TurboTax Small Business Software Review
When preparing tax returns for small companies there are a few crucial aspects to take in account. The majority of these concern the accounting methods that are used to report the income and expenses of businesses. Depending on whether the company is an accrual or cash entity, the accounting method can be one of the two. Additionally, a large number of small business owners are required to make quarterly estimated tax payments. These tax payments can be done using the Electronic Federal Tax Payment System, or by submitting 1040-ES forms with a tax payment.
Intuit offers multiple levels of service to assist small businesses with their tax returns. People who want an approach that is less involved can choose between the online TurboTax Self-Employed option, or the more involved TurboTax Business application. This option matches business owners up with a tax professional who will prepare their tax returns from start to finish.
TurboTax Business also helps with the preparation of W-2, 10-99-MISC and 1040-DIV forms for employees as well as contractors. It also calculates estimated tax payments required by the IRS when you expect turbotax small business to owe over $1,000 in taxes.
However, the program can be expensive. With a cost of $200 for the federal filing and $55 for each state, it can quickly increase to. There are numerous advantages, including unlimited live support from an expert and a guarantee of 100 accuracy of calculations. These extra features are expensive for some small business owners. There are alternatives to TurboTax that are more affordable.
