TurboTax Home and Business
Online Tax Filing
TurboTax Home & Business Edition
Software Download / CD
TurboTax Home + Business Tax Filing Editions are your best choice if:
- You are a sole proprietor, consultant, 1099 contractor, independent single-owner LLC
- Your looking to file your personal and business taxes together to cut down on extra paperwork and software costs.
- You need to prepare W-2's and 1099-misc forms for your employees or contractors.
- You receive income from a side job or self-employment income you need to report.
The TurboTax Home & Business Edition is designed for personal & business tax filing all in one package. Use Turbo Tax to easily guide you step by step through your personal and business tax preparation tasks so that your not left confused or stressed from the tax season blues.
How TurboTax Helps You With Your Self-Employment Taxes
If you are self-employed TurboTax Home and Business Edition can help you understand how self-employment taxation works. Here a few topics you’ll want to be aware of.
In the United States., tax day is April 15th, so you need to file by this date to minimize your tax liability and avoid penalties and interest by meeting IRS requirements.
Deductible business expense that are allowed to be subtracted from your
income on your tax return. That means you pay less tax. But what’s deductible?
Deductible business expenses must be both ordinary and necessary. An ordinary expense is one that is commonly accepted in your trade or business category. A necessary expense is one that is helpful and appropriate for use in your trade or business practices. For more information, review the IRS guide on filing requirements for self employed.
Self employed generally pay their own health insurance and social security taxes as well as estimated taxes four times a year. IRS Publication 505, Tax Withholding and Estimated Tax gives you help on computing your estimated taxes. Something that is included in the TurboTax software.
If you’re self-employed with a working spouse, its possible that you can get out of having to pay estimated taxes. If your total withholding–including your spouse’s meets or exceeds 100% of your previous year’s total tax liability, you may not have to pay estimated taxes.
How TurboTax Helps You With Independent Contractor Tax Filing.
In Preserving Your Status as an Independent Contractor, you should be aware that the IRS is always looking to reclassify independent contractors as employees of the businesses it audits. Make sure your clients only decide what you need to do for them, not how you do it. This way you should be able to preserve your independent contractor status with the IRS.
TurboTax Home and Business Helps You With Your Schedule C.
The IRS schedule C associated with Form 1040 is where you will report the income and expenses for your business. You will most likely also need to file a Schedule SE, the Self-Employment Tax schedule. This schedule calculates your social security and Medicare tax liabilities.
TurboTax can help discovering deductible business expenses, as well as paying estimated taxes if necessary. Using quality tax programs help to ensure the IRS thinks your a business owner rather than an employee as the tax tips section can answer all your questions.
How TurboTax Helps Consultants With Tax Preparation.
For those that are in the business of contracting and/or consulting, there are several tips that you can use to your benefit when reporting taxes.
- Decide whether to form a business structure such as a Limited Liability Company. While liability protection is the main benefit for incorporating or forming an LLC, in many cases, corporate tax rates are lower than individual tax rates. Corporations and LLC's often qualify for additional tax benefits and deductions that aren't available to individuals.
- Keep Track your Business Mileage: The mileage used for business, is tax deductible.
- Consider your medical expenses: Understand the tax benefits associated with health care. Many deductions are built into the tax code that are designed to make medical care and health insurance more affordable. Consumers who had high medical expenditures and pay for their own individual health insurance as self-employed should use TurboTax Home and Business to be aware of the opportunities to deduct a portion of these expenses from their federal income tax.