TurboTax Small Business Software Review

OUTCOMES

When preparing tax returns for small-sized businesses there are a few important considerations to take into account. Most of them are related to accounting methods used to record business expenses and income. Depending on the type of incorporated entity, this could include either the accrual or cash method. A lot of small business owners must also make quarterly estimated tax payment. These payments can be made by using the Electronic Federal Tax Payment System or by submitting 1040 ES forms that include a tax payment.

Intuit offers multiple levels of service to assist small businesses with their tax returns. If you prefer a more hands-off approach, they can go with the online TurboTax package or the more complex TurboTax Business software. This option provides business owners with a specialized tax data room de professional who will prepare their tax return from beginning to end.

TurboTax Business also helps with the preparation of W-2, 10-99-MISC and 1040-DIV forms for employees as well as contractors. It also calculates the estimated tax payment that is typically required by the IRS when you anticipate to owe over $1,000 in taxes.

The program can be costly However, it isn’t cheap. The costs can quickly escalate with the federal filing costing $200 and each state filing $55. There are numerous advantages, including live assistance from an expert and the assurance of 100 percent accurate calculations. However, these extra features aren’t easy for small businesses to afford. There are, however, alternatives to TurboTax that are more affordable.

GET IN TOUCH