TurboTax is an option for small business owners of all types, whether they are sole proprietors, independent contractors or multi-member firms. The Intuit-owned tax filing solution offers a variety of service levels and downloadable applications designed to help you fill out the multitude of forms required to declare your company’s earnings and expenses. The application allows you to create W-2 forms for your employees estates, contractors and contractors and 1099-MISC documents and 1099 DIV forms for trusts and estates. In addition you can complete your business tax filing using the accrual method of accounting, which allows you to deduct expenses over a longer time instead of a straight-line approach.
TurboTax has a database of more than 350 deductions and credits to ensure that you receive the maximum return. TurboTax also conducts a thorough check on every return to ensure the accuracy. If it discovers mistakes, or inaccuracies, the More Info turbotaxsmallbusiness.com/avast-business-patch-management-review/ company will be responsible for any penalties or fines imposed by IRS or state.
For those with more complex business taxes, TurboTax Live Assisted Business provides year-round assistance from certified tax experts who are current with the most recent tax-related changes both in the state and federal. It’s available in a few states and allows you to completely hand over your business’s taxes off to a tax professional (for S-corporations, partners, and multi-member LLCs) with its full-service options, or use its self-service system to maximize credits and deductions by yourself.