To date, my spouse and I have been filling personal income.
Next year, I am starting an Incorporated business as a contractor.
Does Turbo tax help me balance what portion of the business income should be split between salary and dividends?
Can it help do this for corporate returns as well as personal returns at the same time?
For example, the personal tax free allowance could be paid out as salary, etc.
Hi, thank you for using Intuit TurboTax Live Community
Neither TurboTax T1 nor TurboTax Business Incorporated (T2) can calculate the optimum dividend and employment payment from a corporation. TurboTax Business Inc is designed for preparation of the T2 return only. Some users my use the T1 and T2 programs to test different scenarios but, neither TurboTax T1 nor T2 automates this process.
Hope this helps