TurboTax for Small Business Review

TurboTax is a fantastic choice for those who are self-employed, has a side hustle, or runs a full-time business. It provides affordable, expert advice. The software was designed to simplify tax filings and help you to claim deductions. It can even help you manage your company’s expenses and calculate quarterly estimated payments.

Depending on the kind of business you run depending on the type of business you run, depending on the type of business you run, IRS might require you to complete quarterly tax returns as well as make estimated tax payments. These quarterly payments can help you avoid the risk of being hit with a penalty for not paying. The payments can be made online, via the Electronic Federal Tax Payment System or via mail.

TurboTax Small Business allows you to claim every deduction available to you such as the ones for a home office, health club membership and investment property. It can best project management apps also help you save money by identifying tax deductions that your business can take advantage of and avoid paying too much taxes. It also automatically imports 1099MISC and W-2 forms making it simple to file for employees, contractors and other independent workers.

For companies that are incorporated into the software allows you to complete a variety of forms like an S Corporation, Partnership (GP, LP, or LLP), or Single-Member Limited-Liability Company (LLC). It also lets you make unlimited W-2 and 1099MISC forms for employees and contractors and includes K-1 forms for estates and trusts. Its asset depreciation feature helps you determine a specific tax strategy for your assets.

In addition to the features that are available in TurboTax for Small Business, this version comes with a full-service option which connects you with an knowledgeable tax professional who can answer any questions you have via video call or in person. This service might not be available in all states, and it might cost more.