TurboTax Small Business Review

It doesn’t matter if you’re a sole-proprietor or an independent contractor or a multi-member LLC, TurboTax is designed to meet the diverse requirements of small-scale business why not find out more how to choose a pos system for a small business owners. The tax filing service owned by Intuit has multiple service tiers and download-able applications that are designed to help you fill out the countless forms needed to document your business’s income and expenses. The software allows you to create W-2, 1099-MISC and 1099-DIV forms for employees and contractors as and K-1 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.

Whatever method you decide to use to file your taxes, TurboTax has a database of more than 350 credits and deductions that it makes use of to ensure you’re receiving the maximum return. It also runs a check every tax return to ensure that it is accurate. If it discovers any mistakes or errors, the company will cover any penalties which are imposed by the IRS or the state.

TurboTax Live-Assisted Business is specifically designed for those who have more complex business returns. Certified experts are available to offer unlimited assistance throughout the year and are up-to date with all the latest federal or state tax changes. It’s available in a few states and offers the option to fully hand your business’s taxes to a tax professional (for S-corporations, partnerships, and multi-member LLCs) with its full-service options, or use its self-service system to maximize credits and deductions by yourself.