When it comes to tax returns for small-sized businesses there are a few important factors to take into account. Most of them are related to accounting methods used to report the business’s income and expenses. Based on whether the business is a cash or accrual entity the accounting method used could be either. Additionally, many small business owners are required to make quarterly estimated tax payments. These payments can be made through the Electronic Federal Tax Payment System or by submitting 1040 ES forms that include a tax payment.

Intuit offers a variety of service tiers to assist small-business owners with tax returns. If you prefer an approach that is more hands-off they can select the online TurboTax package or the more complex TurboTax Business software. This option pairs entrepreneurs with a tax expert who prepares their tax return, from start to finish.

TurboTax Business also helps with the preparation of W-2, 1099-MISC and 1040-DIV forms for employees as well as contractors. It can also calculate the estimated tax obligations that are generally required by the IRS in the event that you anticipate to owe check my sitetop 5 most promising virtual data rooms of 2021 more than $1,000 in taxes.

The program can be costly however. With a price of $200 for the federal filing and $55 for each state, it can quickly increase to. There are numerous benefits, including unlimited live support from a professional and an assurance of 100 percent accurate calculations. However, these additional features aren’t easy for some small businesses to afford. There are alternatives to TurboTax that are less expensive.