TurboTax Small Business Software Review

When it comes to tax returns for small companies there are a few important factors to take into account. Most of them are related to accounting methods used to report the business’s income and expenses. Depending on whether an entity is a cash or accrual entity, the accounting method can be one of the two. In addition, a lot of small business owners are required to make quarterly estimated tax payments. These payments can be made by using the Electronic Federal Tax Payment System, or by submitting 1040-ES forms along with a tax payment.

Intuit offers a variety of service tiers to assist small-business owners with their tax returns. If you’re looking for an approach that is less involved can choose from the online TurboTax Self-Employed package, or the more involved TurboTax Business application. This option ties entrepreneurs with a tax expert who will prepare their return from start to finish.

TurboTax Business also helps with the preparation of W-2, 1099MISC and 1040-DIV for employees and contractors. It also calculates the estimated tax payments required by the IRS when you anticipate to owe more than $1,000 in taxes.

However the program could be expensive. The cost can quickly increase and the federal filing costing $200, and each state $55. There are many advantages, including live support from an expert and the assurance of 100 accuracy of calculations. These extra features can be costly for small business owners. There are, however, alternatives to TurboTax that are more affordable.