TurboTax Small Business Review

Whether you’re a sole proprietor or independent contractor, or a multi-member LLC, TurboTax is designed to meet the diverse requirements of small business owners. The tax filing software owned by Intuit has multiple service tiers and downloadable applications designed to assist you in filling out the countless forms needed to document your business earnings and expenses. The software allows you to create W-2 forms for your employees, contractors and estates as well as 1099-MISC form and 1099 DIV forms for trusts and estates. Additionally, you can also submit your tax returns for business using the accrual method of accounting, which permits you to deduct expenses over a longer turbotaxsmallbusiness.com period of time instead of a straight-line method.

TurboTax utilizes a database that holds more than 350 credits and deductions to ensure you receive the highest amount of return. TurboTax also conducts an accuracy check for every return and if it detects any mistakes or errors the company will pay any IRS or state penalties.

TurboTax Live-Assisted Business is designed for people who have more complex business tax returns. Certified experts are available to offer unlimited assistance throughout the year, and they’re up to current with the most recent tax legislation, whether state or federal. It is available in a few states and allows you to either completely delegate your business’s tax burden to an expert tax professional (for S-corporations or multi-member LLCs as well as partners) or use the self-service option to maximize your tax credits and deductions.