TurboTax for Small Business Review

TurboTax is a great choice for those who are self-employed or is a part-time employee or has an entire business. It offers affordable expert advice. The software simplifies tax filings, making it easier to claim deductions. It can even help you manage your business expenses and calculate quarterly estimated payments.

The IRS may require that you complete quarterly tax returns and pay estimated taxes. These quarterly payments help reduce the chance of being hit with a penalty for underpayment. These payments can be made through online tax software or the Electronic Federal Tax Payment System (EFTPS) or via mail.

TurboTax Small Business allows you to claim all deductions available to you including those for a home office or health club membership, as well as an investment property. It also provides you with money-saving tax deductions that can help you avoid overpaying your taxes. It also imports automatically W-2 and 1099MISC forms, making it easy to fill out for employees, contractors and other workers who are independent.

For companies that are incorporated into the software allows you to create a variety forms, such as an S Corporation, Partnership (GP, LP, or LLP), or Single-Member Limited liability Company (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 estates and trusts. Its asset depreciation function helps you decide on the best tax strategy for your assets.

In addition to the features that are available in TurboTax for Small Business, this version of the software offers a full-service learn this here now best ecommerce platforms for small business service that connects you with an expert tax professional who will answer your questions via video chat or in person. This service might not be available in all states and could cost you extra.