TurboTax Business is preparation software specifically for sole proprietors, Corporations, S-Corporations, Partnerships, LLC's, Estates and Trusts. The system will import your data directly from quickbooks to save you time and ensure accuracy of entries. 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.
The system can help you prepare your W-2's for your employees, and 1099's for your contractors. The system will perform all necessary calculations and print the information onto plain paper. If you require the functionality, the system can prepare taxes for multiple businesses. As is the case with most Intuit products, Federal E-filing capabilites are included in the system.
TurboTax Business is specifically designed to find every possible deduction available to your company. Some of the deductions TurboTax is searching for are:
* Vehicle Expenses - judging whether you are better off deducting the actual expenses or using the standard milage rate. Allows you to split vehical expenses between business and personal uses
* Supplies - Your basic office supplies can add up to impressive tax deductions.
* Large Purchases (Assets) - Tells you if you should fully deduct equipment this year or if you need to depreciate.
* Advertising - You can deduct expenses like brochures, business cards, web sites, sponsorships, etc.
* Travel - Calculates how much you can deduct for meals, airfare, taxi's and hotels.
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