TurboTax is a great choice for anyone who’s self-employed, is a part-time employee, or runs an entire business. It offers affordable expert advice. The software is designed to streamline tax filings and make it simpler to claim deductions. It can also help you manage your business costs and calculate quarterly estimates payments.

Based on the nature of the business you run depending on the type of business you run, the IRS might require you to complete quarterly tax returns as well as make estimated taxes payments. These quarterly payments can help you avoid the risk of being penalized for not paying. The payments can be made online via the Electronic Federal Tax Payment System or by mail.

TurboTax Small Business allows you to claim all deductions available to you such as those for a home office or health club membership as well as investment properties. It can also assist you in identifying tax deductions that your business can take advantage of and make sure you don’t pay too much taxes. It also automatically imports W-2 and 1099MISC forms, making it easy to submit for employees, contractors and other workers who are independent.

The software lets you fill out different forms for incorporation companies such as S Corporations or Partnerships (GP, LP or LLP) or Single-Member Limited Liability companies (LLC). It allows you to create unlimited 1099-MISC and W-2 forms to be used by employees and contractors. K-1 forms are also available for estates and trusts. Its asset depreciation feature helps you determine the best tax strategy for your assets.

This version of TurboTax for Small Business comes with a Full Service option, which connects you to an experienced tax professional that can answer your questions by video or in person. This service isn’t offered in all states and can cost extra.

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