TurboTax Small Business Review | Property Enhancer

TurboTax is a tool that can be utilized by small-scale business owners of all kinds regardless of whether they are sole proprietors, independent contractors or multi-member corporations. The Intuit-owned tax filing solution includes a variety of tiers of service and downloadable software that are designed to assist you in filling out the multitude of forms needed to report your business earnings and expenses. It is able to generate W-2, 1099-MISC and 1099-DIV forms for employees and contractors, as in addition to K-1 forms for estates and trusts. Additionally you can file your business taxes using the accrual method of accounting, which allows you to deduct expenses over a longer time rather than a straight-line approach.

TurboTax makes use of a database with more than 350 credits and deductions to ensure you receive the most amount of money. It also runs an accuracy check for every return and, if it finds any errors or inaccuracies, the company promises to pay any IRS or state penalties.

For those with more complicated tax taxes, TurboTax Live Assisted Business provides year-round assistance from experts certified by the IRS who are up to date on all the latest tax laws and changes in both states and federal. It is available in some states and lets data room provider you either fully delegate your business’s tax burden to an expert tax professional (for S-corporations or multi-member LLCs and partners) or use the self-service option to maximize your tax credits and deductions.