Filing your small business taxes accurately and on time helps you stay compliant and in good standing with the Internal Revenue Service (IRS). Missing a deadline or making a mistake could lead to costly penalties.
Preparing and filing your small business taxes with TurboTax can take the heavy lifting out of tax season. Whether you plan to do it yourself or get help from a tax expert, we’ve got solutions that fit your business.
TurboTax small business products
TurboTax offers several ways to file your business taxes, depending on your level of tax expertise, budget, company type, and location.
For example, TurboTax Self-Employed (also known as TurboTax Premium), one of our online products, may be right for you if your business is a sole proprietorship or single-member LLC. TurboTax Business is a better fit if your business is a partnership, multi-member LLC, or S Corporation. TurboTax Business provides two options for filing—TurboTax Live Assisted Business and TurboTax Full Service Business.
TurboTax Live Assisted Business
If you’re comfortable taking the DIY approach but want access to live help on-demand throughout the process, TurboTax Live Assisted Business could be ideal. You answer a few questions about your business to get matched with a small business tax expert. Then, you can contact them with your questions whenever needed—including on nights and weekends during tax season.
The expert can help you maximize your business-specific tax deductions and credits and review your return before you submit it. You can also reach out with tax-related questions year-round with no appointment necessary, and at no additional cost.
Please note: Live Assisted Business isn’t available in all states. You’ll need a different tax filing solution if your business is based in Arkansas, Hawaii, Louisiana, Mississippi, Montana, New Hampshire, New Mexico, North Dakota, or Vermont.
TurboTax Full Service Business
If you’d rather have a small business tax expert prepare and file your taxes for you, TurboTax Full Service Business can be a great alternative to hiring a certified public accountant (CPA) or an enrolled agent (EA).
Similar to TurboTax Live Assisted Business, you’ll provide some details about your business to be matched with the right expert.
The expert will complete and submit your business tax return using the tax documents you upload. They’ll keep you updated throughout the process, and you can contact them with questions or concerns anytime. As with Live Assisted Business, you’ll get on-demand tax support throughout the year at no additional charge.
Full Service Business is available in every state. Both Full Service Business and Live Assisted Business feature a Business Tax Guarantee. TurboTax guarantees that your return’s calculations will be 100% accurate, ensures you will maximize your tax savings, and provides you with support if your return is audited. Terms and conditions apply.
TurboTax Premium: An option for solopreneuers
If you’re a sole proprietor or own a single-member LLC, TurboTax Premium might be the right solution for your tax needs. While it’s a personal tax filing product, it helps you report your business income and deductions via Schedule C, which gets attached to your return.
TurboTax Premium comes with a range of features, including:
- Smart data entry: Snap a photo of your W-2 or 1099, and the system will automatically import the information into the correct form fields.
- Maximized savings: TurboTax searches 450-plus tax credits and deductions to help you get every tax break available.
- A maximum refund guarantee: Terms and conditions apply.
Please note: If you have a multi-member LLC, TurboTax Live Assisted Business or TurboTax Full Service Business will be the better choice.
TurboTax Home & Business: A desktop option
If you’re a sole proprietor or own a single-member LLC but prefer a desktop option, TurboTax Home & Business might work best for you. Some features include:
- Quick Employer Forms: Create and e-file W-2s and 1099s for your employees and contractors.
- Rental property guidance: Find fair market value for your rental property by using the median monthly rent calculator.
- Self-employed deductions: See which expenses you can deduct such as phone, supplies, utilities, home office, and more.
A step-by-step guide to filing small business taxes with TurboTax
Filing your small business taxes might seem overwhelming, but the process can be simple with the right tools and support. Here’s how to use TurboTax for small business to file:
1. Gather necessary documents
Set yourself up for success by getting organized. Find and compile all your important tax documents, including your income records (e.g., 1099s, sales receipts), expense records (e.g., business receipts, invoices, bank statements), and last year’s return.
2. Set up your TurboTax account
If you’re new to TurboTax, you’ll need to create an account. Getting started is easy—just follow the on-screen prompts.
3. Choose the appropriate TurboTax product
Compare TurboTax Live Assisted Business (the DIY option with unlimited, live expert help) with TurboTax Full Service Business (the service that completes your tax return for you) and decide which level of support you need. If you choose Full Service Business, your expert takes over from here—you can skip directly to step six!
4. Enter business information
Answer some easy questions about your company, such as your business name, type, and employer identification number (EIN). If you’ve used TurboTax to file your small business taxes before and your information is the same, just log in. The platform will remember the information you previously entered.
5. Report income and expenses
Provide information about your business income and expenses. TurboTax makes this step easy by automatically importing your W-2s, 1099s, and bank transactions.
6. Review and file
Before you e-file your return, double-check all your entries. Mistakes can lead to processing delays, missed credits and deductions, and the loss of protection from TurboTax’s accuracy guarantee.
If you use TurboTax Live Assisted Business, you can speak with a small business tax expert about your return anytime. They can help you find and fix errors and maximize your tax savings. If you use TurboTax Full Service Business, your expert will complete your return, which you can review before it’s filed with the IRS.
TurboTax support and resources for small businesses
When you use TurboTax software for small business tax prep, you’ll have access to helpful resources like:
- The Small Business Tax Center: A curated content hub dedicated to small business owners focused on topics including business income and much more. Browse the published articles to learn more about business taxes.
- The TurboTax Community Forum: A running list of tax questions from small business owners like you. Use the search function to see if your concern has already been addressed.
- The Guide to Small Business Tax Forms and Schedules: A handy reference detailing the different forms and schedules business owners may encounter when filing their taxes. Learn which ones apply to your business and when to file them to stay compliant.
File your small business taxes with confidence
Running a business is hard work. Filing your taxes doesn’t have to be. Partner with TurboTax for small business tax returns for a filing experience that’s simple, stress-free, and built for business owners like you. You’ll get expert support, maximized deductions and credits, audit protection, and an accuracy guarantee. Terms and conditions apply. Start working on your business tax return today with TurboTax Self-Employed or TurboTax Business!
Small business taxes FAQs
Can I use TurboTax if I have an LLC?
Yes, you can use TurboTax if you have an LLC. You can work with a small business tax expert to prepare and file your return (Live Assisted Business) or have the expert handle the entire process for you (Full Service Business). If you own a single-member LLC, you could also use TurboTax Premium (Online) or TurboTax Home & Business (Desktop).
How much does a small business have to make to file taxes?
Your tax filing requirements vary based on your business structure. For instance, if you’re self-employed, you must file a tax return if your net earnings from self-employment that year were $400 or more. On the other hand, if you own an S-Corp, you must always file taxes for your small business, even if it didn’t make any money.
Do I file my LLC and personal taxes together?
If you’re the sole owner of the business and did not elect to be treated as a corporation, you file your single-member LLC and personal taxes together by reporting your business income and expenses on Schedule C and attaching the document to your individual return. However, you must file a separate corporate return (form 1120S or 1120) if your LLC elected to be treated as a corporation, as well the state returns.