It’s important that you file your taxes when you run a business. There are a variety of options to choose from. Intuit offers a variety of service tiers as well being downloadable solutions that provide a user-friendly experience when filing taxes. However, these options can be expensive, especially if you have to prepare multiple state tax returns.
TurboTax Business offers a wide array of features for businesses tax filing. The program allows users to prepare state and federal tax returns, review them for errors and omissions and then receive a quick refund. It helps users determine the tax liabilities of their business and pinpoint deductible expenses. It has a database with more than 350 credits and deductions and utilizes this information to determine the best possible return for your business.
The software allows users to submit quarterly estimated tax payments with the IRS. This is typically required if you are planning to owe more than $1,000 in taxes. You can make these payments through the Electronic Federal Tax Payment System or mail them in using a 1040-ES form.
TurboTax Business is a fantastic choice for small-scale business owners who require assistance with their tax returns. Its interface is easy to navigate and the program is able to handle a wide array of deductions and credits. It is specifically designed for single-member LLCs as well as contractors who receive 1099-MISCs and W-2s. The software can also assist users file tax returns for S businesses and business partnerships. It can also calculate capital gains and losses on property sales, as well as other investment transactions.