TurboTax Small Business Software Review
When preparing tax returns for small businesses, there are a few important factors to take into account. Most of these involve the accounting methods used to record business income and expenses. Based on the type of corporation, this may include either the accrual or cash method. Many small business owners must also make quarterly estimated tax payments. These payments can be made on the internet using the Electronic Federal Tax Payment System or by submitting the 1040-ES form with a tax-paying form.
Intuit offers a variety of service levels to assist small businesses with tax returns. For those who prefer a more hands-off approach, they can opt for the online TurboTax package or the more involved TurboTax Business software. This option pairs business owners up with a tax professional who will prepare their tax return from start to finish.
TurboTax Business also helps with the preparation of W-2, 1099-MISC, and 1040-DIV for employees and contractors. It also calculates estimated tax payment that is typically required by the IRS if you expect to owe more that $1,000 in taxes.
The program isn’t cheap However, it isn’t cheap. With a cost of $200 for the federal filing and $55 for each state, it can quickly add up. There are many advantages, including live support from an expert and an assurance of 100 100% accurate calculations. These extra features can be expensive for small-scale business owners. There are other options that are less costly than TurboTax.
