TurboTax is a great option for those who are self-employed, is a part-time employee, or runs an entire business. It provides affordable and professional advice. TurboTax simplifies tax filings, making it much easier to claim deductions. It even assists you in managing your business expenses and calculates quarterly estimated payments.

The IRS might require you to file quarterly tax returns, and pay estimated taxes. These payments are made quarterly to reduce the chance of being hit with a penalty for not paying. The payments can be made online through the Electronic Federal Tax Payment System or via mail.

TurboTax for Small Business helps you claim every deduction you are entitled to including deductions for a home office and health club membership and investment property. It can also help you save money by identifying tax deductions for your company and make sure you don’t pay too much taxes. It also imports automatically W-2 and 1099MISC forms making it easy to submit for employees, contractors and other independent workers.

For companies that are incorporated, the software lets you complete a variety of forms, such as an S Corporation, Partnership (GP, LP, or LLP) or Single-Member Limited liability Company (LLC). It also lets you make unlimited W-2 and 1099-MISC forms for contractors and employees. It also includes K-1 forms for trusts and estates. Its asset depreciation feature lets you establish a specific tax strategy for your assets.

In addition to the features included in TurboTax for Small Business, this version of the software comes with a full-service option that connects you with an experienced tax professional who can answer any questions you have via video call or in person. This service is not click turbotaxsmallbusiness.com available in all states and could cost extra.