TurboTax is a fantastic choice for those who are self-employed or is a part-time employee or has a full-time business. It offers affordable professional advice. TurboTax simplifies tax filings, making it easier to claim deductions. It can even assist you in managing your business expenses and calculate quarterly estimated payments.
Depending on the nature of your business depending on the type of business you run, depending on the type of business you run, IRS might require you to submit quarterly tax returns and make estimated tax payments. These payments are made quarterly to save you from being penalized for not paying. These payments can be made through online tax software and the Electronic Federal Tax Payment System (EFTPS) or by post.
TurboTax for Small Business helps you claim every deduction you can – even deductions for a home office and health club membership and investment properties. It can also aid you in identifying tax deductions for your business and avoid paying too much in taxes. Additionally, it imports your W-2 and 1099-MISC forms to make filing for employees as well as contractors and freelance workers easy.
The software lets you create a variety forms for incorporated firms, including S Corporations or Partnerships (GP, LP or LLP) or Single-Member Limited-Liability Companies (LLC). It lets you create unlimited 1099-MISC and W-2 forms to be used by employees and contractors. K-1 forms are also included for estates and trusts. The asset depreciation function can help you decide on the best tax strategy for your assets.
In addition to the features available in TurboTax for Small Business, this version of the software includes a full service option that connects you to an experienced tax professional who can answer your questions via video calls or in person. This service might not be available in all states, and it could cost an additional fee.
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