What should I do with the information that your small business tax calculator provides?

The small business tax calculator can be used to understand your business’ year-end taxes. Begin navigating your finances with our tool to make tax season a little easier.

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Pros that work for you

Our calculator is the first step in answering your questions as you prepare for tax season. However, our Pros can cover the hard part. Our platform gives you on-demand access to a tax professional so you can spend less time worrying about taxes and more time focusing on growing your business.

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Frequently asked questions

Have a question?

How does the small business tax calculator work?

Our small business tax calculator uses the figures you provide to estimate your taxes. Your expenses are subtracted from your revenue and then the correct tax rate is applied to find an estimate of what your refund or liability may be. We even account for any estimated tax payments that you might've made throughout the year.

Who is the small business tax calculator good for?

Any small business that fits into the legal structures indicated above can take advantage of our small business tax calculator. If you're a sole proprietor or independent contractor, we strongly suggest that you use the advanced version of our personal tax calculator since sole proprietors and independent contractors file their business income under their personal returns.

What should I do with the information that the small business tax calculator provides?

If your calculations indicate that you owe taxes, we suggest that you make quarterly estimated payments. One of our Pros can prepare the estimate and file for you. They can also set up payments from your bank account to the Department of the Treasury. Most importantly, don't forget to file your taxes by the appropriate tax deadline.

How accurate is this small business tax calculator?

Our small business tax calculator depends on the accuracy of the selections and inputs that you make. Our small business tax calculator does not account for certain tax credits that your company may be eligible forAdditionally, depending on the type of income that your business provides your taxable income and applicable rates can vary significantly.Our Pros can help you determine which types of income your business earns and which credits your company may be eligible for — Get Started Now

Why are meals and entertainment expenses separated as their own line item?

Our small business tax calculator has a separate line item for meals and entertainment because the IRS only allows companies to deduct 50% of those expenses. For example, if you have a business that earns $200 in revenue and has $75 in expenses, then your taxable income is $125. Now, if $50 of those $75 in expenses was related to meals and entertainment, then your taxable income would increase by $25 to $150.

Can I still use the small business tax calculator if I don't have my exact numbers?

Don’t worry, you can use our small business calculator even if you don’t have the exact numbers. Simply estimate what you think your final income and expenses will be. However, it's very important to keep in mind that these are only estimates, and they could be different from your final numbers.We strongly suggest consulting one of our Pros to make sure everything is filed properly and your business’ finances are in the right position. Our Pros can help ensure you minimize liabilities or maximize your refund.