Whether you’re a sole proprietor or independent contractor, or a multi-member LLC, TurboTax is designed to meet the diverse needs of small-scale business owners. The tax filing software owned by Intuit comes with a variety of service tiers and downloadable applications that are designed to help you fill out the numerous forms required to declare your company’s earnings and expenses. The software is able to create W-2, 1099-MISC and 1099-DIV forms for employees and contractors as along with K-1 forms to be used for estates and trusts. In addition, you can also complete your business tax filing using the accrual method of accounting, which allows you to deduct expenses over a longer period of time rather than a straight-line method.
Whatever method you decide to use to complete your tax returns, TurboTax has a database of more than 350 deductions and credits that it utilizes to ensure you’re receiving the maximum return. It also conducts a review on each return to verify the accuracy. If it finds any errors, or inaccuracies the company will pay any penalties that are imposed by the IRS or the state.
TurboTax Live-Assisted Business is designed for those with more complex business tax returns. Certified experts are available to provide unlimited guidance year-round, and they’re up to date with all the latest tax reforms in the federal and state levels. It’s offered in a select number of states, and gives you the option to completely transfer your business’s taxes off to a tax professional (for S-corporations, partners and multi-member LLCs) with its full-service options, or use its self-service system to maximize deductions and credits on your own.
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