It quickly identifies common business expenses such as advertising expenses, bank service fees, travel, and meals and entertainment. It will search more than 450 tax deductions in a variety of areas including qualified retirement plans, home office deductions, automobile expenses, and depreciation expenses. In addition, TurboTax Self-Employed looks for both industry-specific deductions as well as self-employed tax deductions. If your business is brand new and this is the first year that you’ll be filing a combined (personal/business) return, TurboTax Self-Employed will help you take advantage of any deductions available to you.
Once this is completed, you can begin to enter 1099 information, as well as any related business expenses, with TurboTax Self-Employed guiding you through the entire interview-style process. You will need to set up your business in TurboTax Self-Employed. Schedule C is used for any business that is not set up as a separate legal business entity such as a partnership or corporation. If you receive 1099s for your work, you will need to file a Schedule C. Schedule C is part of your tax return, and reports how much money your small business made or lost throughout the year. Schedule C preparationĪs a small business owner, perhaps the most important form you will need to complete is Schedule C: Profit or Loss From Business (Sole Proprietorship). Here are some of the more important ones. TurboTax Self-Employed includes numerous stand-out features.
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Here are some of the features that are included in TurboTax Self-Employed: TurboTax Self-Employed offers excellent tax return preparation for small business owners, with numerous features designed to benefit both personal and business tax preparation.
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