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There are many important aspects to take into consideration when preparing tax returns. Most of them concern the accounting methods that are used to report business expenses and income. Depending on whether the entity is an accrual or cash entity, the accounting method may be either. In addition, a lot of small-sized business owners are required to make quarterly estimated tax payments. These payments can be made by using the Electronic Federal Tax Payment System, or by submitting 1040-ES forms with a tax payment.
Intuit offers a variety of service levels to help small business owners with their tax returns. If you’re looking for an easier approach to tax preparation can choose from the online TurboTax Self-Employed option, or the more involved TurboTax Business application. This option ties business owners up with a tax expert who will prepare their tax returns from beginning to end.
TurboTax Business can also help with the preparation of W-2, 1099-MISC and 1040-DIV forms for contractors and employees. It also calculates the estimated tax payments required by the IRS when you anticipate to owe over $1,000 in taxes.
The program can be costly however. With a cost of $200 for the federal filing and $55 for each state, it can quickly add up. There are many advantages, including live assistance from an expert and an assurance of 100 100% accurate calculations. However, these extra features aren’t easy for small companies to afford. However, there are alternatives to TurboTax that are more affordable.