TurboTax is a great option for those who are self-employed, is a part-time employee or is running full-time a business. It offers affordable professional advice. The software was designed to simplify tax filings and help you to claim deductions. It can even assist you in managing your business expenses and calculate quarterly estimated payments.
The IRS may require you to file quarterly tax returns, and pay estimated taxes. These see this here successful project management for small business payments are made quarterly to avoid the risk of being penalized for underpayment. The payments can be made online, via the Electronic Federal Tax Payment System or by mail.
TurboTax Small Business allows you to claim all deductions available to you such as the ones for a home office or health club membership as well as investment properties. It can also help you save money by identifying tax deductions that your business can take advantage of and avoid paying too much taxes. It also imports automatically 1099MISC and W-2 forms making it easy to fill out for employees, contractors and other workers who are independent.
For businesses that are incorporated, the software allows you to complete a variety of forms such as an S Corporation, Partnership (GP, LP, or LLP) or Single-Member Limited liability Company (LLC). You can also create unlimited W-2 and 1099-MISC forms to contractors and employees, and also includes K-1 forms for trusts and estates. The asset depreciation feature can help you determine a specific tax strategy for your assets.
In addition to the features included in TurboTax for Small Business, this version of the software includes a full-service option that connects you to an expert tax professional who will answer your questions via video chat or in person. This service isn’t available in all states and may cost an additional fee.