Turbotax Small Business Review

Turbotax small business is tax filing software that is suitable for small-sized businesses and self-employed people. It supports a variety of tax forms and offers guidance for filing quarterly estimated taxes. It also assists small-business owners manage income taxes associated with rental properties and real estate. Users can seek support via email and live chat, and an extensive library of content covers topics such as taxes and business.

Customers can select from a variety of different service tiers and download versions of the software. The basic package for sole proprietors or freelancers starts at $170 for federal filing and $55 for each state. The higher-end version, dubbed TurboTax Business, provides support for S corporations and multi-member limited liability companies.

Intuit’s software checks the return against a database of 350 credits and deductions, which helps you maximize your refund. It is available on desktop computers as well as the mobile app and QuickBooks Online portal.

TurboTax Business requires that you have all of your business records, including the business’s income and expenses in front of you. The software will assist you determine how to categorize your company. For instance, you’ll need to decide whether to utilize the accrual or cash method of accounting.

The program can be used to determine whether you have a business expenditure that is eligible for a deduction. The program can also track large purchases and assist you to identify a strategy for depreciation for your assets. Based on the field you are in, you might need to file other forms of state and local tax. In most cases, these are filed through the state’s tax agency.

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