TurboTax Business

What is TurboTax Business?

TurboTax Business is a comprehensive tax preparation software designed to simplify the tax filing process for small to medium-sized businesses. The platform guides users step-by-step through the submission of federal and state income tax returns, identifying business-related purchases and automatically scanning bank and credit card transactions. Users can track expenses in real-time, track miles automatically, and capture receipts via mobile devices. The software includes over 350 automated tax deductions to help businesses identify every potential deduction, making it well-suited for independent contractors and small businesses. Users can conveniently snap a photo of their W-2 form using a mobile device, verify the data, and watch as it is securely and accurately placed into the appropriate tax forms The platform also features basic life questions that help users uncover new tax deductions and credits they may be eligible for, providing detailed explanations for any changes in tax refunds and tips on how to maximize their refund. Credentialed CPAs and EAs are available to provide one-on-one answers to tough tax questions, guiding users and highlighting relevant fields on-screen Personalized reports allow users to understand the factors impacting their tax refund, including information on ESPPs, stocks, bonds, and other investment income. The software also covers rental property income and tax deductions, helping businesses maximize deductions for expenses such as phone, vehicle, supplies, home office, and more Once the tax return is e-filed, users receive an email confirmation when the IRS receives their submission, with alerts for when the refund lands in their bank account. TurboTax Business stays up to date with the latest IRS and state tax law changes, ensuring users have access to the most current tax preparation capabilities

Highlights

• Automated scanning of bank and credit card transactions to identify business-related purchases
• Real-time expense tracking and automatic mileage tracking
• Ability to capture receipts via mobile device
• over 350 automated tax deductions for small businesses and independent contractors
• W-2 photo capture and secure data transfer to tax forms
• Personalized tax refund impact analysis, including investment income and rental property deductions
• Access to credentialed tax professionals for one-on-one guidance
• Email confirmation and refund alerts for e-filed tax returns