It doesn’t matter if you’re a sole-proprietor or an independent contractor or a multi-member LLC, TurboTax is designed to satisfy the various needs of small-scale business owners. The tax filing software owned by Intuit has multiple service tiers and downloadable software that are designed to assist you in filling out the scores of forms required to declare your business’s earnings and expenses. The software allows you to create W-2, 1099-MISC and 1099-DIV forms for employees and contractors as along with K-1 forms to be used for estates and trusts. You can also make tax filing using the accrual accounting method, which allows for a more gradual deduction of expenses than straight line method.
TurboTax has a database of more than 350 deductions and credits to ensure you get the most amount of money. TurboTax also conducts a thorough check on each return to ensure that it is accurate. If it discovers any mistakes, or inaccuracies, the firm will pay any penalties imposed by the IRS or the state.
For those with more complex business returns, TurboTax Live-Assisted Business provides unlimited guidance throughout the year from certified experts who are up-to-date on the most current tax-related changes both in the state and federal. It is offered in certain states and allows you to either delegate your company’s tax burden to a tax professional (for S-corporations multi-member LLCs, multi-member LLCs, and partners) or utilize the self-service option to maximize your credits and deductions.
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