TurboTax is a great option for those who are self-employed or has a side-business, or runs full-time a business. It offers affordable expert advice. The software streamlines tax filings, making it simpler to claim deductions. It can also assist you in managing your business expenses and calculate quarterly estimated payments.
Based on the type of business you operate, depending on the type of business you run, IRS may require you to complete quarterly tax returns as well as make estimated tax payments. These payments are made quarterly to save you from being penalized for underpayment. The payments can be made through online tax software, the Electronic Federal Tax Payment System (EFTPS) or by post.
TurboTax Small Business allows you to claim all deductions available to you such as Avast Business those for a home-office or health club membership as well as investment property. It also pinpoints money-saving tax deductions and assists you to avoid paying more than you should. It also imports automatically 1099MISC and W-2 forms making it simple to fill out 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. The asset depreciation function can help you determine the most tax-efficient strategy for your assets.
In addition to the features included in TurboTax for Small Business, this version of the software offers a full-service service which connects you with an expert tax professional who can answer any questions you have via video call or in person. This service may not be available in every state, and may cost extra.
