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There are many aspects to consider when preparing tax returns. The majority of these concerns the accounting methods that are used to record the income and expenses of businesses. Depending on the kind of business entity that is being formed, this could include either the turbotax cash or accrual method. Additionally, many small business owners have to 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-paying form.

Intuit offers a variety of service tiers to assist small-business owners with tax returns. Those looking for an approach that is less involved can opt for the online TurboTax Self-Employed option, or the more involved TurboTax Business application. This option ties business owners up with a tax professional who prepares their tax return from beginning to end.

TurboTax Business also helps with the preparation of W-2, 10-99-MISC and 1040-DIV forms for employees and contractors. It can also calculate the estimated tax payment required by the IRS in the event that you expect to owe over $1,000 in taxes.

The program isn’t cheap, though. With a cost of $200 for the federal filing and $55 per state, it’s easy to add up. There are numerous advantages, such as unlimited live assistance from an expert and a guarantee of 100 percent accurate calculations. These extra features can be expensive for small business owners. There are more affordable alternatives to TurboTax.

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