TurboTax is an option for small business owners of all types regardless of whether they are sole proprietors, independent contractors, or multi-member companies. The Intuit tax filing solution offers various levels of service and downloadable software to help you complete the numerous forms needed to report your business expenses and earnings. The software is able to generate W-2, 990-MISC and 1099-DIV forms for employees as well as contractors, as in addition to K-1 forms for estates and trusts. You can also complete your tax returns using the accrual accounting method, which allows for more gradual deduction of expenses than a straight line approach.
Regardless of how you choose to file your taxes, TurboTax has a database of more than 350 credits and deductions that it uses to ensure that you’re getting the largest possible return. It also runs an accuracy check for each return and if it detects any mistakes or errors the company guarantees to pay any IRS or state penalties.
TurboTax Live-Assisted Business is designed for those who have more complex business tax returns. Certified experts are available to offer 24/7 assistance and they’re up to on the most current federal or state tax changes. It is offered in certain states and lets you either delegate your company’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 credits and deductions.
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