Even Small and Middle Size Enterprises (SMEs) need to comply with the tax regulation in the country, where they operate. You need to choose tax software, which provides everything you need in preparing and filing your tax returns in a fast and fair way. Of course, a small business does not need a complicated software app.
Of course, the tax software for small business must be able to meet your needs in addressing the tax. So, the first thing to study is the features offered by the software. TurboTax is one of most recommended tax apps for small businesses. Besides great features to facilitate you in preparing and filing tax returns, the software offers excellent support and the ultimate user experience.
Why Using TurboTax Tax Software for Small Business
TurboTax Software offers some advantages for small businesses. They include the following:
- Varied packaged options. There are five options of package to choose. The features you enjoy certainly depend upon the package. Therefore, you can choose one based upon your needs.
- Business-friendly deductions. The software offers ease in making deductions specific for your business types. Instances include deductions for home office or vehicle tax. If your business has multiple sources of income, entering the income data is hassle free with TurboTax.
- Great additional features. The software comes with adds-on, which you usually get in high-end software. For instance, it allows you to take a photo or scan W-2 form. Then, you can upload it easily.
- Automatic-saving features to minimize the risk for errors. They also eliminate the need for manual input of all details.
- Excellent support. You can get additional supports like audit and tax defense support. These make online tax preparation and filing stress-free and hassle-free.
Features to Expect from TurboTax Tax Software
As mentioned above, TurboTax offers five options of packages. They range from free package to TurboTax Live package. The paid packages offer advanced features that make tax preparation and reporting much simpler. However, the free package is actually enough if you just need to prepare simple tax returns with 1040EZ or 1040A. However, filing state taxes is not free.
The following is the summary of TurboTax features to consider before choosing one based on your needs:
You can prepare tax returns – 1040EZ or 1040A – in a fast way using free edition. You can print and e-file your W-3 form and take the photo easily. It is totally free for filing Federal taxes, but you need to pay for $29.99 to file state taxes.
This package offers all the features in free edition with additions of some great features, including ItsDeductible feature, which provides you with the following benefits:
- Searching for more than 350 options of tax deductions and credits with final review from real CPA or EA.
- Maximizing property and mortgage tax deductions
- Turning charitable donations into considerable tax deductions
- Addition donations anytime using web-based or mobile applications
TurboTax Deluxe Package costs $59.99 for Federal taxes or $39.99 for state taxes. The price tag also includes SmartLook support option and ability to store tax documents in your account on TurboTax.
Besides all the features in Deluxe Package, you can report earnings from other sources, like rental properties. Premier package also covers other investments like stocks, ESPPs, and bonds. This is the choice if your business has different sources of income. The latest feature offered by TurboTax in this package is account for gains and loses you get from cryptocurrency transactions. The price tag is $79.99 for Federal taxes or $39.99 for State taxes.
Featuring already listed benefits in Premier package, Self-Employed Package comes with additional features, including:
- Easier for tax deductions as you get access to industry-specific deductions, which allow more tax breaks
- Enabling you to track expenses, mileage, and job tracking, thanks to Free QuickBooks Self-Employed
- Personalized help from self-employment specialist
- Special guidance for freelancers, small business owners, and contractors
- The price tag starts from $39.99 for State taxes to $119.99 for Federal taxes.
TurboTax Live Package
This is the best Tax Software for Small Business by TurboTax. You can benefit from a number of premium services in addition to those available from the previous packages, including:
- Personalized review from professionals before filing
- Maximizing charitable donations for tax deductions
- Simplifying the process of preparing tax return with the record of last year’s TurboTax info
- Importing tax return from other tax apps into PDF format
- Getting homeowner tax break
- Covering all IRS forms, and many more
Of course, TurboTax is not the cheapest tax software available. However, it provides you with some features offered by high-end apps.