Turbotax Small Business Review

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Turbotax small business is tax filing software designed for small-sized businesses and self-employed people. It supports a range of tax forms and offers guidance for filing estimated tax payments for the quarter. It also helps small-scale businesses with tax planning associated with rental properties and real estate. Users can contact assistance via email and live chat, and a library of information covers topics such as taxes and business.

Customers can select from a variety of service tiers and downloadable versions of the software. The basic offering for sole proprietors or freelancers starts at $170 per federal filing and $55 for each state. The premium version, called TurboTax Business, provides support for S corporations as well as multi-member limited liability companies.

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

TurboTax Business requires that you have all of your company records, including your company’s earnings and expenses in front of you. The software can then help you determine how to categorize your company. For instance, you’ll need to decide if you want to utilize the accrual or cash method of accounting.

The software can be used to determine whether you have a business expense that is eligible for a deduction. The program can also track large purchases and help you determine a depreciation strategy for your assets. Based on the industry you work in, you may need to file a variety of other state and local taxes. In many instances, these taxes are filed through the tax agency of the state.