It is imperative to make your taxes known if you own a business. There are numerous options to pick from. Intuit provides a variety of service levels and downloadable options that offer an easy tax filing experience. However, these solutions can be costly especially if you are required to prepare multiple state tax returns.
TurboTax Business is a business tax software application that offers users various features. The program allows users to prepare federal and state tax returns, review them for errors and omissions and receive a swift refund. It also helps users determine the tax liabilities of their business and identify deductible expenses. Its database contains more than 350 deductions and credits and uses this information to determine the best return for your company.
The program also allows users to make quarterly estimated tax payments with the IRS. This is usually required if you anticipate to owe more than $1000 in taxes. Users can either pay through the Electronic Federal Tax Payment System or mail a 1040ES form.
The TurboTax Business software is a great choice for small-sized businesses that require assistance with their taxes. Its interface is simple to navigate, and the program can handle a wide range of deductions and credits. It is designed for single member LLCs and contractors who are issued W-2s and 1099-MISCs. The software can also assist users file returns for S corporations and business partnerships. It also assists in calculating capital gains and losses on property sales and other investment transactions.
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