Turbotax small business is a tax filing software for small businesses and self-employed individuals. It offers a variety of tax forms and offers instructions on data room provider how to file quarterly estimated taxes. It also helps small companies manage tax issues in relation to rental properties as well as real estate. Users can access support via live chat and email, and a curated content hub that covers topics such as taxes and business.
Customers can select from several services and download versions of the software. The basic service for freelancers and sole proprietors starts at $170 for federal filing and $55 for each state. TurboTax Business is the premium version that allows S corporations as well as multi-member limited liability companies.
The software of Intuit compares your tax return against a database of 350 credits and deductions, assisting you maximize your refund. It’s available for desktop computers, as well as the mobile app and QuickBooks Online portal.
To be able to use TurboTax Business, you must have all your business records before you that show your company’s profits and expenses. The software will then help you decide on the best way to categorize your company. You’ll have decide, for example, whether you want to use the accrual or cash method of accounting.
You can also use the software to determine if there is an expense for business that is eligible for a tax deduction. The program can track the cost of large purchases and will help you decide on the best strategy for depreciation. Depending on the industry you are working in, you may be required to file additional local and state tax. In many cases, these are filed through the tax agency of the state.
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