TurboTax for Small Business Review

TurboTax for Small Business Review

TurboTax is a great option for those who are self-employed, is a part-time employee or runs full-time a business. It provides affordable, expert advice. TurboTax simplifies tax filings, making it simpler to claim deductions. It can even aid you in managing your business costs and calculate quarterly estimates payments.

Depending on the nature of your business, depending on the type of business you run, IRS might require you to prepare quarterly tax returns and make estimated taxes payments. These quarterly payments can save you from being penalized for underpayment. The payments are made through online tax software and the Electronic Federal Tax Payment System (EFTPS) or by post.

TurboTax for Small Business helps you claim every deduction you are entitled to including deductions for home office or health club membership and investment property. It can also help you save money by identifying tax deductions for your business and avoid paying too much in taxes. It also automatically imports 1099MISC and W-2 forms, making it simple to submit for employees, contractors and other independent workers.

For incorporated businesses, the software lets you fill out a variety of forms such as an S Corporation, Partnership (GP, LP, or LLP) or Single-Member Limited Liability Corporation (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 trusts and estates. Its asset depreciation feature helps you determine the most effective 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 your questions by video calls or by phone. This service might not be available in all states, and it could cost you extra.

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