When preparing tax returns for small businesses There are new article turbotaxsmallbusiness a few important factors to take into account. The majority of them involve accounting methods used to record the company's earnings and expenses. Depending on whether the company is an accrual or cash entity the accounting method could be either. Additionally, a large number of small-sized business owners are required to make quarterly estimated tax payments. These payments can be made online via the Electronic Federal Tax Payment System or by submitting a form 1040-ES with a tax payment.

Intuit provides multiple service levels to help small-sized businesses with tax returns. For those who prefer an easier approach to tax preparation can opt for the online TurboTax Self-Employed package, or the more involved TurboTax Business application. This option connects entrepreneurs with a tax expert that will complete their tax return from start to the end.

TurboTax Business also helps with the preparation of W-2, 1099-MISC, and 1040-DIV forms to employees and contractors. It also calculates estimated tax obligations that are generally required by the IRS for those who anticipate to owe more that $1,000 in taxes.

The program can be expensive However, it isn't cheap. With a price of $200 for the federal filing and $55 per state, it's a quick increase to. There are many advantages, including live support from an expert and a guarantee of 100 percent accurate calculations. However, these extra features aren't easy for some small businesses to afford. However, there are alternatives to TurboTax that are less expensive.