TurboTax is a great option for those who are self-employed or has a side business or has a full-time business. It provides affordable and expert advice. The software is designed to streamline tax filings and makes it easier to claim deductions. It also helps you manage your business expenses and calculates estimated quarterly payments.
The IRS could require that you submit quarterly tax returns, and pay estimated taxes. These payments are made quarterly to assist you in avoiding penalties for not paying. These payments can be made online through the Electronic Federal Tax Payment System or via go right here turbotaxsmallbusiness.com/best-ecommerce-platforms-for-small-business/ mail.
TurboTax Small Business allows you to claim all deductions that are available to you which include the ones for a home office membership in a health club, investment property. It can also help you save money by identifying tax deductions for your business to avoid paying too much taxes. Additionally, it imports your W-2 and 1099-MISC forms to make filing for employees contractors, employees, and freelance workers easy.
The software allows you to file a variety forms for incorporated firms, including S Corporations, Partnerships (GP, LP or LLP) or Single-Member Limited Liability companies (LLC). It lets you create unlimited 1099-MISC forms and W-2 forms for employees and contractors. K-1 forms are also available for estates and trusts. Its asset depreciation feature helps you decide on a specific tax strategy for your assets.
This version of TurboTax for Small Business comes with a Full-Service option which connects you with an experienced tax professional that can answer any questions you have via video call or personally. This service may not be available in all states, and it could cost you extra.