It’s important that you complete your tax returns when you run a business. There are a variety of options to pick from. Intuit provides a variety of service levels and downloadable solutions that provide an easy tax filing. These solutions can be expensive especially if used to submit multiple tax returns to different states.
TurboTax Business is a business tax filing software application that offers users many features. The program lets users prepare federal and state tax returns, review for errors and omissions, and receive a fast refund. It also helps users assess the tax liabilities of their business and determine tax-deductible expenses. It has a database of more than 350 deductions and credits, and uses this information to determine the most effective return for your company.
The software assists users make quarterly estimated tax payments at the IRS. If you anticipate that you will owe more than $1,000 in taxes it is generally required. Users can pay using the Electronic Federal Tax Payment System or mail in the form 1040ES.
TurboTax Business is an excellent alternative for small-scale business owners who require help with their tax returns. Its interface makes it simple to use and the software is capable of handling various deductions and credit. It is suitable for use by single-member LLCs, sole proprietors and contractors who have received 1099-MISC and W-2 forms. The software also helps users to file returns for S corporations and business partnerships. It also calculates capital gains and loss for property sales and other investment transactions.