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Here’s how it works:
Asks easy questions in plain English, then fills out the right business tax forms for you
Maximize business deductions for vehicles and supplies and helps find more write-offs by industry
Federal efile is included for fast IRS confirmation
Why TurboTax Business is the easiest choice for you …
TurboTax Business is the do-it-yourself business tax software you’ve been looking for.
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
Sole proprietors, consultants, 1099 contractors: use TurboTax Home & Business.
After you do your business taxes, you’ll also need a TurboTax personal tax preparation software product. We recommend TurboTax Deluxe.
It’s easier than ever to do your own business taxes.
Knows Your Business and Does the Hard Work
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.
- Easier Than Ever — Saves time and gives you a head start by transferring last year's data and showing a year-over-year comparison for your business.
- Creates K-1 Forms Electronically — Now you can distribute K-1s electronically in PDF format and save a trip to the post office.
- Imports Your Data — Skip the data entry and rely on an accurate import of Profit & Loss statements from QuickBooks.1 If your chart of accounts is not tax-ready,2 TurboTax automatically imports your QuickBooks income and expense accounts and classifies them in the appropriate tax categories that you can edit.
- Creates Unlimited W-2, 1099-MISC, 1099-INT and 1099-DIV Forms — Prepare forms for employees, contractors, shareholders and partners. All calculations can be done and printed on plain paper—no need for special-colored ink forms.
- 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.
- 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.
- Covers Real Estate Rental Property Activities — Guides you step-by-step through a customized rental real estate experience, so you can rest assured that all related income and expenses are covered.
- Makes State Business Taxes Easier, Too — No retyping necessary! Transfers your federal data to TurboTax Business State3 so you can complete your state return quickly, easily and with greater accuracy.
- Federal Efile Included — Federal efile is included with TurboTax Business. It's easier and more accurate than paper filing and is the IRS's preferred filing method.4
Maximizes Business Deductions to Help You Save
- 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 phone or live chat.
- Expert Help Along the Way — Our CPAs, EAs and Tax Attorneys are available year-round by phone or chat to answer any questions you might have.**
Helps Reduce Audit Risk
- 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.
- Alerts You to Audit Red Flags — Points out deductions and tax situations that may increase your risk of an IRS audit.
- Also Available: Audit Defense — Provides full-service representation by a trained tax professional. You will never have to meet with the IRS, unless you want to.5
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TurboTax Business Tax Preparation Software
Frequently Asked Questions
Q. Who should use TurboTax Business?
A. If your small business is an S Corporation, C Corporation, partnership, or multi-member LLC, and you’re interested in saving time and money by doing your own business taxes, TurboTax Business may be right for you. Small businesses with less than $250,000 in revenue are considered the best fit for TurboTax Business.
Additionally, if you need to complete taxes for an Estate or Trust (Form 1041), TurboTax Business is the right tax solution for you.
Q. Do I need to purchase another product if I own more than one business?
A. With the TurboTax Business federal product, you can complete returns for multiple businesses, even if they are different entity types. For example, you could complete one partnership return (Form 1065), and one S Corporation return (Form 1120S). There is no limit on the number of federal returns you can file with TurboTax Business.
With the TurboTax Business State product, you can complete returns for more than one business only if they are the same entity type (for instance, two California partnership returns). If they are different entity types, you’ll need to purchase the additional TurboTax Business State product for the other entity type.
Q. I have more than one business, and I need to file state returns. Can I use the same TurboTax Business State product for multiple businesses?
A. TurboTax Business State products are sold separately by state and entity type. With each TurboTax Business State product, you can complete returns for more than one business only if they are the same entity type. For instance, you could use the Arizona S Corporation product to do more than one Arizona S Corporation return, but you’d need to also buy the Arizona partnership product to do an Arizona partnership return. Learn more about TurboTax Business State.
Q. Can the program be installed on more than one computer?
A. Yes, TurboTax Business can be installed on more than one computer.
Q. What if my business income is more than $250,000?
TurboTax Business works best for businesses with less than $250,000 in revenue. This is because most businesses with less than $250,000 in revenue don’t require a balance sheet—and their taxes are as simple as a Schedule C return. However, if your business does require a balance sheet, TurboTax Business will help you complete and balance it.
Q. Can I prepare both personal and business returns with TurboTax Business?
A. No. When you use TurboTax Business, you’ll also need a personal federal tax product. We recommend TurboTax Deluxe.
Q. Should I use TurboTax Home & Business instead if I want to prepare both my business and personal return?
A. TurboTax Home & Business is only for sole proprietors, consultants, self-employed, 1099 contractors, or single-member LLCs. TurboTax Home & Business cannot be used for businesses that are S Corporations, C Corporations, partnerships, or multi-member LLCs If in doubt, please confirm your business entity type before selecting a product.
Q. Is there a cost for efiling?
A. No. This year, efiling will be included with TurboTax Business. You can efile your Federal return for free (up to 5 Federal returns), as well as your state return (if your state form is supported, see list below).
Q. In which states can I efile my business taxes?
A. For tax year 2012, TurboTax Business software supports e-filing for the following states and business entities:
- California (Corporation, S Corporation, Partnership, and LLC)
- Georgia (Corporation, S Corporation, and Partnership)
- Louisiana (Corporation, S Corporation)
- Maryland (Corporation, S Corporation, Partnership, and Pass-Through entities)
- Massachusetts (Corporation, S Corporation, Partnership, and Fiduciary)
- Michigan (MBT, CIT)
- New York State (Corporation, S Corporation, and Partnership)
- Texas (Corporation)
- Virginia (Corporation)
- Wisconsin (Corporation, S Corporation, Partnership, Fiduciary, and Multi-State)
For 2012 business state form and e-filing availability dates, click here.
Q. Will my business asset information transfer every year?
A. If you used TurboTax Business the previous year, it transfers all the information required to calculate federal depreciation for each asset. You only need to edit an asset if it was sold or disposed of—or if your business use percentage changed.