Turbotax Business 2021 is easy to use and helps save time with streamlined asset depreciation and reporting. It also includes audit alerts that flag potentially troublesome areas that could trigger an IRS audit. Plus, it includes 5 free federal e-files.
This product is the #1 best-selling tax software. Based on aggregated sales data for all tax year 2021 TurboTax products.
Ease of Use
I have used TurboTax for several years and find it to be a great product that makes the tax filing process a breeze. It also has great features that can help save you time and money. I would recommend it to anyone who needs to file a tax return. It is user-friendly and has the latest features available.
One of the best features of this product is that it can be used on your desktop, laptop, or tablet. This means you can work on it at home or on the go. For those of us who work on the road, it is especially handy to have this feature. The app will also save you money if you decide to use it for multiple years.
The other best part is that it is free to download and use. The app has a nice mobile interface and you can even print it out if you prefer to do it that way. The app is also a nice touch that allows you to connect to a secure cloud-based server so you can access it remotely.
Streamlined Asset Depreciation
If your business has assets that you intend to use for a period of time, depreciation is an important tax deduction. Typically, you can write off up to 50 percent of the cost of an asset each year for a set period (typically seven years), depending on the type of asset and the method you choose.
There are two main depreciation methods you can choose from straight-line and accelerated. The accelerated method, called MACRS (Modified Accelerated Cost Recovery System), allows you to take a larger deduction in the first few years and a smaller one in the later years.
MACRS also uses a half-year convention that treats your property as placed in service in the middle of the month it was actually used for business. Nonresidential real estate must be depreciated using this principle.
The other method is the straight-line method, which deducts the asset’s cost as if you had purchased it in the first year and then recouped that value each year. This method is a common choice for small businesses and may provide the best long-term tax advantage.
Some assets are subject to special accelerated depreciation rules or other depreciation methods, such as those for farm property and 15- and 20-year property. You can also depreciate certain types of personal property, including office furniture and automobiles.
Tax Audit Alerts
Intuit TurboTax Business 2021 offers tax audit alerts that can be a real lifesaver. These alerts can help you find potentially troublesome tax gimmicks and get the most out of your taxes.
A few of the more notable alerts include a streamlined asset depreciation process and the ability to create unlimited W-2 forms. These features are especially useful for businesses that pay contractors or have many employees.
While the best way to avoid an IRS audit is by paying your taxes on time and accurately, that isn’t always possible. And even if you do pay your taxes on time and correctly, it is still not uncommon for the IRS to notice a discrepancy in your return or to ask for additional documentation to verify what you are reporting.
The IRS is also known for its bafflingly complex tax laws and rules. So it is no surprise that a small percentage of people are subject to tax audits.
One of the more common reasons for an IRS audit is claiming too much on your tax return, especially when it comes to deductions. For example, claiming a large percentage of your home office is a good way to raise an eyebrow.
Free Federal E-Files
Turbotax offers several versions of the software that can help you e-file your federal and state taxes. This is known as a free federal e-file and can save you time and money compared to filing on paper.
If you’re looking for the fastest and easiest way to e-file your tax return, Turbotax Business 2021 is one option to consider. It also provides access to tax experts like CPAs and EAs, which is something that H& R Block does not offer.
Getting started with a tax preparation service can be difficult, especially when you’re not sure which software is right for your situation. That’s why Turbotax Business 2021 makes it easy to e-file your taxes with IRS Free File, which is available to everyone who meets the eligibility requirements.
When you e-file your taxes, your information is sent directly to the IRS using encryption technology so that it’s protected from hackers and thieves. This helps the IRS process your return faster, which can lead to a quicker refund.
Intuit has also teamed up with the IRS to offer free federal e-file through their Free File program, which is a partnership between multiple private sector tax software companies that are committed to making e-filing easy and convenient for taxpayers. As part of Free File, the IRS requires each participating company to include an email link on their website that will direct eligible taxpayers to their official Free File site.