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The main photophysical properties of a series of recently synthetized 1,2‐ and 1,3‐squaraines, including absorption electronic spectra, singlet‐triplet energy gaps, and spin‐orbit matrix elements, have been investigated by means of density functional theory (DFT) and time‐dependent DFT approaches. A benchmark of three exchange‐correlation functionals has been performed in six different solvent environments...