TurboTax Small Business Software Review

There are a variety of important aspects to take into consideration when preparing tax returns. The majority of these are the accounting methods utilized to report income and expenses for businesses. Depending on the type of business entity that is being formed, this could be either the accrual or cash method. Small business owners are required to also make quarterly estimated tax payment. These payments can be made using the Electronic Federal Tax Payment System or by submitting 1040 ES forms along with a tax payment.

Intuit offers several levels of service for small businesses to help with tax returns. If you prefer an approach that is more hands-off, they can go with the online TurboTax package or the more involved TurboTax Business software. This option connects business owners with a tax expert who will complete their tax return from start to end.

TurboTax Business can also How to choose a POS system help with the preparation of W-2, 1099-MISC and 1040-DIV forms for contractors and employees. It will also calculate estimated tax payments that are required by the IRS when you expect to owe more than $1,000 in taxes.

However it can be costly. The cost can quickly add up and the federal filing costing $200 and every state averaging $55. There are many benefits like unlimited assistance from a professional, and the 100% accuracy of calculations guarantee. These extra features can be costly for small business owners. Fortunately, there are alternatives to TurboTax that are more affordable.