Turbotax small business provides tax filing software for small-sized enterprises and individuals. It supports a variety of tax forms, and provides guidance on how to file quarterly estimated taxes. It also helps small businesses manage income tax related to rental properties and real estate. Users can access support via live chat and email, and a content hub that covers topics such as taxes and business.
Customers can select from a variety of options for service levels, and download versions of the software. The most basic version for sole proprietors and freelancers, begins at $170 for federal filing and $55 per state. The premium version, called TurboTax Business, provides support for S corporations and multi-member limited liability companies.
The software of Intuit matches your return to a database of 350 credits and deductions that will help you maximize your refund. It’s available on desktop computers, mobile apps and the QuickBooks online portal.
To use TurboTax Business, you must have all your business data in front of you, which provide your company’s earnings and expenses. The software will then help you determine the best way to categorize your company. For instance, you’ll have determine whether you’ll utilize the accrual or cash method of accounting.
You can also use the program to determine whether you have a business expense that’s qualified for tax deduction. The program also tracks large purchases and help you identify a strategy for depreciation for your assets. Based on the field you work in, you may have to file other local and state tax. In most instances, these taxes are filed through the state’s tax agency.