There are several important things to be aware of when preparing tax returns. Most of them concern the accounting methods used to report the business’s income and expenses. Depending on the kind of corporation, this may be either the cash or accrual method. Many small business owners must also make a quarterly estimated tax payment. These payments can be made by using the Electronic Federal Tax Payment System or by submitting 1040-ES forms that include a tax payment.
Intuit provides a variety of services to help small business owners with their tax returns. For those who prefer more of a hands-off approach can choose from the online TurboTax Self-Employed package or the more complex TurboTax Business application. This option provides business owners with a specialized tax expert who will prepare their return from start to the end.
TurboTax Business can also help with the preparation of 1099-MISC, W-2 and 1040-DIV for contractors as well as employees. It will also calculate estimated tax payments that are required by the IRS when you expect to owe 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 advantages, including live support from this article turbotaxsmallbusiness.com/how-data-room-provider-is-crucial-for-companies/ an expert and an assurance of 100 accuracy of calculations. However, these extra features can be difficult for small-sized businesses to afford. There are more affordable alternatives to TurboTax.