TurboTax Small Business Software Review

There are many important aspects to think about when creating tax returns. The majority of these concerns the accounting methods that are used to record the income and expenses of businesses. 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 using the Electronic Federal Tax Payment System, or by submitting 1040-ES forms that include a tax payment.

Intuit offers multiple service tiers to help small business owners with tax returns. People who want a less hands-on approach can choose from the online TurboTax Self-Employed option as well as the more involved TurboTax Business application. This option matches entrepreneurs with a tax expert who prepares their tax return from beginning to end.

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

The program can be expensive The program can be costly, however. With a price of $200 for the federal filing and $55 for each state, it’s bound to increase to. There are many benefits such as unlimited live support from an expert, and the 100% accuracy of calculations guarantee. However, these additional features aren’t easy for small companies to afford. There are, however, alternatives to TurboTax that are less expensive.