TurboTax is a tool that can be utilized by small-scale business owners of all kinds, whether they are sole proprietors, independent contractors or multi-member firms. The tax filing system owned by Intuit comes turbotax with a variety of service tiers and downloadable applications that are designed to assist you in filling out the countless forms required to report your company’s earnings and expenses. The product includes the ability to create W-2, 1099MISC and 1099-DIV for employees and contractors as along with K-1 forms to be used for estates and trusts. You can also complete your tax returns using the accrual accounting method which allows for a more gradual deduction of expenses than straight line method.

Regardless of how you choose to make your tax filing, TurboTax has a database of more than 350 deductions and credits it uses to ensure you’re getting the largest possible return. It also runs an accuracy check for each return and if it detects any errors or inaccuracies the firm promises to pay any IRS or state penalties.

For those with more complicated tax returns, TurboTax Live Assisted Business offers unlimited year-round guidance from certified tax experts who are current on the most current tax reforms in the federal and state. It’s offered in a select number of states and provides the option to completely transfer your business’s taxes off to a tax professional (for S-corporations, partners, and multi-member LLCs) by using its full service options, or utilize its self-service model to maximize deductions and credits on your own.