Yes, you can use TurboTax if you own a small business. TurboTax offers several products designed specifically for small business owners and self-employed individuals.
Here are some TurboTax products suitable for small business owners…
- TurboTax Home & Business – TurboTax Home & Business is designed for individuals who operate a small business, including sole proprietors, freelancers, contractors, and single-member LLCs. This version of TurboTax helps you report business income and expenses, maximize deductions, and handle both personal and business tax matters.
- TurboTax Business – TurboTax Business is designed for corporations, partnerships, and multi-member LLCs that file as corporations. If your small business is structured as a corporation (C corporation or S corporation) or a partnership, TurboTax Business may be the appropriate choice. It’s tailored to handle the tax needs of small businesses, including business income, deductions, and corporate tax forms.
- TurboTax Online Self-Employed – TurboTax Online Self-Employed is suitable for self-employed individuals, freelancers, contractors, and small business owners with simple tax situations. This online version of TurboTax guides you through reporting self-employment income, maximizing deductions, and handling personal tax matters.
- TurboTax Live Self-Employed – TurboTax Live Self-Employed offers access to live tax experts who can provide personalized guidance and review your tax return before filing. This option may be beneficial if you have questions about reporting small business income, deductions, or other tax-related matters.
Before selecting a TurboTax product, consider the specific needs and complexity of your small business, as well as your comfort level with tax preparation. TurboTax offers product comparison tools and resources to help you choose the best option for your situation. You can consult with a tax professional for personalized advice on tax preparation and compliance for your small business.
