TurboTax Small Business Software Review

When preparing tax returns for small companies there are a few important considerations to take into account. Most of them are https://turbotaxsmallbusiness.com/read-detailed-board-software-reviews/ related to accounting methods used to record business expenses and income. Depending 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 online via the Electronic Federal Tax Payment System or by submitting the 1040-ES form along with a tax payment.

Intuit offers a variety of service levels to help small businesses with their tax returns. If you’re looking for a more hands-off approach, they can go with the online TurboTax package or the more involved TurboTax Business software. This option provides entrepreneurs with a tax expert who will prepare their return from start to finish.

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

The program can be costly However, it isn’t cheap. The costs can quickly escalate and the federal filing costing $200 and every state filing $55. There are numerous advantages, including live assistance from an expert and an assurance of 100 100% accurate calculations. However, these extra features can be difficult for small businesses to afford. There are alternatives to TurboTax that are less expensive.

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