TurboTax Small Business Review

TurboTax is a tool that can be utilized by small business owners of all kinds, whether they are sole proprietors, independent contractors, or multi-member firms. The tax filing software owned by Intuit includes a variety of tiers of service and download-able applications that are designed to assist you in filling out the countless forms required to declare your company’s earnings and expenses. The software lets you create W-2 forms for employees, contractors and estates as well as 1099-MISC form and 1099 DIV forms for trusts and estates. You can also make tax filing using the accrual accounting method, which allows for a more gradual deduction of expenses than a straight line approach.

TurboTax has a database of more than 350 credits and deductions to ensure you get the most amount of money. It also conducts a review every tax return to ensure the accuracy. If it discovers mistakes, or inaccuracies, the company will pay any penalties imposed by the IRS or the state.

For those who have more complicated business returns, TurboTax Live Assisted Business offers unlimited year-round guidance from certified tax experts who are current on all the latest tax reforms in the federal and state. It’s available in certain states, and gives you the option to fully hand your business’s taxes over to a tax professional (for S-corporations, partners and multi-member LLCs) by using its full service options, or utilize Discover More about turbotax small business its self-service model to maximize deductions and credits on your own.