TurboTax for Small Business Review

Whether you’re self-employed, have a side business or run a business full-time, TurboTax offers expert help at a low cost. The software is designed to streamline tax filings and makes it easier to claim deductions. It can also help you manage your company’s costs and calculate quarterly estimated payments.

Depending on the type of business you operate depending on the type of business you run, depending on the type of business you run, IRS may require you file quarterly tax returns and make estimated taxes payments. These quarterly payments help reduce the chance of being penalized for not paying. The payments can be made online through the Electronic Federal Tax Payment System or via mail.

TurboTax for Small Business helps you claim every deduction you are entitled to including deductions for a home office and health club membership and investment properties. It can also assist you in identifying tax deductions that your business can take advantage of and make sure you don’t pay too much taxes. In addition, it will automatically import the W-2 and 1099-MISC documents to help you file for employees contractors, employees, and other independent workers simple.

The software allows you to file various forms for incorporation businesses such as S Corporations, Partnerships (GP, LP or LLP) or Single-Member Limited Liability Corporations (LLC). It also lets you make unlimited W-2 and 1099MISC forms for contractors and employees, and also includes K-1 forms for trusts and estates. The asset depreciation function can help you determine the most effective tax strategy for your assets.

In addition to the features that are available in TurboTax for Small Business, this version comes with a full-service option which connects you with an knowledgeable tax professional who can answer your questions via video calls or in person. This service may not be available in all states, and might cost more.

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