No products in the cart.
There are a variety of important aspects to take into consideration when preparing tax returns. The majority of these concern the accounting methods that are employed to report income and expenses for businesses. Depending on whether an entity is a cash or accrual entity the accounting method used could be either. Many small business owners must also make quarterly estimated tax payment. These tax payments can be done using the Electronic Federal Tax Payment System, or by submitting 1040-ES forms with a tax payment.
Intuit offers multiple levels of service to help small businesses with tax returns. Those looking for an approach that is less involved can choose from the online TurboTax Self-Employed option, or the more involved TurboTax Business application. This option pairs business owners with a tax professional who will prepare their tax return from beginning turbotax small business to end.
TurboTax Business can also help in the preparation of W-2, 1099-MISC and 1040-DIV for contractors as well as employees. It also calculates estimated tax payment that is typically required by the IRS if you expect to owe over $1,000 in taxes.
However, the program can be expensive. The cost can quickly mount up, with the federal filing costing $200 and each state $55. There are several perks that include unlimited live support from an expert, and a 100% accurate calculations guarantee. However, these additional features can be difficult for some small businesses to afford. There are cheaper alternatives to TurboTax.
