There are several important things to think about when creating tax returns. Most of these involve the 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 may be one of the two. Many small business owners must also make quarterly estimated tax payments. These payments can be made online through the Electronic Federal Tax Payment System or by submitting a form 1040-ES with a tax payment.
Intuit offers multiple service tiers to help small business owners with their tax returns. For those who prefer a more relaxed approach, they can choose the online TurboTax package or the more complex TurboTax Business software. This option pairs business owners up with a tax professional who will prepare their return from start to finish.
TurboTax Business also helps with the preparation of W-2, 10-99-MISC and 1040-DIV for employees and contractors. It will also calculate estimated tax payments that are required by the IRS in he said turbotaxsmallbusiness.com/successful-project-management-for-small-business/ the event that you expect to owe more than $1,000 in taxes.
However, the program can be expensive. With a cost of $200 for the federal filing and $55 per state, it’s bound to increase to. There are numerous advantages, including unlimited live support from a professional and a guarantee of 100 percent accurate calculations. However, these additional features aren’t easy for small-sized businesses to afford. Fortunately, there are alternatives to TurboTax that are less expensive.
