Then we take a look at tax strategies and deductions you are not taking advantage of.  This can range from simple things, like the method of depreciation you are using, to more complex ideas like retirement plans, spousal and child strategies, wealth management tools, and more.

In many cases we can show you how to pay no tax at all.  Zero tax is hard to do, as many strategies get harder to implement as your tax bill gets lower and lower, but still our clients find that seeing how they can get to 0 tax gives them peace of mind that they have explored and been shown every possible idea they could implement to save money.

As you can see, business tax software has come a long way and can help you save money, streamline your tax process, and put you in control of your tax outcomes.

Halon Tax is your partner and the clear choice for small business owners.

Small business tax preparation has never been so easy.  And when you know how to use software to your advantage, you can save enough money for a night out with the family, or maybe a week out!!

Christopher Ragain, CPA

Christopher Ragain, CPA is the founder of Halon Tax and one of the industries top authorities on micro-business taxation and tax planning.

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