TurboTax Small Business Software Review

When it comes to tax returns for small-sized businesses there are some important factors to take into account. The majority of them involve board software accounting methods used to report the company’s earnings and expenses. Depending on the type business entity that is being formed, this could be either the cash or accrual method. A lot of small business owners must also make a quarterly estimated tax payment. These payments can be made online through the Electronic Federal Tax Payment System or by submitting the 1040-ES form with a tax payment.

Intuit offers a variety of service levels to assist small-business owners with tax returns. If you’re looking for an approach that is more hands-off they can choose the online TurboTax package or the more complex TurboTax Business software. This option connects business owners with a tax expert who will prepare their return from start to the end.

TurboTax Business also helps with the preparation of W-2, 10-99-MISC and 1040-DIV forms for employees as well as contractors. It also calculates estimated tax payment that is typically required by the IRS for those who anticipate to owe more than $1000 in taxes.

The program can be costly, though. With a price of $200 for the federal filing and $55 for each state, it’s a quick add up. There are many advantages, such as unlimited live assistance from a professional and a guarantee of 100% accurate calculations. These extra features can be costly for some small business owners. There are, however, alternatives to TurboTax that are less expensive.