When preparing tax returns for small-sized businesses, there are a few important considerations to take into account. The majority of them involve accounting methods used to record business expenses and income. Depending on the type business entity that is being formed, this could include either the cash or accrual method. Small business owners are required to also make a quarterly estimated tax payments. These payments can be made through the Electronic Federal Tax Payment System or by submitting 1040-ES forms that include a tax payment.

Intuit offers multiple levels of service to assist small businesses with their tax returns. If you prefer an approach that is more hands-off they can select the online TurboTax package or the more involved TurboTax Business software. This option pairs entrepreneurs with a tax professional who will prepare their return from start to the end.

TurboTax Business also helps with the preparation of W-2, 1099-MISC and 1040-DIV forms to employees and contractors. It also calculates the estimated tax payment required by the IRS when you anticipate to owe over $1,000 in taxes.

However the program can be costly. With a cost of $200 for the federal filing and $55 per state, it can quickly add up. There are numerous benefits, including unlimited live support from an expert and a guarantee of 100 accuracy of calculations. These extra features can be costly for small business owners. There are, however, alternatives to TurboTax that are more affordable.

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