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 Intuit tax filing solution offers several levels this article turbotaxsmallbusiness.com/how-data-room-provider-is-crucial-for-companies/ of service as well as downloadable software to assist you with the many forms required for reporting your business’s expenses and earnings. The product allows you to create W-2 forms to employees estates, contractors and contractors as well as 1099-MISC form and 1099 DIV forms for trusts and estates. You can also prepare your taxes using the accrual accounting method, which allows for a more gradual deduction of expenses than straight line method.
Whatever method you choose to file your taxes, TurboTax has a database of more than 350 credits and deductions that it utilizes to ensure you’re receiving the maximum return. TurboTax also runs an accuracy check for each return, and if it finds any errors or inaccuracies the firm promises to pay any IRS or state penalties.
For those with more complicated tax returns, TurboTax Live-Assisted Business provides unlimited guidance throughout the year from certified tax experts who are current with the most recent tax-related changes both in the state and federal. It is available in some states and lets you either delegate your company’s tax burden to a tax professional (for S-corporations, multi-member LLCs, and partners) or utilize the self-service option to maximize your credit and deductions.