TurboTax is a fantastic choice for those who are self-employed, has a side business or is running a full-time business. It provides affordable professional advice. The software was designed to simplify tax filings and make it simpler to claim deductions. It can also aid you in managing your business costs and calculate quarterly estimated payments.
Depending on the type of business you operate depending on the type of business you operate, the IRS might require you to file quarterly tax returns and make estimated taxes payments. These payments are made quarterly to in avoiding being penalized for underpayment. These payments can be made via online tax software or the Electronic Federal Tax Payment System (EFTPS) or via mail.
TurboTax for Small Business helps you claim every deduction that is available to you – even deductions for a home office, health club membership, and investment property. It can also aid you in identifying tax deductions for your company and avoid paying too much in taxes. It also imports automatically W-2 and 1099MISC forms making it easy to fill out for employees, contractors and other independent workers.
For businesses that are incorporated, the software allows you to file a variety of forms such as an S Corporation, Partnership (GP, LP, or LLP), or Single-Member Limited-Liability Company (LLC). It lets you create unlimited 1099-MISC as well as W-2 forms for employees and contractors. K-1 forms are also included for estates and trusts. The asset depreciation feature can help you establish a specific tax strategy for your assets.
This version of TurboTax for Small Business comes with a Full Service option, which connects you with an experienced tax professional who can answer any questions you have via video conference or directly. This service is not offered in all states and could cost an additional fee.
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