TurboTax can be used by small business owners of all types, whether they are sole proprietors, independent contractors or multi-member companies. The tax filing system owned by Intuit offers a variety of service levels and downloadable applications designed to assist you in filling out the countless forms required to declare your business’s earnings and expenses. The software is able to create W-2, 1099MISC and 1099-DIV forms for employees and contractors, as along with K-1 forms to be used for trusts and estates. In addition, you can also submit your tax returns for business using the accrual method of accounting, which permits you to deduct expenses over a longer time instead of a straight-line approach.
TurboTax makes use of a database with more than 350 credits and deductions to ensure you receive the highest amount of return. It also runs a verification on each return to verify the accuracy. If it discovers mistakes or errors, the firm will pay any penalties imposed by the IRS or the state.
TurboTax Live-Assisted Business is specifically designed for those who have more complex business tax returns. Certified tax experts are on hand to provide unlimited guidance year-round and are up to on the most current federal or state tax changes. It’s available in select states and offers the option to completely hand your company’s taxes to a tax professional (for S-corporations, partners and multi-member LLCs) with its full-service options, or utilize its self-service model to maximize credits and deductions on your own.