TurboTax Home & Business version of TurboTax tax software suite is for sole-proprietor, consultant, 1099 contractor, or single-member LLC who file their personal and business taxes together. This version comes with all features of TurboTax Premier and additional features optimized to help maximize home office, vehicle, and other business deductions.
Identifying and accurately claiming the small-business tax deductions is a challenge even for accountants, as there are different types of business tax deductions and some of them are industry specific. Using a capable Tax Software like TurboTax Home and Business version will help in identifying all deductible expenses related to vehicle, supplies, utilities, home office expenses, etc. TurboTax Home and Business can identify the tax write-offs by industry, which are commonly overlooked.
Compared to personal income tax return, business tax return involves a lot more data entry for Income and Expenses. Businesses will have Income from different sources, and TurboTax Home and Business software helps to check all business income types in a single page, so you know you’ve covered all sources of business income. Similarly the software provides screen for categorized expense entry. Software automatically provides additional suggestions for various tax deductions during the data entry.
Software provide guidance in preparing W-2 and 1099 forms for employees and contractors, help in determining, calculating and reporting the best depreciation method for asset used in business. Software even provides guidance for new startup businesses about various startup deductions new businesses can take.