Whether you’re self-employed, have a side business, or are running a business full-time TurboTax provides expert advice at a reasonable cost. The software was designed to streamline tax filings and help you to claim deductions. It can even aid you in managing your business costs and calculate quarterly estimated payments.

The IRS may require that you complete quarterly tax returns and pay estimated taxes. These payments are made quarterly to aid in avoiding being penalized for underpayment. The payments can be made through online tax software, the Electronic Federal Tax Payment System (EFTPS) or via mail.

TurboTax Small Business allows you to claim all deductions that are available to you including those https://turbotaxsmallbusiness.com/how-to-choose-a-pos-system-for-a-small-business/ for a home-office or health club membership, as well as an investment property. It can also aid you in identifying tax deductions for your business and reduce the amount of taxes. It also automatically imports W-2 and 1099MISC forms making it simple to submit for employees, contractors and other workers who are independent.

The software allows you to file various forms for incorporation businesses such as S Corporations or Partnerships (GP, LP or LLP) or Single-Member Limited Liability Corporations (LLC). It lets you create unlimited 1099-MISC forms and W-2 forms for employees and contractors. K-1 forms are also available for trusts and estates. The asset depreciation function can help you determine the most effective tax strategy for your assets.

In addition to the features that are available in TurboTax for Small Business, this version of the software includes a full-service option that connects you to an expert tax professional who can answer your questions via video call or in person. This service may not be available in all states, and it may cost extra.