TurboTax is a great option for anyone who is self-employed, is a part-time employee or has full-time a business. It provides affordable professional advice. TurboTax streamlines tax filings, making it easier to claim deductions. It can also help you manage your business expenses and calculates quarterly estimated payments.

The IRS may require you to complete quarterly tax returns and pay estimated taxes. These quarterly payments can help you keep you from being hit with a penalty for not paying. These payments can be made via online tax software and the Electronic Federal Tax Payment System (EFTPS) or by post.

TurboTax for Small Business helps you claim every deduction you can including deductions for home office, health club membership, and investment property. It also pinpoints money-saving tax deductions, and helps you avoid overpaying your taxes. It also imports automatically 1099MISC and W-2 forms, making it easy to submit for employees, contractors and other independent workers.

For incorporated businesses, the software allows you to create a variety forms such as an S Corporation, Partnership (GP, LP, or LLP) or Single-Member Limited Liability Corporation (LLC). It allows you to create unlimited 1099-MISC and W-2 forms to be used by employees and contractors. K-1 forms are also available for trusts and estates. Its asset depreciation feature helps you establish a specific tax strategy for your assets.

This version of TurboTax for Small Business comes with a Full Service option, which connects you with an experienced tax professional who can answer your questions by video calls or by phone. This service turbotax is not offered in all states, and may cost extra.