Here’s a primer on some of the documents you’ll want to be familiar with as you use TurboTax to prepare your tax return. If you think the time leading up to April 15 is tough for you, think about what it’s like for Intuit. Last year, Intuit filed 44 million returns for TurboTax customers, and the software computed $107 billion in tax refunds. Tax day in 2023 involved 185 billion real-time transactions (an average of 11 million transactions per second) for TurboTax, and Intuit processed 14 terabytes of data.
When you access Live Help, you’ll enter some information about your question. This will help us direct you to the right expert to answer your question. Preparing and filing your small business taxes with TurboTax can take the heavy lifting out of tax season. Whether you plan to do it yourself or get help from a tax expert, we’ve got solutions that fit your business.
Most of the documents you’ll need to file your return will arrive by the end of January. Check the calendar below for estimated timelines to receive a specific tax form. If you’re not sure which forms you need when preparing your return in TurboTax, we’ll ask you simple questions and guide you through filing your return. Our self-employed and business tax experts will ensure you get every tax break with 100% accuracy, guaranteed. Depending on the service you choose, you may or may not be connected with the same tax expert who prepared your tax return.
When you’re ready to start, we’re ready to take taxes off your plate. You can speak to your tax expert on the phone, through a live one-way video call on your screen (you can see your tax expert, but they can’t see you), with an independent TurboTax Verified Pro where available. Your tax expert will ask you questions and provide advice as they prepare your return and get ready to file on your behalf.
Your tax expert will be able to see a read-only version of your tax return to assist them in addressing your questions. Your personal information (like SSN) will be masked so the expert can’t see it. You can receive your refund by check, whether you’re printing or e-filing. If you’re the sole owner of the business and did not elect to be treated as a corporation, you file your single-member LLC and personal taxes together by reporting your business income and expenses on Schedule C and attaching the document to your individual return. However, you must file a separate corporate return (form 1120S or 1120) if your LLC elected to be treated as a corporation, as well the state returns. Filing your small business taxes accurately and on time helps you stay compliant and in good standing with the Internal Revenue Service (IRS).
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TurboTax offers several ways to file your business taxes, depending on your level of tax expertise, budget, company type, and location. There are more than a thousand IRS tax forms for reporting various kinds of income, expenses and other financial data—and each piece of paperwork bears its own letter or number, which can seem as foreign as a new language. Fortunately, learning just a few key tax forms can give you much of the information you need to understand your tax return.
We’ll break down tax obligations and considerations, including deductions, credits, and filing across different working arrangements. We’ll let you know what to expect and how to prepare in the unlikely event you receive an audit letter from the IRS. If you want more info on when your tax forms will be ready in TurboTax, check our tool.
A step-by-step guide to filing small business taxes with TurboTax
Your tax expert will also have read-only access to your tax return so they can better understand your situation. You also have the option to share your tax documents with your tax expert, if needed. All conversations with our experts are documented in our system, so if you come back with another question, your tax expert can see what was already discussed.For a dedicated tax expert who’s matched to you based on your situation, choose Live Full Service.
And most importantly, don’t wait until tax season – start planning your small business taxes today and save yourself the stress and headaches later. Our US-based tax experts and independent Intuit TurboTax Verified Pros have extensive experience and training. They can handle all kinds of tax situations, from simple to complex and are always up-to-date on all the latest tax laws, from crypto to side gigs and new government credits. They’ll guarantee your taxes are done 100% right, with every dollar you deserve. With Live Assisted, you prepare your taxes at your own pace and on your own time by answering simple questions about your life and taxes. When you need help from a tax expert, just select the “Live Help†button, and we’ll connect you.
- There is a strong focus on data privacy and regulatory compliance, particularly for the customer data cloud.
- You can speak to your tax expert on the phone, through a live one-way video call on your screen (you can see your tax expert, but they can’t see you), with an independent TurboTax Verified Pro where available.
- If you’re confused about what these forms are for, use this guide to learn more about IRS tax forms and which ones you’ll need to use to complete your return.
- Fortunately, Intuit shifted to the cloud in 2017, the same year that Ashok Srivastava arrived as senior vice president and chief data officer (he’s the source of the statistics above).
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A business tax extension is a request to the IRS to extend the deadline for filing your business tax return. However, this is not an extension to pay any taxes you owe and doesn’t excuse you from making estimated tax payments throughout the year. Choose TurboTax Live Assisted Basic to get unlimited expert advice as you do your own taxes or TurboTax Live Full Service turbo tax forms and let an expert do taxes for you, start to finish. A local tax expert matched to your unique situation will find every dollar you deserve and get your taxes done right – as soon as today. All features, services, support, prices, offers, terms and conditions are subject to change without notice.
You can discuss your questions over the phone, via live chat, or via one-way video on your screen. When you’re done preparing your taxes, you can get a tax expert to review your return to make sure it’s 100% correct.When you’re satisfied and ready to file, simply pay and e-file or print your tax return. A number of tax forms exist to cover federal, state and city tax filing situations, but online filing can help you file your taxes accurately even if you can’t tell one form from another. Discover why standardized forms make a difference in this video on tax basics.
What is a Business Tax Extension?
- TurboTax also offers live support from tax experts, who are provided with AI-based advice about how best to address each customer’s tax situation.
- Independent contractors and others who receive income from sources other than an employer can expect to receive a 1099 instead of a W-2.
- This will help us direct you to the right expert to answer your question.
- You can discuss your questions over the phone, via live chat, or via one-way video on your screen.
TurboTax Business provides two options for filing—TurboTax Live Assisted Business and TurboTax Full Service Business. No matter what moves you made last year, TurboTax will make them count on your taxes. Whether you want to do your taxes yourself or have a TurboTax expert file for you, we’ll make sure you get every dollar you deserve and your biggest possible refund – guaranteed. Remember, no matter which IRS tax forms you need, TurboTax does the work of selecting and filling in the right forms—it can even import W-2 forms from more than 100,000 employers. You can also see when individual tax forms will be available in TurboTax. To view or download blank copies of tax forms, visit the IRS Forms, Instructions, and Publications page.
After installing the software, open it and follow the onscreen instructions to file your return. Use our TaxCaster calculator to preview your refund, or see what you’ll owe. Simple Form 1040 returns only (no schedules except for Earned Income Tax Credit, Child Tax Credit and student loan interest). You should receive this in the mail, via email, or online from your employer. With TurboTax you can enter your W-2 both manually and via automatic import from over a million employers. Get quick answers from our live human specialists, online FAQs, or customer forums.
You’ll also find tax-saving credits like the Earned Income Tax Credit (EITC), and Child Tax Credit. If you decide to leave Full Service and work with an independent Intuit TurboTax Verified Pro, your Pro will provide information about their individual pricing and a separate estimate when you connect with them. Answer simple questions and TurboTax Free Edition takes care of the rest.
We’ll help you understand how and find new deductions for your situation. We save your info automatically, so you can switch devices and pick up right where you left off. You can even file your taxes entirely from your phone with our mobile app.
In TurboTax Desktop, you can view and make changes directly to your tax forms. TurboTax calculations are 100% accurate so your taxes will be done right, guaranteed, or we’ll pay you any IRS penalties. Get unlimited advice, an expert final review, and your maximum refund, guaranteed with TurboTax Live Assisted Basic.
