TurboTax Small Business Review

No matter if you’re a sole proprietor or an independent contractor or a multi-member LLC, TurboTax is designed to meet the diverse needs of small business owners. The Intuit tax filing system offers several levels of service as well as downloadable software that can help you fill out the various forms required to report your company’s expenses and earnings. The software allows you to create W-2 forms for employees estates, contractors and contractors and 1099-MISC forms and 1099 DIV forms for trusts and estates. In addition you can prepare your taxes for business using the accrual method of accounting, which allows you to deduct expenses over a longer period of time instead of a straight-line approach.

TurboTax utilizes a database that holds more than 350 deductions and credits to make sure you get the maximum return. It also runs a check on each return to ensure the accuracy. If it discovers mistakes, or inaccuracies, the company will be responsible for any penalties that are this article turbotaxsmallbusiness.com/how-data-room-provider-is-crucial-for-companies/ imposed by the IRS or state.

TurboTax Live-Assisted Business is a solution for those with more complex business tax returns. Certified experts are available to provide unlimited guidance year-round and they’re up to date with all the latest tax laws, whether federal or state-wide. It is available in certain states and lets you either completely delegate your business’s tax burden to an expert tax professional (for S-corporations, multi-member LLCs, and partners) or utilize the self-service option to maximize your tax credits and deductions.