TurboTax is a fantastic choice for anyone who is self-employed, is a part-time employee or runs a full-time business. It provides affordable, expert advice. The software was designed https://turbotaxsmallbusiness.com/ to streamline tax filings and make it simpler to claim deductions. It can also help you manage your business expenses and calculates quarterly estimated payments.
The IRS could require that you file quarterly tax returns, and pay estimated taxes. These payments are made quarterly to save you from being penalized for underpayment. These payments can be made using online tax software as well as the Electronic Federal Tax Payment System (EFTPS) or via mail.
TurboTax for Small Business helps you claim every deduction that is available to you – even deductions for a home office and health club membership and investment property. It can also assist you in identifying tax deductions for your business to reduce the amount of taxes. It also automatically imports your W-2 and 1099-MISC forms to help you file for employees, contractors, and other independent workers easy.
For companies that are incorporated, the software lets you create a variety forms, such as an S Corporation, Partnership (GP, LP, or LLP), or Single-Member Limited liability Company (LLC). It allows you to create unlimited 1099-MISC and W-2 forms for employees and contractors. K-1 forms are also available for trusts and estates. Its asset depreciation feature lets you decide on a specific tax strategy for your assets.
This version of TurboTax for Small Business comes with a Full-Service feature, which connects you with an experienced tax professional who can answer any questions you have via video or in person. This service is not available in all states, and may cost an additional fee.