It is crucial to make your taxes known for any business you own. There are many options to choose from. Intuit offers a variety of service tiers and downloadable options that offer an easy and user-friendly tax filing experience. However, these solutions aren’t cheap particularly if you need to submit multiple state returns.
TurboTax Business offers a wide range of features that can be used for business tax filing. The program lets users prepare federal and state tax returns, check for errors and omissions and receive a prompt refund. It also helps users determine the tax liabilities of their business and determine tax-deductible expenses. It has a database of more than 350 deductions and credits and uses this information to determine the most effective return for your business.
The software also assists users to submit quarterly estimated tax returns with the IRS. This is generally required if you expect to owe over $1,000 in taxes. Users can choose to make these payments through the Electronic Federal Tax Payment System, or they can send them in with the 1040-ES form.
TurboTax Business is a great choice for small-scale business owners who require assistance with their tax returns. Its interface is easy to navigate, and it is able to handle a wide array of credits and deductions. It is designed for single-member LLCs and contractors that receive W-2s and 1099MISCs. In turbotax small business addition, the software helps users file business partnership and S corporation returns. It also calculates capital gains and losses on property sales and other investment transactions.
