H&R Block for Small Business Review: Flexible Tax Products and Services

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H&R Block for Small Business

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H&R Block for small business offers a wide range of services for small business owners, including freelancers and contractors. This flexibility means more business owners may be able to benefit from H&R Block’s tax products and services.

Accommodating Tax Solutions for Small Businesses

As a small business owner, managing taxes, bookkeeping, and payroll can be daunting. That’s why many entrepreneurs — whether freelancers or otherwise — turn to companies like H&R Block® for support. Getting outside help from reputable online tax services or a tax professional can make tedious and often confusing financial tasks easier to manage.

One of the key benefits of working with H&R Block is the flexibility the company offers its customers. As a small business owner, you have the ability to choose between different services like purchasing software to file your own taxes, getting in-person or virtual support with taxes and payroll, and many other year-round business financial services.

Here are some of the tax, bookkeeping, and payroll options available through H&R Block for small businesses.

H&R Block Small Business Services Overview

H&R Block offers services to support small businesses in three main areas. The company provides tax return preparation, bookkeeping, and payroll services. 

Bookkeeping and payroll are available as stand-alone services. When elected, these options can help small businesses stay on top of their tax payment and reporting obligations throughout the year. 

Business owners can also use H&R Block tax preparation software or work with tax professionals to prepare business tax returns. There are several different tax preparation options available, and prices and features vary based on the option you choose.

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Tax Preparation Services

H&R Block

As a small business owner, there are two ways H&R Block can help prepare your business tax return. You can use the company’s software to prepare your tax return (desktop and online versions are available). You can also work with a tax professional to prepare your paperwork for the IRS.

Tax Software

H&R Block’s Premium & Business 2022 tax software may be a good fit for small business owners who want a user-friendly option to file tax returns and other tax forms (like W2s and 1099s) themselves. The software costs $79.95 at the current sale price (regular price: $89.95) to download to your computer. An extended download option (up to two years) is also available for an additional $5.99, along with a $9.99 backup CD. 

It will cost an additional $19.95 to e-file your state tax return. But the software includes up to five federal e-files. So, this H&R Block desktop software could be a money saver for business owners who need to file multiple federal returns.  

If, for some reason, you don’t like the tax software, you can submit a request before you file and receive a full refund of the purchase price. The desktop software also includes free support at no extra charge if you or your business is audited and you need representation.

File Online

Eligible small business owners (e.g., freelancers, contractors, and other self-employed individuals) can also prepare their business tax returns online with Block Advisors® by H&R Block. The cost for this service depends on whether you want access to a tax expert via chat or whether you select the do-it-yourself (DIY) option.

• Self-employed online tax preparation services start at $85 with the current sale price (or $110 at full price). 
• Self-employed online tax preparation services with expert help starts at $115 with the current sale price (or $145 at full price).

An additional $37 fee will also apply for each state tax return you file.

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Work With a Tax Professional

Some small business owners prefer to work with a tax professional when it comes to filing annual tax returns. If your business is an S Corporation, C Corporation, Partnership, or you are self employed, H&R Block offers three ways to work with a tax professional.

• Meet in person
• Virtual tax preparation
• Drop off files at an office

Tax preparation costs for the three options above start at $220. Unless you are dropping off files, you will need to schedule an appointment in advance. 

You also have the option to add Business Tax Audit Support protection to your tax return for $75. If you add this coverage and the IRS decides to audit your S Corporation, C Corporation, or Partnership tax return, H&R Block tax professionals will research, review, and respond on your behalf.

Bookkeeping Services

Bookkeeping services, like those from Block Advisors by H&R Block, can help small business owners manage business cash flow (both revenue and expenses), forecast business financials, stay on top of tax obligations, and more. According to H&R Block, its full-service bookkeeping fees could cost half as much as professional accounting services elsewhere. But it’s always wise to do your own research when it comes to price comparisons.

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Pricing

The cost of small business bookkeeping services with Block Advisors by H&R Block varies based on the types of services you choose.

• Starter bookkeeping services start at $50 per month. 
• Full-service bookkeeping services start at $150 per month.

Both starter and full-service bookkeeping options offer on-demand access to expert advice from a dedicated account manager. The full-service option also features built-in quarterly support, monthly account reconciliation, financial statement creation, transaction categorization (in real-time), and the preparation of your company books for tax time. 

Block Advisors by H&R Block offers a free 30-minute consultation to discuss the differences between the company’s two bookkeeping options. You can use the free consultation to see if either is right for your business.

Payroll Services

As a small business owner, your tax responsibilities to the state and federal government are more than a once-a-year occurrence. Depending on your business structure and whether you have employees (including yourself), you may have to file tax reports and pay tax withholdings on a quarterly and monthly basis — including payroll tax filings. (Even freelancers have to pay taxes.)

Block Advisors by H&R Block offers back-office support for payroll services that can help free up time for small business owners and make sure they remain compliant. The service is available to both self-employed individuals and small businesses with multiple employees.

Pricing

As with Block Advisors by H&R Block’s other services, the cost of payroll services varies based on your business’ needs.

• Self-Employed payroll support starts at $59 per month for a team of one. 
• One+ Employees payroll support starts at $79 per month plus $10 per employee (per pay run).

As a self-employed individual, you receive access to a dedicated point of contact to support you each month with your payroll processing. Block Advisors by H&R Block also commits to help you remain compliant with federal, state, and local requirements for withholdings and tax remittances. 

If you participate in the One+ Employees program, you can receive support to pay your employees multiple times per month. The service also lets your employees access W-2s and pay stubs. 

Again, a free consultation is available. You can set up an appointment to talk to a specialist and find out if the service is a good fit for your business. Just keep in mind that specialists are sales representatives. So it’s wise to do your own research before making a final decision.

Is H&R Block for Small Business Right for Your Tax Needs?

H&R Block for small business offers a wide range of services for small business owners, including freelancers and contractors. This flexibility means more business owners may be able to benefit from H&R Block’s tax products and services.

Nonetheless, it’s always wise to shop around and compare multiple options before you make your final decision. With fee-based tax preparation services in particular, you may want to consider the average cost of getting your taxes done and see how H&R Block’s fees compare.