Once this is completed, you can begin to enter 1099 information, as well as any related business expenses, with TurboTax guiding you through the entire interview-style process. You will need to set up your business in TurboTax Self-Employed. Schedule C is used for any business that is not set up as a separate legal business entity such as a partnership or corporation. If you receive 1099s for your work, you will need to file a Schedule C. Schedule C is part of your tax return, and reports how much money your small business made or lost throughout the year. Schedule C preparationĪs a small business owner, perhaps the most important form you will need to complete is Schedule C: Profit or Loss From Business (Sole Proprietorship).
Here are some of the more important ones. TurboTax Self-Employed includes numerous stand-out features. Comprehensive review of return prior to filing.
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Mobile app for both iOS and Android devices.Bitcoin and cryptocurrency gains and losses.Here are some of the features that are included in TurboTax Self-Employed: TurboTax offers excellent tax return preparation for small business owners, with numerous features designed to benefit both personal and business tax preparation. TurboTax Self-Employed is designed for freelancers, independent contractors, consultants, and small business owners who currently operate without corporate status.Īlong with handling your personal tax information including homeowner expenses such as interest and property taxes, education credits, and charitable contributions, TurboTax Self-Employed includes Schedule C preparation, the form that all business owners, sole-proprietors, and freelancers need to include in their tax return. TurboTax also offers a corporate version designed for C and S corporations. TurboTax online offers the Self-Employed plan, but if you prefer a desktop solution, TurboTax Home & Business is basically the same application in downloadable or CD format.
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Developed more than 30 years ago, TurboTax has evolved from personal tax return software to now offer a Self-Employed plan designed for freelancers, sole proprietors, and self-employed.
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