- May 11, 2024
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Turbotax small business offers tax filing software to small-sized businesses and individuals. It supports a variety of tax forms and offers guidance on filing estimated tax payments for the quarter. It also helps small business owners with income tax issues associated with rental properties and real estate. Users can seek assistance via email and live chat, and an extensive library of content includes topics like taxes and business.
Customers can select between a variety of services, as well as download versions of the software. The basic package for sole proprietors or freelancers starts at $170 for federal filing and $55 for each state. TurboTax Business is the premium version that supports S corporations and multimember limited liability businesses.
Intuit’s software checks the return against a database with 350 credits and deductions, assisting you maximize your refund. It’s available on desktop computers, mobile apps and the QuickBooks online portal.
To use TurboTax Business, you must keep all your business documents in front of your eyes that report your company’s earnings and expenses. The software will help classify your company. For instance, you’ll have to decide whether to employ the accrual or cash method of accounting.
The program can be used to determine if you have a business expenditure that could be eligible for a deduction. The program can also track large purchases and help you determine a depreciation strategy for your assets. Based on the industry you work in it is possible that you will need to submit a variety of local and state taxes. They are typically filed by the state tax agency.