TurboTax is a great option for anyone who’s self-employed, is a part-time employee, or runs a full-time business. It offers affordable expert advice. TurboTax streamlines tax filings, making it easier to claim deductions. It can even help you manage your company’s expenses and calculate quarterly estimated payments.

The IRS could require that you file quarterly tax returns, and pay estimated taxes. These quarterly payments will help you reduce the chance of being penalized for underpayment. The payments can be made through online tax software and the Electronic Federal Tax Payment System (EFTPS) or via mail.

TurboTax for Small Business helps you claim every deduction available to you including deductions for home office, health club membership, and investment properties. It can also aid you in identifying tax deductions for your business and reduce the amount of taxes. Additionally, it imports your W-2 why not find out more how to choose a pos system for a small business and 1099-MISC forms to help you file for employees contractors, employees, and other freelance workers easy.

For companies that are incorporated into the software lets you create a variety forms, including an S Corporation, Partnership (GP, LP, or LLP) or Single-Member Limited Liability Corporation (LLC). You can also create unlimited W-2 and 1099-MISC forms to contractors and employees, and also includes K-1 forms for trusts and estates. Its asset depreciation feature helps you establish a specific tax strategy for your assets.

In addition to the features that are available in TurboTax for Small Business, this version includes a full-service option that connects you with an expert tax professional who will answer your questions via video call or in person. This service might not be available in all states, and it might cost more.