TurboTax is an option for small business owners of all kinds, whether they are sole proprietors, independent contractors or multi-member firms. The tax filing system owned by Intuit comes with a variety of service tiers and downloadable applications that are designed to help you fill out the scores of forms required to declare your business’s income and expenses. The software lets you generate W-2 forms for employees estates, contractors and contractors and 1099-MISC forms and 1099 DIV forms for trusts and estates. You can also prepare your taxes using the accrual accounting method which allows for more gradual deduction of expenses than straight line method.
No matter how you decide to make your tax filing, TurboTax has a database of more than 350 deductions and credits it utilizes to ensure you’re receiving the maximum return. It also conducts a review on every return to ensure accuracy. If it discovers any errors, or inaccuracies the company will pay any penalties imposed by the IRS or the state.
TurboTax Live-Assisted Business is a solution for those who are more involved in their business returns. Certified tax experts are on hand to offer unlimited assistance throughout the year and they’re up to current with the most recent tax reforms in the federal and state levels. It is available in a few states and allows you to either completely delegate your business’s tax burden to a tax professional (for S-corporations or multi-member LLCs and partners) or utilize the self-service option to maximize your credit and deductions.
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