TurboTax Small Business Software Review

When it comes to tax returns for small companies, there are a few crucial aspects to take in account. The majority of them involve accounting methods used to report the company’s earnings and expenses. Depending on the kind of business entity that is being formed, this could include either the accrual or cash How to choose a POS system method. In addition, a lot of small business owners are required to make quarterly estimated tax payments. These tax payments can be done using the Electronic Federal Tax Payment System or by submitting 1040/ES forms with a tax payment.

Intuit offers a variety of service levels to help small business owners with their tax returns. For those who prefer an easier approach to tax preparation can select the online TurboTax Self-Employed option as well as the more involved TurboTax Business application. This option matches entrepreneurs with a tax expert who will prepare their tax returns from start to finish.

TurboTax Business can also help with the preparation of 1099-MISC, W-2 and 1040-DIV for contractors as well as employees. It also calculates the estimated tax obligations that are generally required by the IRS when you anticipate to owe more that $1,000 in taxes.

The program isn’t cheap however. The cost can quickly mount up and the federal filing costing $200, and each state filing $55. There are many benefits that include unlimited live assistance from an expert and a 100% accurate calculations guarantee. These extra features can be costly for small business owners. There are alternatives to TurboTax that are less expensive.