In a Nutshell
pros
- Easy tax filing through interactive questions
- Live professional help always available
- Option to hand off tax filing entirely
cons
- High price
- State tax returns cost extra
TurboTax Live Business at a Glance
Pricing
Expert Help
Mobile app
Customer Support
Filing Fees
TurboTax Live Business: Plans and Pricing
Live Assisted Business
Best for filing yourself with expert help
Live Full Service Business
Best for handing off your tax documents to an expert
Cost per filing:
$489-$739
$1,169-$1,749
Additional cost for state taxes
$64 per state
$64 per state
Answer basic questions to complete your return
✅
✅
Ask an expert
✅
✅
Audit defense
✅
✅
Dedicated small business tax expert
❌
✅
Hand off your tax documents
❌
✅
How much does TurboTax Live Business cost?
TurboTax Live Business comes in two forms: assisted and full-service. The Live Assisted Business plan, at $489-$739, is essentially a DIY filing solution with the additional benefit of discussing your filing with an expert at all times.
The Live Full Service Business plan, costing $1,169-$1,749, is significantly more expensive, but it’s your go-to option if you prefer just to send your documents to a tax expert and have them complete your return on your behalf.
For both services, exact pricing depends on whether you file before or after February 28 and is somewhat higher than the industry average.
Optional add-ons
State Tax Return Filing ($64 per state): Upon completing your federal tax return, you can file your state tax return, which seamlessly carries over your federal details to your state documents. Additional information may be requested to determine eligibility for state-specific tax deductions.
How Does TurboTax Live Business Work?
Whichever plan you choose, signing up for and using TurboTax is a smooth and straightforward process. First, you’ll provide basic details such as your name, location, and email address. Then, the software will begin asking you questions about your tax situation. This will gauge which level of service you need and the sections of the tax documents that will be relevant to you.
At any point in the process, you can click on “Live Help” to ask questions. A menu will then offer you the choice of answers from the community FAQs, an opportunity to pose your own question to the community, or a callback from a tax expert, typically within five minutes.
There’s always the option to upgrade to the Live Full Service Business plan by clicking “Do My Taxes For Me,” where you’ll hand off your return to an expert specializing in business taxes. The professional will file your taxes for you from start to finish.
Is TurboTax Live Business Reliable and Safe?
Intuit, the company behind TurboTax, puts a strong focus on keeping your data safe. You'll have the option of multi-factor authentication, which means you'll need your password plus a verification code to access your account. This code is sent to a device you trust, adding an extra layer of security to protect your information across all devices.
The company stands by the accuracy of its tax return preparations. If its own mistakes lead to any IRS penalties or interest, it will cover them.
Despite these assurances, TurboTax has a rating of only 1.2 out of five stars on Trustpilot. I noticed that complaints often center around customer service quality. Additionally, while TurboTax boasts an A+ rating from the Better Business Bureau, it lacks accreditation from the organization.
Help and Support
TurboTax Live Business has support conveniently built into its interface. At any time, you can click on the “Live Help” button and type in a phrase in English or Spanish to get a list of FAQs. These have answers listed from community members and links to other related help content. There’s also a separate TurboTax Support site with hundreds of articles, videos, and tax tools.
One of the principal benefits of choosing the Live Business plan is the real-time help from tax experts, Monday-Friday, 5am-5pm (PT). Experts are available via phone, live chat, or one-way video. You can hit the “Have Us Call You” button and you’ll receive a call within five minutes from an experienced tax professional who can immediately help you with your query.
What About the TurboTax Live Business App?
You can also access all of TurboTax’s features through a convenient mobile application. You can download it for free from either Google Play or the Apple App Store.
The TurboTax mobile apps are highly rated, with nearly a million reviews on the App Store with an average of 4.8 out of five stars.
Bottom Line
TurboTax Live Business is definitely worth considering if you need a premium tax preparation service for an S corporation, partnership, or multi-member LLC. It's user-friendly and offers comprehensive support, though at an additional cost.
The Live Assisted plan lets me do most of the work of filing, while an expert is still available for anything I'm unsure about. Yes, the pricing is a little on the steep side. But there is peace of mind knowing that TurboTax will pay for any penalties the IRS might impose due to their errors.
FAQs
Do I need TurboTax Live Business?
TurboTax Live Business is ideal if you require real-time guidance from tax experts specializing in business filings. It's especially beneficial for small business owners or self-employed individuals seeking expert assistance and advice throughout the tax preparation process.
Is there a free version of TurboTax?
Yes, TurboTax offers a Free Edition for basic tax returns. It is primarily aimed at those with straightforward tax situations, such as W-2 income or claiming the standard deduction without additional deductions or credits.
Does TurboTax Live Business assist with industry-specific tax questions?
Yes, the tax experts available through TurboTax Live Business can provide specialized guidance on tax deductions and credits specific to your business sector. For instance, they can advise a tech startup on qualifying for research and development tax credits or help a real estate firm maximize deductions for property depreciation.
