Turbotax small business is a tax filing software for incorporated small businesses and self-employed individuals. It supports a variety of tax forms, and provides instructions on how to file estimated tax returns for the quarter. It also helps small businesses manage income tax related to rental property and real estate. Users can contact support via live chat or email, and a curated content hub that covers topics such as taxes and business.
Customers can select from several options for service levels and downloadable versions of the software. The most basic offering for sole proprietors and freelancers, begins at $170 for federal filing and $55 for each state. The premium version, which is referred to as TurboTax Business, provides support for S corporations and multi-member limited liability companies.
Intuit’s software checks the return against a database of 350 deductions and credits, helping you maximize your refund. It’s available on desktop computers, the mobile app, and the QuickBooks online portal.
To utilize TurboTax Business, you must have all your business records in front of you, which report your company’s earnings and expenses. The software will assist you to classify your company. For instance, you’ll have to decide if you want to make use of the accrual or cash method of accounting.
The software can be used to determine if you have an expense for business that is deductible. The program can also monitor major purchases and help you determine a plan of depreciation for your assets. Depending on the type of business you operate in it is possible that you will need to pay a variety other taxes, both local and state-wide. In most cases, these are filed through the tax agency of the state.
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