There are many important aspects to take into consideration when preparing tax returns. The majority of these concern the accounting methods that are utilized to report the income and expenses of businesses. Depending on the type business entity that is being formed, this could be either the accrual or cash method. Additionally, a large number of small-scale business owners are required to make quarterly estimated tax navigate to these guys read detailed board software reviews payments. These payments can be made through the Electronic Federal Tax Payment System or by submitting 1040 ES forms along with a tax payment.

Intuit offers a variety of service levels for small businesses to help with tax returns. Those looking for an easier approach to tax preparation can opt for the online TurboTax Self-Employed program as well as the more involved TurboTax Business application. This option ties entrepreneurs with a tax professional who prepares their tax return from beginning to end.

TurboTax Business also helps with the preparation of W-2, 1099-MISC, and 1040-DIV for employees and contractors. It also calculates estimated tax payment that is typically required by the IRS when you anticipate to owe more than $1000 in taxes.

The program isn't cheap, though. The cost can quickly increase with the federal filing costing $200 and each state $55. There are many advantages, including live support from an expert and a guarantee of 100 percent accurate calculations. These extra features can be costly for small business owners. Fortunately, there are alternatives to TurboTax that are less expensive.