TurboTax can be used by small business owners of all types, whether they are sole proprietors, independent contractors or multi-member companies. The Intuit Virtual Data Rooms tax filing software offers different levels of service and download software to assist you in filling out the many forms required to report your company’s expenses and earnings. The product allows you to generate W-2 forms for employees, contractors and estates as well as 1099-MISC form and 1099 DIV forms for trusts and estates. You can also complete your tax returns using the accrual accounting method, which allows for a more gradual deduction of expenses than straight line methods.
No matter how you decide to make your tax filing, TurboTax has a database of more than 350 credits and deductions that it utilizes to ensure you’re getting the largest possible return. TurboTax also conducts a thorough check on every return to ensure that it is accurate. If it discovers mistakes or errors, the company will be responsible for any penalties which are imposed by the IRS or the state.
TurboTax Live-Assisted Business is specifically designed for those with more complex business returns. Certified tax experts are on hand to provide unrestricted guidance throughout the year and are up to current with the latest tax legislation, whether state or federal. It is available in some states and allows you to orally delegate your business’s tax burden to an expert tax professional (for S-corporations or multi-member LLCs as well as partners) or utilize the self-service option to maximize your credits and deductions.