Turbotax small-sized business provides tax filing software to small-sized businesses and individuals. It supports a range of tax forms as well as guidance on filing estimated tax payments for the quarter. It also assists small business owners with income tax issues in connection with rental properties and real estate. Users can get support through live chat and email, and a curated content hub provides information on topics like taxes and business.
Customers can select from a variety of levels of service, as well as download versions of the software. The most basic offering for sole proprietors as well as freelancers, starts at $170 for federal filing and $55 per state. TurboTax Business is the premium version that supports S corporations as well as multi-member limited liability companies.
Intuit’s software compares your return to a database of 350 deductions and credits that will help you maximize your refund. It’s accessible on desktop computers, mobile apps and the QuickBooks online portal.
TurboTax Business requires that you have all of your business documents, including your company’s earnings and expenses in front of you. The software will assist you to categorize your business. You’ll need to decide, for instance whether you’d prefer to utilize the accrual or cash method of accounting.
The software can be used to determine whether you have an expense for business that can be deducted. The program can monitor big purchases, and can assist you in determining the best strategy for depreciation. Depending on the industry you are working in, you may be required to file a different local and state tax. In many instances, they are filed through the tax agency of the state.