When it comes to tax returns for small companies there are some crucial aspects to take in account. The majority of these concerns the accounting methods utilized to report income and expenses for businesses. Depending on whether an entity is a cash or accrual entity, the accounting method can be one of the two. Small business owners are required to ecommerce platforms also make quarterly estimated tax payments. These payments can be made online via the Electronic Federal Tax Payment System or by submitting the 1040-ES form with a tax-paying form.

Intuit offers a variety of service levels to assist small businesses with their tax returns. People who want an easier approach to tax preparation can select the online TurboTax Self-Employed package, or the more involved TurboTax Business application. This option combines business owners with a tax expert who will prepare their tax return from beginning to end.

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

The program can be costly However, it isn’t cheap. The cost can quickly mount up, with the federal filing costing $200 and every state $55. There are numerous benefits, including unlimited live assistance from an expert and an assurance of 100 percent accurate calculations. However, these additional features aren’t easy for small companies to afford. There are alternatives that are less expensive than TurboTax.