Turbotax Small Business Review
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Turbotax small business is a tax filing software for small businesses and self-employed individuals. It supports a range of tax forms and offers guidance on filing quarterly estimated taxes. It also helps small-business owners to manage their income taxes in connection with rental properties and real estate. Users can get support through live chat and email, and a curated content hub provides information on topics like taxes and business.
Customers can select from a variety of services and download versions of the software. The basic package for freelancers and sole proprietors starts at $170 for a federal filing and $55 for each state. TurboTax Business is the premium version that can be used to support S corporations and multimember limited liability businesses.
The software from Intuit checks your return against a database that contains 350 deductions and credits, helping you maximize your refund. It’s available on desktop computers, as well as the mobile app and QuickBooks Online portal.
TurboTax Business requires that you have all your business records, including the company’s expenses and income, in front of you. The software will then help you determine how to categorize your business. For example, you’ll need determine whether you’ll utilize the accrual or cash method of accounting.
The software can be used to determine if you have an expense for business that could be eligible for a deduction. The program can also monitor major purchases and help you identify a strategy for depreciation for your assets. Depending on the industry you are working in, you may be required to file a different state and local tax. In most instances, these taxes are filed through the tax agency of the state.
