What's the most reliable software for filing LLC S Corp taxes (form 1120-s)? TurboTax isn't working for me

Thanks for the detailed response! I had no idea I'd need separate software programs for the business and personal returns. That makes sense though. Question - do these programs you mentioned (TaxAct Business, H&R Block Premium) export the K-1 data in a format I can import into my personal return software? Or would I have to manually enter all that info? Also, roughly what price range am I looking at for these business tax programs? The accountant quoted me $850 which seemed steep.

Most of these programs do allow you to export the K-1 data that can then be imported into their personal tax software counterparts. For example, if you use TaxAct Business for your 1120-S, you can export the K-1 and import it into TaxAct's individual software. Same with H&R Block's ecosystem. As for pricing, business tax software is definitely more expensive than personal versions. TaxAct Business starts around $110-130 for federal filing, H&R Block Premium & Business is in the $90-120 range for the software (plus filing fees). Drake and ATX have different pricing models but expect to pay $300-600 for a comprehensive package. Still significantly cheaper than $850, but remember you get professional expertise with an accountant that software can't always provide.

Sounds interesting. Does it handle the K-1 generation as well? And can you file directly through the platform or do you still need to print and mail the forms? My LLC S Corp is pretty straightforward but I always worry about missing some obscure deduction.

I'm skeptical of new tax software. How does it compare price-wise to the established options? And does it integrate with QuickBooks or other accounting software? I've got all my transactions already categorized there and don't want to duplicate work.

Yes, it handles K-1 generation completely and you can file electronically directly through the platform - no printing and mailing required. It actually has a review feature that checks for commonly missed deductions specific to your industry, which caught a few things I would have overlooked. The pricing is competitive with business tax software but less than an accountant. And yes, it has direct integration with QuickBooks, Xero, and several other accounting platforms. I just connected my QuickBooks account and it pulled in all my pre-categorized transactions, then suggested additional optimizations for tax purposes. It basically respects the work you've already done but helps identify things from a tax perspective.

How does this actually work? The IRS phone system is notoriously awful. Do they just call and wait on hold for you? I've been trying to get clarification on an S Corp question for literally three weeks with no success.

This sounds too good to be true honestly. I've spent HOURS on hold with the IRS about my S Corp and eventually just gave up. How much does this cost? And are the IRS agents actually helpful once you get through? In my experience they often give conflicting information.

They use a specialized system that navigates the IRS phone tree and waits on hold for you. When they reach an agent, you get a call connecting you directly to that person. It's like having someone stand in line for you - they just handle the waiting part. The agents are the same IRS representatives you'd eventually reach yourself - some are more helpful than others, but in my experience, speaking with someone directly about S Corp issues is infinitely better than trying to interpret IRS publications on your own. I got clear answers about depreciation methods for my business assets that I couldn't find anywhere else. The trick is knowing what questions to ask when you finally get through.

I tried TaxHawk last year for my S Corp and it was a disaster. They technically have the forms but the interface isn't designed well for S Corps. I ended up making a mistake on my K-1 allocations that took months to fix. Spent more money correcting it than I saved. Maybe they've improved this year but I wouldn't risk it again.

Thanks for the warning! That's exactly the kind of experience I'm trying to avoid. Did you end up finding a better alternative or just go with an accountant? I'm trying to keep costs down but definitely don't want to deal with fixing errors later.

I ended up using TaxAct Business last year after the TaxHawk fiasco. It was more expensive but the S Corp interface was much more intuitive. They have specific guidance for S Corps and the K-1 generation was straightforward. This year I'm trying taxr.ai based on recommendations here since it's supposed to be even more streamlined for small S Corps like mine. I definitely recommend paying a bit more for software that's actually designed for S Corps rather than trying to force a personal tax program to handle business returns. The peace of mind is worth it, and it's still cheaper than an accountant if your situation isn't super complex.

That's a really good point that I hadn't fully considered. My main reason for electing S Corp status was indeed to save on self-employment taxes. My accountant last year did help structure things efficiently with my salary vs. distribution ratio. I guess I need to weigh the software savings against potential missed optimization opportunities. Do you think there's a middle ground? Like using software to prepare the forms but maybe having an accountant review them for an hour or two at a lower rate?

That middle ground approach can absolutely work! Many accountants offer a "review only" service that's significantly cheaper than full preparation. You'd prepare everything using software, then they review for optimization opportunities and red flags. In my experience, the best tax savings come from planning throughout the year, not just at filing time. Consider finding an accountant who offers quarterly check-ins to help with ongoing strategy (like timing purchases, retirement contributions, etc.). Even with just a review service, a good accountant should be able to identify if your salary/distribution split is optimal for your situation, which is the main S Corp advantage.

Thanks for mentioning the free fillable forms option! I'm pretty comfortable with tax concepts but hadn't considered going that route. Quick question - when you use the IRS free fillable forms for the 1120-S, how do you handle the K-1 generation? Does it automatically create those based on your inputs, or do you have to fill out separate K-1 forms manually? Also, you're absolutely right about the quarterly 941s - I've been handling those through my payroll service but it's good to remember that's an ongoing requirement separate from the annual filing. For someone just starting to self-prepare S Corp returns, would you recommend beginning with software and then potentially moving to free fillable forms once more comfortable with the process?