TurboTax is a great option for anyone who is self-employed, is a part-time employee or runs an entire business. It provides affordable and expert advice. The software streamlines tax filings, making it simpler to claim deductions. It can even help you manage your company’s costs and calculate quarterly estimates payments.

Depending on the nature of the business you run according to the type of business you own, depending on the type of business you run, IRS may require you file quarterly tax returns and make estimated taxes payments. These payments are made quarterly to keep you from being penalized for not paying. These payments can be made using online tax software and the Electronic Federal Tax Payment System (EFTPS) or via mail.

TurboTax Small Business allows you to claim all deductions that are available to you such as the ones for a home office, health club membership and investment property. It can also assist you in identifying tax deductions for your business to avoid paying too much taxes. It also imports automatically W-2 and 1099MISC forms making it simple to fill out for employees, contractors and other independent workers.

The software lets you file a variety forms for incorporated businesses such as S Corporations and Partnerships (GP, LP or LLP) or Single-Member Limited Liability Companies (LLC). It also lets you create unlimited 1099-MISC and W-2 forms for contractors and employees, and also includes K-1 forms for estates and trusts. The asset depreciation function can help you decide on the best tax strategy for your assets.

In addition to the features included in TurboTax for Small Business, this version includes a full-service option that connects you to an experienced tax board software professional who can answer your questions via video chat or in person. This service isn’t offered in all states and can cost an additional fee.