TurboTax Home and Business is a great product. It serves the small business owner that needs to file personal taxes as well as file W-2s and 1099s.
I’d like to suggest that the forms 941and 940 be included in TurboTax Home and Business for the same reason that W-2s and 1099s are included in the software.
TurboTax Business, includes filing 941, but this is purely a business tax software. It does not have the personal tax component.
Home and Business already includes the ability to prepare W-2s and 1099s. The data is entered manually, and the forms are distributed manually to the IRS and to the individual worker. An added benefit would be to include digital filing of the W-2s and 1099s to the IRS and perhaps a facility to email the W-2 or 1099s to the individual. This would save an enormous amount of time and effort and would be a welcome enhancement.
it would also be great if you added IRS 941/940 to Home and Business,. The forms are related to W-2s and W-3s. The data on each form needs to match at the end of the year.
The user would manually enter the data. I’m not suggesting that TurboTax Home and Business interface with a payroll system. Although it might be nice to interface with a data file.
The 941/940 would be electronically filed. If feasible 941 payment could be submitted electronically. Or the user could us the EFTPS system. Again this would be a terrific enhancement.
Adding the 941 should be easy because the form and code already exists in TurboTax Business.
Your response to this request might be: why not upgrade to TurboTax Business. The reason this doesn’t make sense is because the users of the TurboTax Home and Business are sole proprietors. They buy the software primarily for the personal tax software. They are given the added W-2 and 1099 features because they may have a few employees and/or freelancers. Since they have W-2s, they need to file the 941 and 940. It doesn’t make sense for them to have to buy TurboTax Business just to get the 941/940 feature. These business owners probably have CPAs do their business taxes at the end of the year, but not their quarterly payroll reports.
If these business owners are doing their own W-2s and 1099s, they’re probably not using a paid payroll service which would have the 941/940 feature. Payroll services are HHexpensive even for just a few employees.
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