TurboTax can be used by small business owners of all types, whether they are sole proprietors, independent contractors or multi-member companies. The Intuit tax filing solution offers multiple service levels and downloadable software that can help you fill out the various forms required to report your company’s expenses and earnings. The software allows you to create W-2 forms for employees estates, contractors and contractors as well as 1099-MISC form and 1099 DIV forms for trusts and estates. In addition, you can also file your business taxes using the accrual method of accounting, which allows you to deduct expenses over a longer time instead of using a straight line method.

Regardless of how you choose to make your tax filing, TurboTax has a database of more than 350 credits and deductions that it makes use of to ensure you get the Discover More about turbotax small business most comprehensive return. It also runs a verification on each return to verify the accuracy. If it discovers any mistakes or errors, the company will be responsible for any penalties or fines imposed by IRS or the state.

TurboTax Live-Assisted Business is designed for those who are more involved in their business returns. Certified tax experts are on hand to provide unrestricted guidance throughout the year and are up-to current with the most recent tax laws, whether federal or state-wide. It’s offered in a select number of states and allows you to completely transfer your business’s taxes over to a tax expert (for S-corporations, partners, and multi-member LLCs) through its full service options, or use its self-service system to maximize credits and deductions on your own.