TurboTax is a tool that can be utilized by small-scale business owners of all types, whether they are sole proprietors, independent contractors, or multi-member corporations. The tax filing service owned by Intuit includes a variety of tiers of service and downloadable applications designed to assist you in filling out the multitude of forms required to report your company’s earnings and expenses. The application allows you to create W-2 forms for your employees estates, contractors and contractors and 1099-MISC forms and 1099 DIV forms for trusts and estates. In addition, you can also file your business taxes using the accrual method of accounting, which allows you to deduct expenses over a longer time rather than a straight-line approach.
Regardless of how you choose Avast Business to file your taxes, TurboTax has a database of more than 350 deductions and credits that it uses to ensure that you’re getting the largest possible return. TurboTax also runs an accuracy check for each return, and if it finds any mistakes or errors, the company promises to pay any IRS or state penalties.
For those who have more complicated business returns, TurboTax Live Business offers year-round support from certified experts who are current on the most recent tax-related changes both in the state and federal. It is offered in certain states and lets you orally delegate your business’s tax burden to an expert tax professional (for S-corporations or multi-member LLCs as well as partners) or utilize the self-service option to maximize your credit and deductions.
