Doing business taxes with turbo tax

When running a business you are trying to make a profit, you do not want to have to pay a fortune to get your taxes done, but they seem to be a bit more complicated than doing personal income taxes. Well good news you can save money by doing your business taxes with Turbo Tax for a one time low fee. Turbo Tax will guide you through the process of preparing your business taxes no matter the situation; it will even help to get you the most deductions possible for your business.

Here are some of the products that are available for businesses to use.

Turbo Tax Estimated Taxes:
If your company has to pay quarterly estimated taxes this program might be right for you. It costs $29.95 for twelve months and includes free quarterly e-filings. This program will calculate your estimated tax payments by following IRS guidelines, which can help you to avoid penalties. The program will send you e-mail reminders so that you will not miss any of your deadlines and will show you just how much you need to pay. You can e-file each quarterly payment and receive a confirmation from the IRS when it is received or you can print out the payment information and mail it in. The best news is that if you are using Turbo Tax to file your income taxes it will automatically transfer your information into Turbo Tax; otherwise it will keep detailed records and provide you with a summary report at the end of the year.

Turbo Tax Home and Business:
This software can be used to file personal and business taxes. It covers taxes for sole proprietors, self-employed, consultants, and contractors. Turbo Tax Home and Business will guide you step by step through the Schedule C, how to categorize business income and expenses, home office deductions, depreciation, and anything else that would be included on your tax return. The step by step guidance is in easy to understand terms about your business and Turbo Tax will take your answers and put them into the correct IRS forms that you will need to file. Turbo Tax Home and Business also uses an in depth deduction interview to ensure that you do not miss any deductions that your business can qualify for. And after all of your information is entered Turbo Tax Home and Business will double check your return to make sure there are no errors or red flags for the IRS. This version includes one free download for your state income taxes.

Turbo Tax Business:
This software is used strictly for businesses; if you use this software you must also file a personal income tax return. Businesses that can use Turbo Tax Business are corporations, partnerships, or a LLC and your business earns up to $250,000 a year. This program includes the same features that make Turbo Tax Home and Business so easy to use, but it includes IRS forms 1120S, 1065, and 1120. Turbo Tax Business takes you through each form step by step. And like Turbo Tax Home and Business it guarantees that your taxes will be done right and that the calculations are a 100% accurate. But remember the program does your taxes for you based on the information that you provide. This version does not come with business state tax returns, it must be purchased separately.

Another great benefit to using Turbo Tax for your business taxes is that if you use Quicken to keep track of your sales and expenses for your business you can simply import all of that information into your Turbo Tax program. While you are doing your taxes, if you have any questions you can receive help from a tax professional by simply clicking on the Live Tax Advice link in the Turbo Tax program.