There are a variety of important aspects to take into consideration when preparing tax returns. Most of these involve the accounting methods used to record business expenses and income. Depending on the type of corporation, this may include either the accrual or cash method. In addition, a lot of small business owners have to make quarterly estimated tax payments. These payments can be made through the Electronic Federal Tax Payment System or by submitting 1040/ES forms with a tax payment.
Intuit offers a variety of service tiers to assist small-business owners with tax returns. People who want an easier approach to tax preparation Avast Business can select the online TurboTax Self-Employed option as well as the more involved TurboTax Business application. This option pairs business owners with a tax professional who can prepare their return from start to the end.
TurboTax Business also helps with the preparation of W-2, 10-99-MISC and 1040-DIV forms to employees and contractors. It also calculates estimated tax payments required by the IRS when you expect to owe more than $1,000 in taxes.
The program isn’t cheap, though. With a cost of $200 for the federal filing and $55 for each state, it’s bound to increase to. There are several perks like unlimited assistance from an expert and an unbeatable accuracy calculation guarantee. These extra features are expensive for small-scale business owners. There are more affordable alternatives to TurboTax.