There are three Turbotax software products for business owners.
Turbotax Business is for S-Corps, C-Corps, and multi-member LLCs.
Turbotax Self-Employed is ideal for freelancers who don't have employees.
Turbotax Home & Business is ideal for sole proprietors
and LLCs with employees.
The Turbotax Premier + State 2018 Tax Software is what you will need.
A tax software like Turbotax will automatically select Schedule C
or C-EZ for you.
To determine which Turbotax software is right for you, you will need to consider:.
You can get started with Turbotax for free and only pay when you file.
Turbotax works by asking you a series of questions about your business and personal finances.
Turbotax will provide you with the most common expense categories(e.g.,
Supplies, Advertising, Business Insurance) as indicated below.
Automatically transfers income expenses to Turbotax and files both your federal and state tax returns, if applicable.
As you enter this information, Turbotax will immediately begin searching for any deductions/credits that
you may be eligible for.
Multiple reviewers and tax professionals compared the programs and found that Turbotax produced the largest return for them.
It turns out that, during its redesign, Turbotax had an agency spend three days gathering feedback on
the Turbotax app.
Tax preparation software like Turbotax is a great way to maximize your small
business tax refund for a number of reasons.
Even common programs like Adobe Acrobat and Intuit Turbotax allow you to save password-protected files,
which are saved in an encrypted format.
Once you have entered all of your income into Turbotax Self-Employment, the next step is to enter all of your business expenses.
In addition, the Turbotax Bundle will export your data from QBSE to Turbotax for
you so that you can easily file your Schedule C!
When tax time rolls around, simply run a Profit & Loss statement and
enter that info into Turbotax, our recommended tax software for small businesses.
I once had a client who
wanted his finance product to be as successful as Turbotax, but he didn't want to put the time into user research.
As indicated in the screenshot below, Turbotax will explain what the errors are(e.g.,
missing birthdate(s), missing Social Security numbers) so you know exactly what you need to fix.
While there are a few different tax preparation software out there- including
H&R Block and TaxACT- we recommend Turbotax because of their ability to find the most deductions.
Most people will not bother to calculate depreciation because they have a CPA who will take care of it or
a tax software program like Turbotax that will do it.
If you just don't want to bother with manually filling out the Schedule C yourself,
you can purchase Turbotax, our recommended tax software, and it will create one for you.
If you prepare your own taxes using tax software like Turbotax, the amounts paid to purchase the software
and e-file your federal and state tax returns are also deductible business expenses.