There are many aspects to be aware of when preparing tax returns. The majority of these concerns the accounting methods that are utilized to report the business’s income and expenses. Depending on the kind of company that is incorporated, this could be either the cash or accrual method. Many small business owners must also make a quarterly estimated tax payment. These payments can be made by using the Electronic Federal Tax Payment System or by submitting 1040-ES forms along with turbotax small business a tax payment.

Intuit provides a variety of services to help small business owners with their tax returns. If you’re looking for an easier approach to tax preparation can choose between the online TurboTax Self-Employed option or the more involved TurboTax Business application. This option ties entrepreneurs with a tax professional who will prepare their tax return from start to finish.

TurboTax Business also helps with the preparation of W-2, 10-99-MISC and 1040-DIV forms for employees and contractors. It can also calculate the estimated tax payments required by the IRS when you expect to owe more than $1,000 in taxes.

The program isn’t cheap however. With a cost of $200 for the federal filing and $55 for each state, it can quickly increase to. There are numerous benefits like unlimited assistance from a professional, and an 100% accurate calculation guarantee. However, these additional features aren’t easy for small-sized businesses to afford. There are other options that are less costly than TurboTax.