It doesn’t matter if you’re a sole-proprietor or an independent contractor or a multi-member LLC, TurboTax is designed to serve the varied needs of small business owners. The Intuit tax filing solution offers several levels of service as well as downloadable software that can help you fill out the various forms required for reporting your business’s expenses and earnings. The software allows you to generate W-2 forms for employees, contractors and estates as well as 1099-MISC forms and 1099 DIV forms for trusts and estates. In addition you can complete your business tax filing using the accrual method of accounting, which allows you to deduct expenses over a longer period of time instead of using a straight line method.
TurboTax uses a database with more than 350 deductions and credits to ensure that you receive the maximum return. TurboTax also conducts an accuracy check for every return and if it detects any errors or inaccuracies the company guarantees to pay any IRS or state penalties.
TurboTax Live-Assisted Business is designed for people who are more involved in their business returns. Certified tax experts are on hand to provide unrestricted guidance throughout the year and they’re up to current with the most recent tax reforms in the federal and state levels. It is available in a few states and lets you either fully delegate your business’s tax burden to a tax professional (for S-corporations multi-member LLCs, multi-member LLCs, and partners) or utilize the self-service option to maximize your credits and deductions.