TurboTax Small Business Review

No matter if you're a sole proprietor or independent contractor, or a multi-member LLC, TurboTax is designed to meet the diverse requirements of small-scale business owners. The Intuit tax filing software comes with various levels of service and downloadable software to assist you in filling out the numerous forms required to report your business's expenses and earnings. It is able to create W-2, 1099-MISC and 1099-DIV for employees and contractors as in addition to K-1 forms for estates and trusts. You can also complete your tax returns using the accrual accounting method which allows for a more gradual deduction of expenses than straight line methods.

TurboTax uses a database with more than 350 credits and deductions to ensure that you receive the most amount of money. TurboTax also conducts an accuracy test for each return and, if it finds any errors or inaccuracies, the company promises to pay any IRS or state penalties.

For those who have more complicated business returns, TurboTax Live Business provides unlimited guidance throughout the year from experts certified by the IRS who are up to date on all the latest federal and state tax changes. It is available in a few states and allows you to orally delegate your business's tax burden to a tax professional (for S-corporations, multi-member LLCs, and partners) or use the self-service option to maximize your tax credits and deductions.

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