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If you’re a sole proprietor, independent contractor or multi-member LLC, TurboTax is designed to satisfy the various needs of small-scale business owners. The tax filing system owned by Intuit includes a variety of tiers of service and downloadable software that are designed to assist you in filling out the countless forms required to declare your company’s earnings and expenses. The software allows you to create W-2, 1099-MISC and 1099-DIV forms for employees and contractors as well as K-1 forms for trusts and estates. You can also file your taxes using the accrual accounting method which allows for a more gradual deduction of expenses than a straight line approach.

TurboTax utilizes a database that holds more than 350 credits and deductions to ensure you get the maximum return. It also runs a verification every tax return to ensure the accuracy. If it detects mistakes or errors, the firm will pay any penalties that are imposed by the IRS or state.

For those with more complicated tax returns, TurboTax Live Business offers year-round support from certified tax experts who are up to date with the most recent tax laws and changes in both states and federal. It’s available in a few states, and gives you the option to completely hand your company’s taxes to a tax expert (for S-corporations, partners, and multi-member LLCs) via its full service options, or use this article turbotaxsmallbusiness.com/how-data-room-provider-is-crucial-for-companies/ its self-service system to maximize credits and deductions on your own.