Turbotax small business is a tax filing software designed for small businesses and self-employed individuals. It supports a variety of tax forms, and provides instructions for filing quarterly estimated taxes. It also assists small businesses with tax planning related to rental properties and real estate. Users can receive support via email and live chat, and an organized library of content includes topics like taxes and business.
Customers can select from several different service tiers and download versions of the software. The most basic version for sole proprietors and freelancers, starts at $170 for federal filing and $55 for each state. TurboTax Business is the premium version that allows S corporations as well as multi-member limited liability companies.
Intuit’s software checks the return against a database of over 350 credits and deductions to help you maximize your refund. It’s available on desktop computers, mobile apps and the QuickBooks online portal.
TurboTax Business requires that you have all of your business documents, including your company’s income and expenses, in front of you. The software will assist you to categorize your business. You’ll need decide, for instance whether you’d prefer to utilize the accrual or cash method of accounting.
The software can be used to determine whether you have a business expense that is deductible. The program can also track the cost of large purchases and help decide on a strategy to depreciate your assets. Based on the field you work in, it is possible that you have to file other local and state tax. In many instances, they are filed through the state’s tax agency.