TurboTax for Small Business Review
If you’re self-employed, have a side business or are running a business full-time, TurboTax provides expert advice at a low cost. TurboTax streamlines tax filings, making it simpler to claim deductions. It can turbotax small business also help you manage your business expenses and calculates estimated quarterly payments.
The IRS could require that you submit quarterly tax returns, and pay estimated taxes. These quarterly payments help in avoiding being penalized for underpayment. The payments can be made online, through the Electronic Federal Tax Payment System or by mail.
TurboTax Small Business allows you to claim all deductions available to you which include the ones for a home office or health club membership, as well as an investment property. It also helps you identify money-saving business tax deductions that can help you avoid overpaying your taxes. In addition, it will automatically import the W-2 and 1099-MISC documents to ensure that employees contractors, employees, and other independent workers simple.
For incorporated businesses, the software allows you to create a variety forms, such as an S Corporation, Partnership (GP, LP, or LLP) or Single-Member Limited Liability Corporation (LLC). You can also create unlimited W-2 and 1099-MISC forms for employees and contractors and includes K-1 forms for trusts and estates. Its asset depreciation function will help you determine the best tax strategy for your assets.
In addition to the features included in TurboTax for Small Business, this version includes a full-service option which connects you with an experienced tax professional who can answer your questions via video calls or in person. This service is not available in all states and could cost extra.
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