TurboTax can be used by small business owners of all types regardless of whether they are sole proprietors, independent contractors, or multi-member corporations. The Intuit tax filing software offers several levels of service as well as downloadable software to assist you with the numerous forms needed to report your company’s expenses and earnings. It is able to generate W-2, 1099-MISC and 1099-DIV forms to employees and contractors, as along with K-1 forms to be used for trusts and estates. In addition you can also file your business taxes using the accrual method of accounting, which permits you to deduct expenses over a longer time, rather than using a straight-line method.
TurboTax utilizes a database that holds more than 350 credits and deductions to ensure that you receive the most money. It also runs a verification every tax return to verify the accuracy. If it discovers https://turbotaxsmallbusiness.com/top-5-most-promising-virtual-data-rooms-of-2021/ any mistakes or errors, the company will be responsible for any penalties or fines imposed by IRS or the state.
For those who need more complex tax returns, TurboTax Live Assisted Business provides year-round assistance from certified tax experts who are current with the most recent federal and state tax changes. It’s available in certain states, and gives you the option to fully hand your business’s taxes over to a tax professional (for S-corporations, partners and multi-member LLCs) by using its full service options, or make use of its self-service option to maximize credits and deductions by yourself.