Can I File Business Taxes with TurboTax: A Step-by-Step Guide

Filing business taxes with TurboTax can be a straightforward process if you have the right information. You can use TurboTax to file business taxes if you're a sole proprietor or single-member LLC.

TurboTax offers a business tax filing service that's specifically designed for self-employed individuals and small business owners. This service guides you through the process of preparing and submitting your tax return.

To start, you'll need to gather all necessary tax documents, including your business income and expense records, as well as any relevant tax forms and schedules.

You can use TurboTax Self-Employed to prepare your tax return, entering all your business's details, including income and expenses, into the self-employed section.

This information is then used to fill out the T2125, Statement of Business Activities, which informs the CRA of your self-employment income and deductions.

TurboTax Self-Employed takes care of filling out the T2125, even if you have a business partner, and handles the additional information required for partner-owned businesses.

If you've chosen to incorporate your business, you'll need to file a separate return, a Corporation Tax Return, or T2, for the business itself, while keeping your personal income and credits on your own return.

TurboTax Self-Employed makes this process easier by guiding you through the necessary steps and ensuring accurate completion of your tax forms.

Having a credit card for your business can help you keep track of day-to-day business expenditures like gas, parking, meals, supplies, equipment and other items you plan to write-off.

Small business owners often struggle to keep track of these expenses, but your credit card statements can be a big help in sorting them out.

A year-end summary statement that breaks down expenditures by category can be particularly valuable, as many credit card issuers now provide this service.

Filing your business taxes with TurboTax can be a breeze. You can enter all of your business's details, including income and expenses, into the self-employed section of TurboTax Self-Employed.

This information is then automatically populated into the T2125, Statement of Business Activities, which informs the CRA of your self-employment income and deductions. The T2125 is sent to the CRA along with your other tax forms, making up your T1 General return.

If you own your unincorporated business with a partner, you'll need to fill out the same T2125, but with some additional information about your partner. TurboTax Self-Employed takes care of this extra step for you.

If you've chosen to incorporate your business, you'll need to file a separate return, a Corporation Tax Return, or T2, for the business itself. This keeps your personal income and credits separate from your business's income and credits.

You can file your business taxes faster and easier with the free TurboTax app, available for download.

TurboTax Live Assisted Business is perfect for partnerships, S-corps, LLCs, and sole proprietorships. You can get unlimited tax advice from live experts as you do your taxes and a final review before you file.

TurboTax calculations are 100% accurate, so your taxes will be done right, guaranteed. If you have a simple Form 1040 return only, you can file for free with TurboTax Free Edition or file with TurboTax Live Assisted Basic at the listed price.

You can claim all of your business-related expenses to subtract them from your income and see the most accurate picture of your business's health. This can help you determine if you're making as much money as you think you are.

You can get unlimited tax advice from live experts with TurboTax Live Assisted Business, perfect for partnerships, S-corps, LLCs, and sole proprietorships.

TurboTax calculations are 100% accurate, so your taxes will be done right, guaranteed, or they'll pay you any IRS penalties.

If you're a 1099 contractor, freelancer, creator, or have a side gig, you can use the Self-Employed Tax Deductions Calculator to find deductions.

Roughly 37% of taxpayers are eligible to file for free with TurboTax Free Edition, or with TurboTax Live Assisted Basic at the listed price, if you have a simple Form 1040 return only.

TurboTax Live Assisted Business offers a final review before you file, to ensure you get your maximum tax savings, guaranteed.

If you're self-employed, claiming all your business expenses is crucial for reducing your tax liability.

You'll be subtracting your costs from your income, which means less tax due.

Accurate record-keeping allows you to see the most accurate picture of your business's health.

This is especially important if you're a 1099 contractor, freelancer, creator, or have a side gig.

You're not just reducing your tax bill; you're also getting a clear understanding of your business's financial situation.

To claim all your business expenses, you should be recording all of your business-related expenses, including those that might seem small or insignificant.

These expenses can add up quickly, and failing to claim them can result in lost savings.

You can file your business taxes with TurboTax, and it's actually quite straightforward. TurboTax offers a range of products to help small business owners and self-employed individuals with their taxes.

You can use TurboTax Live Full Service Business Taxes to get your taxes done by a tax expert. This product is designed for businesses with complex tax situations.

TurboTax Live Assisted Business Taxes is another option that offers guidance and support from a tax expert. You'll still do most of the work yourself, but you can ask questions and get help when you need it.

TurboTax Small Business Taxes is a more DIY-friendly option that's still designed for small businesses. You can use it to file your business taxes on your own, but you can also get support from a tax expert if you need it.

You can also use TurboTax Verified Tax Pros to find a local tax professional who can help you with your business taxes. This can be a good option if you prefer to work with a human tax expert.

You can file business taxes with TurboTax, and they offer both desktop and online options. Their desktop products include TurboTax Desktop Business for corporations.

You can compare TurboTax Desktop Products, including TurboTax Advantage, to see which one meets your business needs.

Online options are convenient and easy to use.

TurboTax online guarantees a seamless experience, allowing you to file your taxes with confidence.

You can compare TurboTax tax products online to find the one that best suits your needs.

The self-employed tax center is available online, providing a dedicated space for freelancers and small business owners to manage their taxes.

Filing taxes with no income is also possible online, making it a great option for those who are unemployed or have a very low income.

TurboTax offers a range of desktop products to help you manage your finances.

You can access your TurboTax Desktop login to get started with your tax preparation.

TurboTax Advantage is one of the available desktop products.

TurboTax Desktop Business is designed for corporate use and is another option.

All desktop products can be installed on your computer.

TurboTax Desktop Business for corps is a specific product for corporate use.

Intuit, the company behind TurboTax, reserves the right to make changes to their products and services without notice.

TurboTax offers a comprehensive customer support system to help you navigate the tax filing process. You can reach out to their support team by phone, email, or through their live chat feature.

Their support team is available 24/7 to answer any questions you may have. They can also help you troubleshoot any issues you're experiencing with the software.

TurboTax has a dedicated team that reviews and responds to customer feedback. This helps them identify areas for improvement and make necessary changes to their software and support services.

You can also find helpful resources and tutorials on their website, including user guides, FAQs, and video tutorials.

If you're a 1099-NEC earner, you'll be happy to know that TurboTax is uniquely designed for independent contractors, gig-workers, and freelancers. This means you can trust them to help you navigate your self-employment taxes.

As a self-employed individual, you're eligible to take advantage of various tax deductions, including those available through TurboTax's Self-Employed Tax Deductions Calculator. This tool can help you find deductions as a 1099 contractor, freelancer, creator, or if you have a side gig.

TurboTax makes it easy to find and claim the deductions you're entitled to, which can save you money on your tax bill. By using their calculator, you can ensure you're taking advantage of all the deductions available to you.

TurboTax calculations are 100% accurate so your taxes will be done right, guaranteed, or they'll pay you any IRS penalties.

You can file your business taxes with TurboTax, and it's perfect for partnerships, S-corps, LLCs, and sole proprietorships.

If you have a simple Form 1040 return only, you can file for free yourself with TurboTax Free Edition, or you can file with TurboTax Live Assisted Basic at the listed price.

Roughly 37% of taxpayers are eligible for the free or low-cost option.

TurboTax offers unlimited tax advice from live experts as you do your taxes, and a final review before you file, to help you get your maximum tax savings, guaranteed.