TurboTax Small Business Software Review

When it comes to tax returns for small companies, there are a few important considerations to take into account. Most of these are accounting methods used to record the company’s earnings and expenses. Depending on whether the company is a cash or accrual entity the accounting method could be one of the two. Small business owners often must also make a quarterly estimated tax payment. These payments can be made by using the Electronic Federal Tax Payment System or by submitting 1040-ES forms that include a tax payment.

Intuit offers a variety of service levels to assist small-business owners with tax returns. If you’re looking for a more hands-off board software reviews approach, they can opt for the online TurboTax package or the more involved TurboTax Business software. This option connects business owners with a tax expert who will prepare their tax return from beginning to finish.

TurboTax Business can also help in the preparation of W-2, 1099-MISC and 1040-DIV for contractors as well as employees. It also calculates estimated tax payment that is typically required by the IRS in the event that you anticipate to owe over $1,000 in taxes.

However it can be expensive. The cost can quickly mount up and the federal filing costing $200 and each state filing $55. There are numerous advantages, including unlimited live assistance from an expert and a guarantee of 100 accuracy of calculations. However, these additional features aren’t easy for small businesses to afford. There are alternatives that are less expensive than TurboTax.

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