TurboTax Small Business Software Review

When it comes to tax returns for small businesses, there are a few crucial aspects to take in account. The board software reviews majority of these concern the accounting methods that are employed to report income and expenses for businesses. Depending on the kind of incorporated entity, this could include either the cash or accrual method. Additionally, a large number of small-sized business owners are required to make quarterly estimated tax payments. These payments can be made online using the Electronic Federal Tax Payment System or by submitting the 1040-ES form along with a tax payment.

Intuit offers a variety of service levels to help small-sized businesses with tax returns. Those looking for an approach that is less involved can select the online TurboTax Self-Employed plan, or the more involved TurboTax Business application. This option pairs business owners up with a tax professional who prepares their tax return, from start to finish.

TurboTax Business can also help in the preparation of 1099-MISC, W-2 and 1040-DIV forms for contractors and employees. It will also calculate the estimated tax payments that are typically required by the IRS when you anticipate to owe more that $1,000 in taxes.

The program can be expensive however. With a cost of $200 for the federal filing and $55 per state, it’s bound to add up. There are many benefits, including unlimited live assistance from an expert and an 100% accurate calculation guarantee. These extra features can be costly for some small business owners. There are more affordable alternatives to TurboTax.