When preparing tax returns for small businesses there are a few important considerations to take into account. Most of these are accounting methods used to record business income and expenses. Based on the type of business entity that is being formed, this could be either the accrual or cash method. Additionally, many small business owners are required to make quarterly estimated tax payments. These payments can be made online through the Electronic Federal Tax Payment System or by submitting a form 1040-ES along with a tax payment.

Intuit offers a variety of service levels to help small-sized businesses with their tax returns. If you prefer an approach that is more hands-off, they can select the online TurboTax package or the more involved TurboTax Business software. This option pairs business owners up with a tax professional who will prepare their return, from start to finish.

TurboTax Business also helps with the preparation of W-2, 1099-MISC, and 1040-DIV forms for employees and contractors. It can also calculate the estimated tax obligations that are generally required by the IRS for those who anticipate to owe over $1,000 in taxes.

The program isn’t cheap however. The cost can quickly increase, with the federal filing costing $200, and each state filing $55. There are numerous advantages, such as unlimited live support from a professional and an assurance of 100% accurate calculations. However, these additional check out here turbotaxsmallbusiness.com/read-detailed-board-software-reviews/ features aren’t easy for small-sized businesses to afford. There are cheaper alternatives to TurboTax.