TurboTax Small Business Review

TurboTax is an option for small business owners of all kinds regardless of whether they are sole proprietors, independent contractors, or multi-member corporations. The tax filing software owned by Intuit includes a variety of tiers of service and downloadable software that are designed to help you fill out the countless forms required to declare your business earnings and expenses. The application allows you to create W-2 forms for employees estates, contractors and contractors as well as 1099-MISC form and 1099 DIV forms for trusts and estates. Additionally, you can also file your business taxes using the accrual method of accounting, which allows you to deduct expenses over a longer period of time instead of using a straight line approach.

TurboTax uses a database with more than 350 deductions and credits to ensure you receive the highest amount of return. It also runs a check on each return to ensure that it is accurate. If it discovers any errors, or inaccuracies the firm will pay any penalties which are imposed by the IRS or state.

For those with more complicated tax taxes, TurboTax Live Assisted Business offers unlimited year-round guidance from certified tax experts who are up to date on the official source turbotaxsmallbusiness.com/top-5-most-promising-virtual-data-rooms-of-2021/ most current tax-related changes both in the state and federal. It is offered in certain states and allows you to either delegate your company’s tax burden to a tax professional (for S-corporations multi-member LLCs, multi-member LLCs, and partners) or utilize the self-service option to maximize your tax credits and deductions.