It doesn’t matter if you’re a sole-proprietor or an independent contractor or a multi-member LLC, TurboTax is designed to meet the diverse requirements of small business owners. The Intuit tax filing system offers several levels of service as well as downloadable software to assist you with the numerous forms needed to report your company’s expenses and earnings. The application allows you to create W-2 forms to employees estates, contractors and contractors and 1099-MISC documents and 1099 DIV forms for trusts and estates. In addition you can prepare your taxes for business using the accrual method of accounting, which allows you to deduct expenses over a longer time instead of a straight-line approach.
TurboTax has a database of more than 350 deductions and credits to make sure you get the most amount of money. TurboTax also conducts an best project management apps accuracy check for each return and, if it discovers any errors or inaccuracies the company will pay any IRS or state penalties.
TurboTax Live-Assisted Business is specifically designed for those with more complex business returns. Certified experts are available to offer 24/7 assistance and are up to current with the most recent tax legislation, whether state or federal. It is available in some states and allows you to either fully delegate your business’s tax burden to a tax professional (for S-corporations, multi-member LLCs, and partners) or use the self-service option to maximize your tax credits and deductions.