There are a variety of important aspects to be aware of when preparing tax returns. Most of them are related to accounting methods used to record business expenses and income. Depending on whether the entity is an accrual or cash entity the accounting method used could be one of the two. Small business owners often must also make quarterly estimated tax payments. These payments can be made online via the Electronic Federal Tax Payment System or by submitting a 1040-ES form with a tax bill.
Intuit offers multiple levels of service for small businesses to help with tax returns. If you're looking for more of a hands-off approach can choose from the online TurboTax Self-Employed plan or the more involved TurboTax Business application. This option combines business owners with a specialized tax expert that will complete their tax return from start to end.
TurboTax Business can also help with the preparation of 1099-MISC, W-2 and 1040-DIV for contractors and employees. It will also calculate the estimated tax dues that are usually required by the IRS when you anticipate to owe more than $1000 in taxes.
However the program can be expensive. With a cost of $200 for the federal filing and $55 per state, it can quickly add up. There are many advantages, such as unlimited live assistance from an expert and the assurance of 100% accurate calculations. These extra features are expensive for some small business owners. There are other options that are less costly than TurboTax.
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