Nearly half (41%) of all small business owners cite taxes as the biggest challenge of the new millennium, according to a recent QuickBooks/TurboTax sponsored survey. To help small business owners with this challenging task, Intuit Inc. (NASDAQ: INTU) today introduced Quicken® TurboTax® for Business for Tax Year 1999. Designed exclusively for corporations, S corporations and partnerships, TurboTax for Business will be available by January 3, 2000.
"Without the complete support they need, small businesses find preparing annual business taxes to be a trying experience," said Bob Meighan, vice president of the Intuit Consumer Tax Group. "TurboTax for Business simplifies the tax preparation process, supports the customer from organizing their documents to filing the return, and educates them on how to take advantage of favorable tax laws."
TurboTax for Business helps small businesses make sense of tax preparation by providing expert advice in tricky areas like depreciation. The EasyStep® Interview enables small business owners to take advantage of tax breaks, such as the instant write-off of assets. And with 70% of surveyed small business owners predicting that their tax preparation will be handled online in the new century, there is no better time than right now to begin automating small business taxes.
Customized for Small Businesses
TurboTax for Business offers customized tax advice for small business owners and helps them take advantage of new tax laws, including the new section 179 limit. Internal Revenue Code section 179 - often referred to as "expensing an asset" - lets business owners deduct up to $19,000 of business assets purchased and placed in service in 1999, producing an immediate write-off. The TurboTax for Business Depreciation Expert tracks asset expenses, so once the section 179 limit is reached additional assets will automatically be depreciated.
Business-specific videos provide valuable insight and money-saving guidance from top tax experts. And with the Industry-Specific Ratio Analysis and Comparison to U.S. Averages features, users can measure their company's profitability and performance against others in their industry.
New for 1999 is a free offer from 1099 Pro, Inc., an industry leader in informational returns and electronic filing of Forms 1099, W-2 and 1042-S. Their 1099/W-2 Tax Pro Assistant™ software and the related forms package are provided free through the Internet to TurboTax for Business (and TurboTax Home & Business) customers.
EasyStep Interview Provides Small Businesses Complete Support
Using the same EasyStep Interview popularized by the #1-selling Quicken TurboTax program, TurboTax for Business is designed to ease tax preparation for both experienced and first-time users by asking questions in plain English that are customized to the small business owner. TurboTax is the only small business tax program available with Interview throughout the entire preparation process. Users can view the EasyStep Interview and tax form simultaneously rather than toggling between views.
Pricing and Availability
All Quicken TurboTax products can be purchased directly from the TurboTax Website (www.turbotax.com). TurboTax for Business will be available on CD-ROM in retail stores January 3, 2000, at a suggested retail price of $69.95 (after $20 mail-in rebate). TurboTax products can also be purchased directly from Intuit by calling 800/335-1348 or writing to: Intuit Inc., Personal Order Department, P.O. Box 28815, Tucson, AZ 85726-8815.
For the self-employed taxpayer, Intuit also offers Quicken TurboTax Home & Business (MacInTax Home & Business for the Macintosh), the only program with features like the Depreciation Expert, Home Office Expert and extra help for Schedule C (business income). TurboTax Home & Business provides all the tax forms necessary to prepare personal taxes, plus a Schedule C for the sole proprietor, and is available now at the suggested retail price of $49.95 (after $20 mail-in rebate).
Technical support is available free of charge for all TurboTax and MacInTax software programs during regular business hours (toll charges may apply).