TurboTax can be used by small business owners of all types, whether they are sole proprietors, independent contractors or multi-member businesses. The Intuit tax filing system offers different levels of service and download software that can help you fill out the many forms required for reporting your business’s expenses and earnings. The product allows you to create W-2 forms for employees estates, contractors and contractors and 1099-MISC forms and 1099 DIV forms for trusts and estates. You can also prepare your taxes using the accrual accounting method, which allows for more gradual deduction of expenses than straight line method.
TurboTax uses a database with more than 350 deductions and credits to ensure that you receive the most amount of money. It also runs a verification every tax return to ensure that it is accurate. If it detects errors, or inaccuracies the company will be responsible for any penalties or fines imposed by IRS or the state.
For those with more complex business returns, TurboTax Live Assisted Business provides year-round assistance from certified tax experts who are up to date with the most recent federal and state tax changes. It is available in certain states and allows you to either fully delegate your business’s tax burden to a tax professional (for S-corporations, multi-member LLCs, and partners) or utilize the self-service option to maximize your credit and deductions.
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