If you’re a sole proprietor or an independent contractor or a multi-member LLC, TurboTax is designed to meet the diverse requirements of small business owners. The Intuit tax filing solution offers several levels of service as well as downloadable software to assist you in filling out the numerous forms needed to report your business expenses and earnings. The application allows you to create W-2 forms for your employees, contractors and estates and 1099-MISC forms and 1099 DIV forms for trusts and estates. You can also complete your tax returns using the accrual accounting method, which allows for more gradual deduction of expenses than straight line methods.
Whatever method you choose to make your tax filing, TurboTax has a database of more than 350 deductions and credits it uses to ensure you’re receiving the maximum return. TurboTax also conducts an accuracy check for every return, and if it finds any errors or inaccuracies the company will pay any IRS or state penalties.
For those who have more complicated business returns, TurboTax Live Business offers year-round support from certified tax experts who are up to date with the most recent tax reforms in the federal and state. It is available in a few states and lets you orally delegate your business’s tax burden to a tax professional (for S-corporations or multi-member LLCs as well as partners) or utilize the self-service option to maximize your credit and deductions.
official source turbotaxsmallbusiness.com/top-5-most-promising-virtual-data-rooms-of-2021/
