As a business owner and CPA, I understand how important it is to find good tax help. As an entrepreneur, I want to focus on product and sales, not necessarily my business taxes. I don’t even do my business taxes. I get help from a CPA firm.
If you’re a new business owner of a Partnership or Multi-Member LLC or you recently made the S Corp designation, you probably want to do your taxes with the CPA that helped you set up your business or make the designation.
However, if you don’t like that CPA, you can’t use them for some reason, or you did all the setup yourself, this is a great time to check out TurboTax’s Live Full Service for Business. It’s quick and easy to get started. New customers can take advantage of special introductory pricing and save $500.
This article will overview TurboTax’s Live Full Service for Business offering. We’ll discuss who it’s best for and if you should use it over going to a CPA.
What is TurboTax Live Full Service Business?
TurboTax’s Live Full Service Business is specifically tailored to meet the needs of small business owners who need to file taxes as an S-Corp, Partnership (GP, LP, LLP), or Multi-Member LLC. It’s the highest level of service that TurboTax provides.
By uploading your business tax forms, you can be connected with a specialized business tax expert to handle all facets of filing your taxes from start to finish. Have a video call with them, and they’ll take it from there!
Not for Single-Member LLCs
A sole proprietor who wishes to file as a Single-Member LLC will not be able to do so with the Full Service Business Tax product. This product is designed for incorporated business owners filing taxes as a partnership, S-Corp, or Multi-Member LLC.
Those wishing to file as a sole proprietor must use the TurboTax Self-Employed option.
If you’re unsure of whether you qualify, just signup and work through the prompts. They will help you determine if this service is right for you.
Who are the Tax Experts Here?
I imagine that TurboTax uses as many CPAs as possible for this service. But because they have to scale this service up they may not always have an actual CPA work with you. Sometimes it might be an Enrolled Agent or just an experienced tax preparer.
Frankly, I don’t see a significant issue here. As a CPA, I know that the designation doesn’t ensure quality in your tax preparation.
With an average of “16 years of experience”, TurboTax business tax experts have extensive knowledge and expertise in incorporated business taxes. They will be well-versed in helping partnerships (Form 1065), S-Corps (Form 1120S), or Multimember LLC with their taxes.
Clients can view their credentials and experience when connecting with a business tax expert. The TurboTax team “stands by their work” and provides personalized service, ensuring every return filed with TurboTax Live is backed by the Expert Approved Guarantee (more on that below).
TurboTax Live Full Service Business might be the perfect solution for those who need all the benefits of a traditional CPA without leaving their home’s comfort. Their business tax experts are available to help as often as needed and can work around your schedule to complete your taxes on time.
How Much is TurboTax Live Full Service Business?
TurboTax Live Full Service Business is normally $1,499. For a limited time, it is listed at $999. State filing tacks on an additional $64. In comparison,
- Full Service Self-Employed (for those single-member LLCs) is currently priced at $349, and
- TurboTax Assisted Business is listed at $489.
How does this compare to a CPA? A CPA will charge, on average, $180 per hour to complete your business tax returns. I would estimate a few hours for a basic return, with more complex returns taking 8-10 hours. So you’re looking at anywhere from $540 to $1,800.
What Do You Need to Have Ready to File?
To get ready to file your business taxes with TurboTax, it’s important that you have your accounting books clean and up to date so that your expert can quickly get to work.
This means transactions should be categorized, accounts should be reconciled, and the balance sheets should be balanced. Additionally, have all of your tax documents on hand so TurboTax can securely help you send them over to the expert.
Relevant forms, such as Form 1065 if filing as a partnership or 1120S if filing as an S-Corp, along with Schedule K-1s, profit & loss statements, balance sheets, and end-of-year bank statements, should all be made available.
Exact Steps to File with TurboTax Live Full Service Business
Securely Upload Your Tax Documents: To start filing your business taxes, it’s important to securely upload all relevant tax documents so that the right expert can be matched for you.
This will include any and all documents such as your prior year 1065 if you file as a partnership or 1120S if you file as an S-Corp., along with any other relevant documents like Schedule K-1s, profit &loss statements, balance sheets, and end-of-year bank statements.
Get Matched With An Expert: Once your necessary documents have been sent in, the TurboTax team will match you with a dedicated tax expert who understands your unique situation and is prepared to provide tailored advice suited for your needs.
Enjoy Unlimited Expert Access: With unlimited access to your own personal tax expert, you can rest assured knowing that they are always available should you need additional help or need to ask questions about how everything is going.
The expert will keep you updated on their progress frequently so that there’s no confusion when it comes time to review everything together.
Review And Confirm Everything Together: Before anything is filed, the assigned tax specialist will go over the return with you one last time to make sure everything looks correct before signing the dotted line with the Expert Approved Guarantee — giving you extra peace of mind when it comes time to submit everything officially.
More Questions About TurboTax Live Full Service Business
What’s the Deadline to File Business Taxes?
Are you a partnership or an S corporation? If so, you must file your tax return by March 15th or the 15th day of the third month after the end of your organization’s tax year.
You can apply for a 6-month extension with Form 7004 if needed – however, be sure to pay any taxes due by the original deadline, as interest and penalties will accrue otherwise.
The filing deadline with the extension is September 15th.
What if You Get Audited?
Worried about being audited? Don’t worry – even if you are, TurboTax will be there to represent and communicate with the IRS or state agencies on your behalf. They provide this service at no extra cost.
You won’t have to face the audit alone.
How to Contact Your TurboTax Expert?
Once you are matched with a dedicated expert, they will share their available hours.
You can also reach other tax experts from mid-January through 3/20 between 5 AM and 9 PM PT and from mid-March through end of July, Monday-Friday between 5 AM and 5 PM PT.
Is there a Guarantee?
At TurboTax Live, you can rest easy knowing your business taxes are in good hands. Boasting America’s #1 tax prep provider, they guarantee accurate and expert-approved results – every time! Plus, if an error on their part leads to a penalty from the IRS, they’ll cover it, plus any interest accrued.