TurboTax is a great option for those who are self-employed or has a side business or runs a full-time business. It provides affordable, expert advice. The software is designed to simplify tax filings and makes it easier to claim deductions. It even helps you manage your business expenses and calculates estimated quarterly payments.
The IRS may require you to prepare quarterly tax returns and pay estimated taxes. These payments are made quarterly to assist you in avoiding penalties for underpayment. These payments can be made using online tax software, the Electronic Federal Tax Payment System (EFTPS) or by post.
TurboTax Small Business allows you to claim every deduction available to you, including those for your home office or health club membership as well as investment property. It can also aid you in identifying tax deductions for your business and reduce the amount of taxes. It also automatically imports 1099MISC and W-2 forms making it easy to submit for employees, contractors and other independent workers.
For companies that are incorporated into the software lets official source turbotaxsmallbusiness.com/top-5-most-promising-virtual-data-rooms-of-2021/ you file a variety of forms like an S Corporation, Partnership (GP, LP, or LLP) or Single-Member Limited Liability Corporation (LLC). It also lets you create unlimited W-2 and 1099-MISC forms to contractors and employees. It also comes with K-1 forms for trusts and estates. The asset depreciation feature will help you determine a specific tax strategy for your assets.
This version of TurboTax for Small Business comes with a Full-Service option, which connects you to an experienced tax professional who can answer your questions by video calls or by phone. This service might not be available in all states and could cost an additional fee.
