TurboTax for Small Business Review

TurboTax is a fantastic choice for anyone who’s self-employed, has a side-business or has an entire business. It provides affordable expert advice. The software is designed to simplify tax filings and make it easier to claim deductions. It can even aid you in managing your business expenses and calculate quarterly estimated payments.

The IRS could require that you prepare quarterly tax returns and pay estimated taxes. These payments are made quarterly to assist you in avoiding penalties for underpayment. These payments can be made online, through the Electronic Federal Tax Payment System or learn this here now best ecommerce platforms for small business via mail.

TurboTax for Small Business helps you claim every deduction available to you – even deductions for a home office, health club membership, and investment property. It also identifies money-saving business tax deductions and helps you avoid paying too much tax. In addition, it will automatically import the W-2 and 1099-MISC documents to ensure that employees contractors, employees, and other independent workers easy.

The software lets you file several forms for incorporated companies such as S Corporations as well as Partnerships (GP, LP or LLP) or Single-Member Limited Liability companies (LLC). You can also create unlimited W-2 and 1099MISC forms for contractors and employees. It also includes K-1 forms for estates and trusts. Its asset depreciation feature helps you determine 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 who can answer your questions by video or in person. This service isn’t available in all states and can cost extra.