When it comes to tax returns for small companies there are a few important considerations to take into account. The majority of these are the accounting methods that are employed to report business expenses and income. Depending on whether an entity is an accrual or cash entity the accounting method could be one of the two. Small business owners are required to also make a quarterly estimated tax data room de payments. These payments can be made online using the Electronic Federal Tax Payment System or by submitting the 1040-ES form with a tax bill.
Intuit offers multiple service tiers to help small business owners with tax returns. If you prefer an approach that is more hands-off they can go with the online TurboTax package or the more involved TurboTax Business software. This option provides business owners with a tax professional who can prepare their return from start to finish.
TurboTax Business also helps with the preparation of W-2, 1099MISC and 1040-DIV forms to employees and contractors. It will also calculate the estimated tax payment required by the IRS when you expect to owe over $1,000 in taxes.
However, the program can be expensive. The cost can quickly add up with the federal filing costing $200, and each state filing $55. There are many benefits, including unlimited live support from a professional and an assurance of 100 accuracy of calculations. These extra features are expensive for some small business owners. There are, however, alternatives to TurboTax that are less expensive.
