TurboTax is a fantastic choice for anyone who is self-employed, is a part-time employee, or runs an entire business. It provides affordable, expert advice. The software is designed to simplify tax filings and help you to claim deductions. It even helps you manage your business expenses and calculates estimated quarterly payments.
Based on the nature of the business you run depending on the type of business you operate, the IRS could require you to prepare quarterly tax returns and make estimated taxes payments. These quarterly payments can aid in avoiding being penalized for not paying. The payments are made through online tax software or the Electronic Federal Tax Payment System (EFTPS) or by mail.
TurboTax for Small Business helps you claim every deduction you can including deductions for a home office, health club membership, and investment property. It can also help you save money by identifying tax deductions for your company and reduce the amount of taxes. In addition, it will automatically import your W-2 and 1099MISC forms to ensure that employees, contractors, and other employees who are independent.
The software lets you file various forms for incorporation firms, including S Corporations, Partnerships (GP, LP or LLP) or Single-Member Limited-Liability Companies (LLC). It lets you create unlimited 1099-MISC as well as W-2 forms for employees and contractors. K-1 forms are also available for trusts and estates. Its asset depreciation feature lets you determine a specific tax strategy for your assets.
This version of TurboTax for Small Business comes with a Full-Service option which connects you to an experienced tax professional that can answer any questions you have via video calls or by phone. This service may not be available in every state, and may cost extra.
