TurboTax for Small Business Review

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If you’re self-employed, are a part-time worker or are running a business full-time TurboTax offers expert help for a reasonable price. TurboTax simplifies tax filings, making it easier to claim deductions. It can also assist you in managing your business expenses and calculate quarterly estimated payments.

The IRS might require you to submit quarterly tax returns, and pay estimated taxes. These quarterly payments help avoid the risk of being hit with a penalty for underpayment. These payments can be made online via the Electronic Federal Tax Payment System or by mail.

TurboTax for Small Business helps you claim every deduction available to you including deductions for a home office, health club membership, and investment property. It can also assist you in identifying tax deductions for your business and avoid paying too much taxes. It also automatically imports the W-2 and 1099-MISC documents to ensure that employees contractors, employees, and employees who are independent.

For incorporated businesses, the software allows you to create a variety forms, such as an S Corporation, Partnership (GP, LP, or LLP), or Single-Member Limited Liability Company (LLC). You can also create unlimited 1099-MISC and W-2 forms for contractors and employees. It also comes with K-1 forms for estates and trusts. The asset depreciation feature can 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 that can answer any questions you have via video or in person. This service isn’t available in all states, and may be extra.

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