The TurboTax Business Software from Intuit is a software application for Windows, designed to help complete your federal income taxes for your small business. The software includes the tools for Multi-Member LLCs (Form 1065), Partnerships (Form 1065), S Corporations (Form 1120S), C Corporations (Form 1120), and Estates and Trusts (Form 1041) to file taxes.
QuickBooks users will appreciate the ability to import data from their books directly into TurboTax. Users who need to enter data by hand will be happy find that the software includes a streamlined data entry process for income and expenses, greatly reducing the time that it takes you to complete this process.
TurboTax gives you the tools necessary to maximize your deductions. You can account for vehicle expenses, supply costs, assets, promotion, advertising, and travel. The software can help to identify industry-specific deductions, and features tools that help simplify asset depreciation.
Intuit provides online support with this product. You'll be able to ask TurboTax experts questions in Intuit's Live Community. The application boasts FAQs, tax topic videos, tips, how-to guides, troubleshooting articles, and more. Five federal e-files are included, allowing you to electronically submit your taxes to the IRS.
Note:
The Intuit software sold at B&H is intended for use in the US only. It is not aware of tax regulations in other countries.
Knows Your Business and Does the Hard Work
Step-by-Step Guidance
With TurboTax Business, you don't need to know a thing about business taxes. Its customized interview tailors itself to your type of business (corporation, partnership, or multi-member LLC) and provides extra guidance to simplify tax preparation and helps you maximize tax savings. Just answer simple questions and let TurboTax do the rest.
Easier Than Ever
Saves time and gives you a head start by transferring last year's data and showing a year-over-year comparison for your business.
Creates K-1 Forms Electronically
Now you can distribute K-1s electronically in PDF format and save a trip to the post office.
Imports Your Data
Skip the data entry and rely on an accurate import of Profit & Loss statements from QuickBooks. If your chart of accounts is not tax-ready, TurboTax automatically imports your QuickBooks income and expense accounts and classifies them in the appropriate tax categories that you can edit.
Note:
Imports from QuickBooks 2005 or higher via Quick Import; Imports from QuickBooks 2009 via Classic Import
Creates Unlimited W-2, 1099-MISC, 1099-INT and 1099-DIV Forms
Prepare forms for employees, contractors, shareholders and partners. All calculations can be done and printed on plain paper -- there is no need for special-colored ink forms.
Simplifies Entering Income and Expenses
Speeds you through entering all your business expenses, no matter how you track them. If you have a Profit & Loss statement, TurboTax streamlines data entry so you can quickly enter all your income and expenses. If you track expenses manually, TurboTax gives you all the guidance you need to ensure you've covered all income sources and expense categories.
Handles Multiple Businesses
Lets you prepare returns for multiple businesses, even if they are different entity types. Provides extra guidance for entering multiple businesses.
Includes Extra Guidance for New Businesses
Shows which start-up costs new businesses can deduct.
Covers Real Estate Rental Property Activities
Guides you step-by-step through a customized rental real estate experience, so you can rest assured that all related income and expenses are covered.
Makes State Business Taxes Easier, Too
No retyping necessary! Transfers your federal data to TurboTax Business State so you can complete your state return quickly, easily, and with greater accuracy.
Note:
TurboTax Business State sold separately
Five Federal E-Files Included
Five Federal e-files are included with TurboTax Business. It's easier and more accurate than paper filing and is the IRS's preferred filing method.
Maximizes Business Deductions to Help You Save
Helps You Get Every Business Deduction You Deserve
Shows you what business expenses you can deduct including:
- Vehicle Expenses: Shows you whether you'll get a bigger refund using actual expenses or the standard mileage rate. Provides extra help for splitting vehicle expenses between business and personal use
- Supplies: Your paper, ink, postage, staples, CDs, coffee, and more can add up to big savings
- Large Purchases (Assets): Tells you if you should fully deduct equipment this year or if you need to depreciate
- Promotion and Advertising: Learn how to deduct expenses like brochures, business cards, web sites, and sponsorships
- Travel: Tells you when (and how much) you can deduct for meals, airfare, taxis, hotels, and more
Identifies Industry-Specific Deductions
Walks you through typical deductible expenses by industry to help you spot commonly overlooked deductions.
Simplifies Asset Depreciation
Reviews your large purchases (assets) and helps you determine the most advantageous, tax-saving strategy for your assets. Then guides you through calculating and reporting depreciation.
Provides Support and Guidance Each Step of the Way
World-Class Help Built Right In
Provides FAQs, tax topic videos, easy-to-follow tips and how-to guides, troubleshooting articles, government instructions, and IRS publications, so you can get the answers you need every step of the way.
24/7 Support Web Site
Easily search the TurboTax.com Support knowledge base for answers to your specific questions, 24 hours a day, 7 days a week.
Free Technical Support
Got a software question? No problem! Get answers from a TurboTax expert via e-mail, phone, or live chat.
Also Available: Ask a Tax Expert
Offers one-on-one, live support from highly qualified tax professionals, skilled at answering questions specifically related to federal tax law. Additional charges apply.
Helps Reduce Audit Risk
Accurately Calculates Your Taxes, Guaranteed
Does all the math for you and Intuit guarantees its accuracy. Chances are slim, but if you should get hit with an IRS or state penalty or interest because of a TurboTax calculation error, Intuit will pay you the penalty and interest.
Checks Your Return for Errors
Double-checks your return for accuracy and completeness and helps you fix any errors before the IRS spots them. You can be confident your taxes are done right.
Alerts You to Audit Red Flags
Points out deductions and tax situations that may increase your risk of an IRS audit.
Also Available: Audit Defense
Provides full-service representation by a trained tax professional. You will never have to meet with the IRS, unless you want to.
Note:
Service provided by TaxResources, Inc.; additional fees apply