If you’re a sole proprietor or an independent contractor, or a multi-member LLC, TurboTax is designed to serve the varied needs of small-scale business owners. The tax filing system owned by Intuit comes with a variety of service tiers and downloadable software that are designed to assist you in filling out the numerous forms needed to document your business’s earnings and expenses. The product allows you to create W-2 forms to employees estates, contractors and contractors as well as 1099-MISC form and 1099 DIV forms for trusts and estates. In addition, you can also prepare your taxes for business using the accrual method of accounting, which permits you to deduct expenses over a longer time instead of a straight-line approach.
TurboTax utilizes a database that holds more than 350 credits and deductions to ensure you receive the most money. TurboTax also conducts a thorough check every tax return to ensure accuracy. If it detects errors, or inaccuracies the company will be responsible for any penalties or fines imposed by IRS or the state.
For those who have more complicated business taxes, TurboTax Live Assisted Business provides unlimited guidance throughout the year from certified tax experts who are up to date on the most current tax reforms in the federal and state. It’s offered in a select number of states, and gives you the option to completely transfer your business’s taxes to a tax expert (for partners, S-corporations and multi-member LLCs) with its full-service options, or utilize its self-service click turbotaxsmallbusiness.com model to maximize credits and deductions on your own.