TurboTax is a tool that can be utilized by small-scale business owners of all kinds regardless of whether they are sole proprietors, independent contractors or multi-member companies. The tax filing software owned by Intuit includes a variety of tiers of service and downloadable software that are designed to help you fill out the numerous forms required to report your business’s earnings and expenses. The application allows you to create W-2 forms for employees estates, contractors and contractors as well as 1099-MISC forms and 1099 DIV forms for trusts and estates. You can also file your taxes using the accrual accounting method, which allows for a more gradual deduction of expenses than straight line method.
Whatever method you choose to complete your tax returns, TurboTax has a database of more than 350 deductions and credits it uses to ensure you’re getting the largest possible return. It also runs a check on every return to verify the accuracy. If it finds any mistakes or errors, the company will be responsible for any penalties or fines imposed by IRS or the state.
For those who have more complicated tax taxes, TurboTax Live Assisted Business offers year-round support from experts certified by the IRS who are up to date on the most recent tax laws and changes in both states and federal. It is offered in certain states and lets you either completely delegate your business’s tax burden to an expert tax professional (for S-corporations or multi-member LLCs as well as partners) or utilize the self-service option to maximize your credit and deductions.