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Product Specifications
| License: | N.A. |
| Version: | Full version |
| Language: | English |
TurboTax Business
More from TurboTax | All TurboTax Discounts | Turbotax.intuit.com
2.1 out of 5. Based on 7 votes | Write a review
Best Uses For TurboTax Business: Audit Support, Deduction Finder, Electronic Filing, Tax Refund Calculation
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Product Description
TurboTax Business is the do-it-yourself business tax software you've been looking for. 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 help you maximize tax savings. Just answer simple questions and let TurboTax do the rest.
Now you can complete your business taxes on your schedule-and save money doing it. TurboTax Business covers your federal business tax return for:
- Multi-Member LLCs (Form 1065)
- Partnerships (Form 1065)
- S Corporations (Form 1120S)
- C Corporations (Form 1120)
- Estates and Trusts (Form 1041)
TurboTax Business works best if your small business:
- Is an S Corporation, C Corporation, partnership, or multi-member LLC
- Has revenue of less than $250,000
- Has fewer than five employees
Knows Your Business and Does the Hard Work for You
Imports Your QuickBooks Data - Saves you time and retyping and helps ensure accuracy. You can use your QuickBooks1 tax-ready data to easily import your Profit and Loss statement. 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.
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.
Even Easier for Returning Users - Saves time by transferring last year's data, including all depreciable assets, to your 2008 TurboTax Business return. A new year-over-year comparison to last year's return provides extra guidance.
Creates W-2 and 1099-MISC Forms - Helps you prepare forms for employees and contractors. Does all calculations and prints on plain paper-no need for special-colored-ink forms. There's no limit on the number of forms you can prepare.
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.
Makes State Business Taxes Easier, Too - No retyping necessary! Transfers your federal data to State so you can complete your state return quickly, easily and with greater accuracy.
Federal Efile Included - Federal efile is now included with TurboTax Business. It's easier and more accurate than paper filing and is the IRS's preferred filing method.
Maximizes Business Deductions
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's, 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: Live Tax Advice - 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
Your risk of an audit is already low: less than 1% of all C Corp, S Corp, and partnership returns are audited (as compared to more than 3% of Schedule C returns). TurboTax helps you reduce your risk even further.
Accurately Calculates Your Taxes, Guaranteed - Does all the math for you and we guarantee 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, we'll 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.
TurboTax Business Videos
TurboTax Business Reviews & Ratings
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Compare TurboTax Business
| TurboTax Business | Drag another product here | Drag another product here | |
|---|---|---|---|
| Audit Support | Y | ||
| Deduction Finder | Y | ||
| Direct Deposit Tax Refund | Y | ||
| Electronic Filing | Y | ||
| Error Alerts | Y | ||
| Free Phone Support | Y | ||
| Guidance for Investors | Y | ||
| Question-based process | Y | ||
| Tax Refund Calculation | Y | ||
| License | N.A. | ||
| Version | Full version | ||
| Free Trial | |||
| Reviews | 0 review | ||
| Discounts |
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Editor's Review
The software acts as a virtual tax return agent, walking users through the entire process of filing taxes. Much of this process can even be conducted automatically based on information that is stored in previously installed accounting software such as Quicken, QuickBooks, and Microsoft Money. Now users no longer have to copy and paste pre-recorded tax information to complete their yearly tax preparation.
In many cases, the W-2 form can also be filled in automatically, as the TurboTax will retrieve this information from over 100,000 participating financial institutions. Before the information is placed int, a summary is presented and all of the input information can be adjusted to provide complete accuracy. The user can even transfer the previous year's tax info into the present eFile for maximum convenience.
Instead of filling out forms individually, the user will be asked a series of questions based on a few occupational settings. Once the user answers these questions, the info will be used to fill in multiple tax forms simultaneously. This information is then presented to the user for verification and added to the printable eFile once the user has given permission. Since the software has background information regarding the users occupational status, the user will never be asked unnecessary questions during the virtual interview.
TurboTax Business is a comprehensive tax preparation software that adjusts it's performance based on the user's business structure, whether it be an LLC, a corporation, or a sole proprietorship. Even the busiest business owner can prepare their taxes with a minimal investment of time and energy. Any serious business owner should consider purchasing TurboTax Business.
The software even spots errors, brings them to the user's attention, and recommends ways to fix them.
n fact, the developers of the software are so confident in the software's ability to prevent tax filing errors that it will pay any IRS penalties that are the result of using TurboTax. On top of all of these incredible features, the user will also receive their tax return in less than 8 days, and the total return amount is calculated within the software in real time.
TurboTax Business: What We Liked
Provides a simple custom structured questionnaire based on the user's occupational status.
The software does an excellent job of guiding users through the entire process and offers tips that are written in easy to understand phrases with no technical jargon or elite language involved.
The included efile guarantees faster tax returns, and instead of a check the user can receive the funds via direct deposit directly into their bank account.
The convenient search function makes finding specific tax forms quick and easy.
Users can configure their tax returns to receive the highest possible return amount by comparing the benefits of filing for "sales tax paid" or "stat and local income tax paid".
TurboTax Business: What We Didn't Like
Unlimited efiles would be nice, but then again that may be asking too much.
Intuit Support
Free tech support is included with this product via email, phone, or live chat. Intuit offers customer support via FAQ's, forums and a comprehensive online knowledge base. All of this information can be found at the Intuit customer support center.
About Intuit
Intuit software is the leading developer and distributor of financial and tax preparation software for small businesses, accountant firms and individuals. Intuit has built it's reputation with programs such as TurboTax, Quicken, Intuit Eclipse and more. The company was founded in 1983 and is headquartered in Mountain View, California, USA.