business tax preparation software is much simpler
in some ways when compared with software used to
prepare personal income tax returns.
Most businesses require the same basic suite of
features and are very similar in logistical requirements
no matter what the size of the company. There are
no requirements to offer a varying number of returns
or a different selection of software features -
one size usually fits all. One software package
can easily satisfy a wide variety of corporate applications.
This explains is why TurboTax has only two versions
of Business software.
TurboTax offers a core Incorporated Business edition
that is designed to handle the broad range of T2
corporate tax returns. It comes in both English
and French and, unlike the TurboTax personal edition,
it is not available as an online product. The current
version is suitable for all Canadian incorporated
company whose tax year ends between November 1st,
2013 and Oct 31st, 2014. It is pricy but if you
already have a bookkeeper, it will pay for itself
in the long run.
The second "lighter" business offering
is the TurboTax Home and Business edition. This
software package combines all of the features of
the Premiere personal edition (stocks and bonds,
mutual funds, employee stock plans, rental property
income and expenses) with the power of a light business
software (sole proprietors, self-employed tax returns,
consultants & contractors and unincorporated
businesses). This package is extremely flexible
and includes up to 12 separate tax returns.