TurboTax Small Business Software Review

There are a variety of important aspects to be aware of when preparing tax returns. The majority of them involve accounting methods used to report business income and expenses. Based on whether the business is a cash or accrual entity, the accounting method can be either. Many small business owners must also make quarterly estimated tax payment. These payments can be made online using the Electronic Federal Tax Payment System or by submitting a form 1040-ES with a tax-paying form.

Intuit offers a variety of service levels to assist small-business owners with their tax returns. If you prefer a more hands-off approach, they can go with the online TurboTax package or the more complex TurboTax Business software. This option matches entrepreneurs with a tax expert who will prepare their return, from start to finish.

TurboTax Business also helps with the preparation of W-2, 1099-MISC, and 1040-DIV for employees and contractors. It also calculates the estimated tax payment required by the IRS in the event that you expect to owe over $1,000 in taxes.

However, the program can be expensive. With a cost of $200 for the federal filing and $55 for visit their website turbotaxsmallbusiness.com/how-to-choose-a-pos-system-for-a-small-business/ each state, it can quickly increase to. There are many benefits, including unlimited live assistance from a professional and a guarantee of 100% accurate calculations. However, these extra features aren’t easy for some small businesses to afford. There are, however, alternatives to TurboTax that are more affordable.