TurboTax for Small Business Review

TurboTax is a fantastic choice for those who are self-employed or is a part-time employee or runs full-time a business. It provides affordable and expert advice. The software is designed to streamline tax filings and make it easier to claim deductions. It can even help you manage your business expenses and calculate quarterly estimated payments.

The IRS might require you to complete quarterly tax returns and pay estimated taxes. These quarterly payments can save you from being penalized for underpayment. These payments can be made online through the Electronic Federal Tax Payment System or by mail.

TurboTax Small Business allows you to claim every deduction available to you such as those for a home office membership in a health club, investment properties. It can also aid you in identifying tax deductions for your company and avoid paying too much taxes. It also automatically imports your W-2 and 1099-MISC tax forms to allow filing for employees contractors, employees, and independent workers easy.

The software lets you create several forms for incorporated firms, including S Corporations, Partnerships (GP, LP or LLP) or Single-Member Limited-Liability Companies (LLC). It also lets you make unlimited W-2 and 1099-MISC forms to employees and contractors and includes K-1 forms for trusts and estates. Its asset depreciation function helps you determine the best tax strategy for your assets.

This version of TurboTax for Small Business comes with a Full-Service feature, that connects you to an experienced tax professional that can answer your questions via video call or personally. This service might not be available in all states and might cost more.

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