Home and Business
Online Tax Filing
Online Tax Filing >
TurboTax Home & Business Edition
Software Download / CD >
+ 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
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
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?
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,
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
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.
TurboTax Software |
For Partnerships, Multi-Member LLCs, C Corporations, S Corporations,
Estates and Trusts Use TurboTax Business