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When it comes to tax returns for small companies There are a few important aspects to take into account. The majority of them involve accounting methods used to record business expenses and income. Depending on whether the company is a cash or accrual entity the accounting method used could be either. Additionally, many small-sized business owners are required to make quarterly estimated tax payments. These payments can be made on the internet using the Electronic Federal Tax Payment System or by submitting a form 1040-ES with a tax-paying form.

Intuit offers a variety of service levels to help small business owners with their tax returns. For those who prefer a less hands-on approach can choose from the online TurboTax Self-Employed option or the more involved TurboTax Business application. This option matches entrepreneurs with a tax professional who will prepare their tax returns, from start to finish.

TurboTax Business can also help with the preparation of 1099-MISC, W-2 and 1040-DIV for employees and contractors. It will also calculate the estimated tax payments that are typically required by the IRS if you expect to owe more than $1,000 in taxes.

The program can be expensive, though. The cost can quickly increase with the federal filing costing $200, and each state filing $55. There are several perks that include unlimited live assistance from a professional, and an unbeatable accuracy calculation guarantee. These extra features are expensive for small-scale business owners. There are alternatives to TurboTax that are more affordable.