If you’re a sole proprietor or an independent contractor, or a multi-member LLC, TurboTax is designed to meet the diverse requirements of small business owners. The Intuit tax filing software offers different levels of service and download software that can help you fill out the many forms required to report your business expenses and earnings. The product includes the ability to he said turbotaxsmallbusiness.com/successful-project-management-for-small-business/ create W-2, 1099-MISC and 1099-DIV forms to employees and contractors as in addition to K-1 forms for estates and trusts. You can also make tax filing using the accrual accounting method which allows for a more gradual deduction of expenses than straight line approaches.

Whatever method you choose to make your tax filing, TurboTax has a database of more than 350 credits and deductions that it makes use of to ensure you’re getting the largest possible return. It also runs an accuracy check for each return and, if it finds any errors or inaccuracies the company guarantees to pay any IRS or state penalties.

For those with more complicated business returns, TurboTax Live Assisted Business provides unlimited guidance throughout the year from experts certified by the IRS who are current with the most recent tax-related changes both in the state and federal. It is available in certain states and allows you to either delegate your company’s tax burden to a tax professional (for S-corporations multi-member LLCs, multi-member LLCs, and partners) or use the self-service option to maximize your tax credits and deductions.