Whether you’re a sole proprietor, independent contractor or multi-member LLC, TurboTax is designed to serve the varied needs of small-scale business owners. The Intuit tax filing software offers several levels of service as well as downloadable software to help you complete the numerous forms required for reporting your business’s expenses and earnings. The software allows you to create W-2 forms for employees estates, contractors and contractors and 1099-MISC documents best project management apps and 1099 DIV forms for trusts and estates. In addition you can submit your tax returns for business using the accrual method of accounting, which permits you to deduct expenses over a longer period of time, rather than using a straight-line approach.
TurboTax utilizes a database that holds more than 350 credits and deductions to ensure you get the most money. TurboTax also conducts an accuracy check for each return and, if it finds any errors or inaccuracies, the company promises to pay any IRS or state penalties.
TurboTax Live-Assisted Business is designed for people with more complex business tax returns. Certified experts are available to provide unlimited guidance year-round, and they’re up to on the most current tax legislation, whether state or federal. It is available in some states and allows you to orally delegate your business’s tax burden to an expert tax professional (for S-corporations or multi-member LLCs and partners) or utilize the self-service option to maximize your credit and deductions.