TurboTax Small Business Software Review

When it comes to tax returns for small companies there are a few important considerations to take into account. Most of these are accounting methods used to report business expenses and income. Depending on the type corporation, this may be either the cash or accrual method. In addition, many small business owners are required to make quarterly estimated tax payments. These payments can visit their website turbotaxsmallbusiness.com/how-to-choose-a-pos-system-for-a-small-business/ be made online via the Electronic Federal Tax Payment System or by submitting a 1040-ES form with a tax bill.

Intuit offers a variety of service levels to assist small-business owners with their tax returns. If you’re looking for an easier approach to tax preparation can select the online TurboTax Self-Employed plan, or the more involved TurboTax Business application. This option pairs business owners with a specialized tax expert who will prepare their return from start to end.

TurboTax Business also helps with the preparation of W-2, 1099MISC and 1040-DIV forms for employees and contractors. It will also calculate the estimated tax obligations that are generally required by the IRS if you expect to owe over $1,000 in taxes.

However the program can be costly. With a cost of $200 for the federal filing and $55 per state, it can quickly add up. There are many benefits, including unlimited live assistance from an expert and a guarantee of 100 accuracy of calculations. However, these extra features aren’t easy for small businesses to afford. Fortunately, there are alternatives to TurboTax that are less expensive.

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