Whether you’re self-employed, have a side business or run a business full-time TurboTax provides expert assistance at a reasonable cost. The software streamlines tax filings, making visit their website turbotaxsmallbusiness.com/how-to-choose-a-pos-system-for-a-small-business/ it much easier to claim deductions. It also helps you manage your business expenses and calculates quarterly estimated payments.
Depending on the type of business you operate depending on the type of business you run, the IRS might require you to submit quarterly tax returns and make estimated taxes payments. These quarterly payments help in avoiding being penalized for underpayment. These payments can be made online through the Electronic Federal Tax Payment System or via mail.
TurboTax for Small Business helps you claim every deduction you are entitled to including deductions for home office and health club membership and investment property. It can also assist you in identifying tax deductions for your business and reduce the amount of taxes. Additionally, it imports your W-2 and 1099-MISC forms to ensure that employees contractors, employees, and other freelance workers easy.
For companies that are incorporated into the software allows you to create a variety forms, such as an S Corporation, Partnership (GP, LP, or LLP), or Single-Member Limited Liability Corporation (LLC). It lets you create unlimited 1099-MISC as well as W-2 forms for employees and contractors. K-1 forms are also available for estates and trusts. Its asset depreciation function helps you determine the most tax-efficient strategy for your assets.
In addition to the features available in TurboTax for Small Business, this version comes with a full-service option that connects you with an expert tax professional who will answer any questions you have via video call or in person. This service may not be available in all states, and it could cost you extra.
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