TurboTax is a fantastic choice for anyone who is self-employed, has a side business, or runs full-time a business. It offers affordable expert advice. The software streamlines tax filings, making it much easier to claim deductions. It can also help you manage your business costs and calculate quarterly estimated payments.

Depending on the nature of your business depending on the type of business you operate, depending on the type of business you run, IRS may require you file quarterly tax returns and make estimated tax payments. These quarterly payments will help you reduce the chance of being hit with a penalty for not paying. These payments are made through online tax software and the Electronic Federal Tax Payment System (EFTPS) or by post.

TurboTax Small Business allows you to claim all deductions available to you such as the ones for a home office or health club membership, as well as an investment property. It can also help you save money by identifying tax deductions for your business to avoid paying too much in taxes. Plus, it automatically imports your W-2 and 1099MISC forms to allow filing for employees as well as contractors and independent workers easy.

The software allows you to file a variety forms for incorporated businesses such as S Corporations and Partnerships (GP, LP or LLP) or https://turbotaxsmallbusiness.com/top-5-most-promising-virtual-data-rooms-of-2021/ Single-Member Limited Liability companies (LLC). It allows you to create unlimited 1099-MISC and W-2 forms for employees and contractors. K-1 forms are also included for estates and trusts. Its asset depreciation function will help you determine the most tax-efficient strategy for your assets.

In addition to the features available in TurboTax for Small Business, this version includes a full-service option that connects you with an experienced tax professional who can answer any questions you have via video call or in person. This service isn’t available in all states and can cost extra.

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