Turbotax small business provides tax filing software to small-sized enterprises and individuals. It supports a variety of tax forms as well as guidance for filing quarterly estimated taxes. It also helps small businesses with tax planning associated with rental properties and real estate. Users can seek assistance via email and live chat, as well as an organized library of content covers topics such as taxes and business.
Customers can select from a variety of options for service levels and downloadable versions of the software. The most basic version for sole proprietors as well as freelancers, begins at $170 for federal filing and $55 per state. TurboTax Business is the premium version that allows S corporations and multimember limited liability businesses.
Intuit’s software reviews your return against a database of 350 deductions and credits, helping you maximize your refund. It’s available on desktop computers, as well as the mobile app as well as the QuickBooks Online portal.
TurboTax Business requires that you have all your business records, including your business’s income and expenses in front of you. The software will help classify your company. For instance, you’ll have to decide whether to employ the accrual or cash method of accounting.
You can also use the software to determine if you have an expense in your business that’s suitable for a tax deduction. The program https://turbotaxsmallbusiness.com/how-to-choose-a-pos-system-for-a-small-business/ can track big purchases, and will help you decide on the best strategy for depreciation. Based on the field you work in, you may be required to file additional state and local tax. They are typically filed through the state tax agency.