TurboTax for Small Business Review

TurboTax is a great choice for anyone who’s self-employed, has a side hustle or runs a full-time business. It provides affordable, expert advice. TurboTax streamlines tax filings, making it much easier to claim deductions. It even helps you manage your business expenses and calculates estimated quarterly payments.

The IRS may require that you file quarterly tax returns, and pay estimated taxes. These payments are made quarterly to keep you from being penalized for not paying. These payments can be made online, via the Electronic Federal Tax Payment System or via mail.

TurboTax for Small Business helps you claim every deduction available to you including deductions for home office, health club membership, and investment properties. It can also aid you in identifying tax deductions for your company and reduce the amount of taxes. It also automatically imports your W-2 and 1099-MISC tax forms to make filing for employees as well as contractors and employees who are independent.

The software lets you fill out different forms for incorporation businesses, such as S Corporations and Partnerships (GP, LP or LLP) or Single-Member Limited-Liability Companies (LLC). It also lets you create unlimited W-2 and 1099-MISC forms for contractors and employees. It also includes K-1 navigate to these guys read detailed board software reviews forms for estates and trusts. The asset depreciation feature will help you establish a specific tax strategy for your assets.

This version of TurboTax for Small Business comes with a Full Service option, that connects you to an experienced tax professional that can answer your questions via video or in person. This service is not available in all states, and may cost additional.