TurboTax is an option for small business owners of all types, whether they are sole proprietors, independent contractors, or multi-member companies. The Intuit-owned tax filing solution has multiple service tiers and download-able applications that are designed to help you fill out the multitude of forms needed to document your business’s earnings and expenses. The product includes the ability to create W-2, 1099MISC and 1099-DIV forms for employees as well as contractors as in addition to K-1 forms for estates and trusts. Additionally, you can also prepare your taxes for business using the accrual method of accounting, which allows you to deduct expenses over a longer period of time instead of using a straight line approach.

TurboTax utilizes a database that holds more than 350 deductions and credits to make sure you get the highest amount of return. It also runs a check every tax return to ensure the accuracy. If it discovers any errors, or inaccuracies the company will be responsible for any penalties or fines imposed by IRS or the state.

TurboTax Live-Assisted Business is specifically designed for those with more complex business returns. Certified experts are available to offer 24/7 assistance and they’re up to date with all the latest federal or state tax changes. It is available in certain states and lets you either delegate your company’s tax burden to an expert tax professional (for S-corporations multi-member LLCs, multi-member LLCs, and partners) or utilize the self-service option to maximize your credits and deductions.

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