TurboTax

Andre

Search Engine Marketing (SEM)

Find the TurboTax accounting partner you need. Find TurboTax WFH freelancers on January 21, 2025 who work remotely. Read less

Board & chat Inside your order

From double entry bookkeeping right through to preparing and interpreting

Keep exploring

Wikipedia TurboTax Courses

Top Frequently Asked Questions

What to Know

How can I use TurboTax to help my business?

TurboTax offers several features and services that can assist businesses, particularly small to medium-sized enterprises, in managing their tax obligations efficiently. Here's how TurboTax can help your business:

1. Simplified Tax Preparation
- User-Friendly Interface: TurboTax guides you through the tax preparation process with an easy-to-understand interface, even if you're not well-versed in tax law.
- Step-by-Step Guidance: The software walks you through each step, ensuring all necessary forms and schedules are completed correctly for your business type (e.g., sole proprietorship, partnership, S-Corp).

2. Business-Specific Deductions
- Deduction Finder: TurboTax helps identify business deductions you might miss, such as home office expenses, startup costs, vehicle use, or industry-specific deductions.
- Mileage Tracking: For businesses where travel is common, TurboTax can help calculate and apply mileage deductions accurately.

3. Multiple Business Structures Support
- TurboTax Business: Specifically designed for partnerships, S-Corps, C-Corps, multi-member LLCs, and trusts, ensuring you use the correct forms (like Form 1065 for partnerships or Form 1120 for C-Corps).
- TurboTax Home & Business: Ideal for sole proprietors or single-member LLCs, where business income is reported on Schedule C with your personal tax return.

4. Import Capabilities
- Import from QuickBooks: If you use QuickBooks for your accounting, TurboTax can import your financial data directly, reducing manual entry and potential errors.
- Bank and Financial Data Import: Pulls in transactions from banks and financial institutions to help complete your tax return more accurately.

5. E-Filing and Compliance
- Electronic Filing: Offers the ability to e-file your business tax return, which can speed up processing and refund times (if applicable).
- State Returns: Guides through state tax obligations, ensuring compliance with local tax laws.

6. Expert Support
- TurboTax Live Business: Get unlimited advice from tax experts who specialize in business taxes. This can be invaluable for complex tax situations or if you're unsure about certain deductions or filings.
- Audit Support: Provides assistance if your business return is audited, offering one-on-one question-and-answer support with a tax professional.

7. Accuracy and Guarantees
- 100% Accurate Calculations Guarantee: If you receive penalties or interest due to a TurboTax calculation error, they'll cover the cost.
- Maximum Refund Guarantee: If you find a larger refund or smaller tax due from another tax preparation method, TurboTax will refund the purchase price.

8. Time Saving Tools
- Auto-Fill My Return: If you've used TurboTax before, it can auto-fill parts of your return with last year's data.
- Quick Employer Forms: Create and e-file W-2s and 1099s for employees and contractors, streamlining payroll tax compliance.

9. Filing Extensions
- Extension Filing: Help with filing for an extension if you're not ready to submit your business tax return by the deadline.

10. Learning and Resources
- Tax Tips and Videos: TurboTax's website offers numerous resources on business tax preparation, helping you understand your obligations and optimize your tax strategy.

11. Investment in Business Growth
- By potentially maximizing deductions and ensuring compliance, TurboTax can help you save money that can be reinvested into your business.

While TurboTax can significantly aid in managing your business taxes, remember that for complex business structures or if you're dealing with large sums of money, consulting with a tax professional might still be necessary. However, for many small businesses, TurboTax provides a comprehensive, user-friendly approach to tax preparation.

What are the advantages of using TurboTax?

Yes, there are several advantages to using TurboTax for tax preparation, whether for personal or business taxes:

1. Ease of Use
User-Friendly Interface: TurboTax is known for its intuitive design that guides users through tax preparation with simple, conversational questions rather than complex tax jargon.
Step-by-Step Guidance: The software walks you through each step, ensuring you don't miss out on deductions or credits you're eligible for.

2. Accuracy and Reliability
Accuracy Guarantees: TurboTax offers guarantees on calculations, ensuring that if there's an error on their part, they'll cover any penalties or interest incurred.
Maximum Refund Guarantee: If you find a larger refund or owe less by using another method, TurboTax will refund the purchase price of their product.

3. Support Options
TurboTax Live: For a fee, you can access live assistance from tax experts, including CPAs and enrolled agents, for questions or verification of your tax return.
Audit Support: Provides assistance if you're audited, offering guidance through the process.

4. Time Efficiency
Quick Data Entry: Features like the ability to snap photos of forms (like W-2s), import data from financial institutions, and auto-fill from previous years' returns save considerable time.
E-Filing: Allows for electronic filing, which is faster than paper returns and can expedite refunds.

5. Comprehensive Deduction and Credit Finder
Deduction Guidance: Helps identify deductions and credits you might not be aware of, potentially saving you money.
Specialized Versions: Different versions cater to various situations (e.g., self-employment, rental property income), ensuring you're using the right tools for your tax needs.

6. Flexibility
Multiple Filing Options: From DIY to full-service where a tax expert prepares your return, TurboTax offers flexibility based on your comfort level and needs.
Mobile App: Manage your taxes on the go with the TurboTax mobile app, which offers some features of the desktop software.

7. Business Tax Preparation
TurboTax Business: Specifically designed for business entities like partnerships, LLCs, and corporations, simplifying complex business tax scenarios.
Integration with Accounting Software: Can import data from QuickBooks, making it easier for businesses to prepare their taxes.

8. Educational Resources
Tax Tips and Videos: TurboTax's website provides numerous articles and videos to educate users on tax laws, changes, and strategies.

9. Scalability
From Simple to Complex: Whether you have a straightforward tax situation or complex investments and business income, TurboTax has products to match.

10. Security
Data Protection: Uses industry-standard encryption to protect your personal and financial information during the tax preparation process.

11. Refund Processing
Pay with Refund: Option to pay for TurboTax services directly from your tax refund, although a fee applies for this service.

However, while TurboTax offers many advantages, it's also worth noting that:

Cost: It can be more expensive than some competitors, especially for more complex returns or if you opt for live assistance.

Upselling: Users often note TurboTax's tendency to push for upgrades or additional services, which can be seen as aggressive marketing.

Ultimately, the advantages of TurboTax can be particularly beneficial if you value ease of use, comprehensive support, and the peace of mind that comes with accuracy guarantees and expert assistance.

#JaneIsPowerful

Find people to hire.

Job done or your money back.

Continue with X

Continue with Google

Continue with email

Browse Categories

TurboTax

Getting services

Accounting / Tax Returns

Stock Trading

Bookkeeping

Payroll

Forex Trading

Profit / Loss

Accounts Payable / Receivable

Virtual / Cryptocurrency

Keep exploring

Top Frequently Asked Questions

Find people to hire.

Browse Categories

Highest demand

Featured services

Key services

Highest demand

Featured services

Creative essentials

Highest demand

Featured services

Other bookings

Highest demand

Featured services

Creative essentials

Highest demand

Featured services

Core essentials

TurboTax

Getting services

Accounting / Tax Returns

Stock Trading

Bookkeeping

Payroll

Forex Trading

Profit / Loss

Accounts Payable / Receivable

Virtual / Cryptocurrency

Keep exploring

Top Frequently Asked Questions

Find people to hire.

is available for hire!