https://turbotaxsmallbusiness.com/how-to-choose-a-pos-system-for-a-small-business/
There are a variety of important aspects to be aware of when preparing tax returns. Most of these involve the accounting methods used to record business expenses and income. Based on whether the business is an accrual or cash entity the accounting method used could be one of the two. In addition, many small-sized business owners are required to make quarterly estimated tax payments. These payments can be made online using the Electronic Federal Tax Payment System or by submitting the 1040-ES form with a tax bill.
Intuit provides a variety of services to assist small-business owners with their tax returns. People who want a less hands-on approach can opt for the online TurboTax Self-Employed option or the more involved TurboTax Business application. This option pairs entrepreneurs with a tax expert who will prepare their tax returns from beginning to end.
TurboTax Business also helps with the preparation of W-2, 1099-MISC, and 1040-DIV for employees and contractors. It can also calculate the estimated tax payment that is typically required by the IRS when you anticipate to owe more than $1000 in taxes.
However the program can be costly. With a cost of $200 for the federal filing and $55 for each state, it’s easy to add up. There are several perks that include unlimited live assistance from an expert and an unbeatable accuracy calculation guarantee. These extra features are expensive for some small business owners. There are other options that are less costly than TurboTax.
