TurboTax Small Business Software Review
When preparing tax returns for small businesses there are a few important aspects to take into account. Most of them concern the accounting methods that are used to record the income and expenses of businesses. Depending on the type business entity that is being formed, this could include either the cash or accrual method. Many small business owners must also make a quarterly estimated tax payments. These payments can be made through the Electronic Federal Tax Payment System or by submitting 1040 ES forms that include a tax payment.
Intuit offers a variety of service tiers to assist small-business owners with their tax returns. People who want an easier approach to tax preparation can opt for the online TurboTax Self-Employed package or the more involved TurboTax Business application. This option combines business owners with a tax expert who will complete their tax return from start to finish.
TurboTax Business can also help with the preparation of 1099-MISC, W-2, and 1040-DIV for employees and why not find out more how to choose a pos system for a small business contractors. It also calculates the estimated tax payments that are typically required by the IRS if you expect to owe more than $1,000 in taxes.
However the program can be costly. The cost can quickly increase with the federal filing costing $200 and each state averaging $55. There are numerous benefits, including unlimited live assistance from an expert and a guarantee of 100% accurate calculations. However, these extra features can be difficult for small businesses to afford. There are alternatives that are less expensive than TurboTax.