No matter if you’re a sole proprietor, independent contractor or multi-member LLC, TurboTax is designed to meet the diverse requirements of official source turbotaxsmallbusiness.com/top-5-most-promising-virtual-data-rooms-of-2021/ small business owners. The Intuit-owned tax filing solution comes with a variety of service tiers and download-able applications that are designed to assist you in filling out the scores of forms needed to document your business earnings and expenses. The product allows you to create W-2 forms to employees estates, contractors and contractors and 1099-MISC forms and 1099 DIV forms for trusts and estates. In addition you can also prepare your taxes for business using the accrual method of accounting, which permits you to deduct expenses over a longer period of time instead of using a straight line method.
Whatever method you choose to make your tax filing, TurboTax has a database of more than 350 deductions and credits it uses to ensure that you get the most comprehensive return. It also runs a verification on each return to verify the accuracy. If it detects mistakes or errors, the company will cover any penalties which are imposed by the IRS or state.
TurboTax Live-Assisted Business is designed for people with more complex business tax returns. Certified experts are available to provide unrestricted guidance throughout the year and are up-to current with the latest tax reforms in the federal and state levels. It’s available in select states, and gives you the option to fully hand your business’s taxes to a tax professional (for partners, S-corporations and multi-member LLCs) by using its full service options, or make use of its self-service option to maximize credits and deductions by yourself.