QuickBooks Self-Employed provides self-employment software developed explicitly for freelancers, realtors, Uber drivers, and independent consultants. It helps you manage income and expenses, track customer mileage, and file taxes with QuickBooks Self-Employment Tax Bundle. It offers three monthly rates varying between $15 and $35.
The Features And Benefits Of QuickBooks Self-Employed Include:
- Automatic Mileage Tracker:track customer mileage, business mileage, and job-related expenses with easy entry into a mobile app or web browser.
- Expense Management:organize expenses in one place, easily tag them to projects, manage receipts, and categorize them for tax purposes.
- Self-Employment Tax Bundle:QuickBooks Self Employed will calculate estimated quarterly taxes, including Schedule C (self-employment income) and Schedule SE (selfemployment tax), based on your income and expenses.
- Automated Financial Reports:generate Profit & Loss reports, Cash Flow projections, and Balance Sheet summaries to help you make informed financial decisions.
- Invoicing & Payment:send professional invoices with due dates and accept payment through PayPal or Stripe.
- Connected Accountancy Services:connect to a certified QuickBooks ProAdvisor or accountant for help with bookkeeping and tax preparation.
- QuickBooks Self-Employed Mobile App:available for Android and iOS devices, the app allows you to track customer mileage, expenses, invoices, and more from your phone or tablet.
- Bank Integration:connect to online banking services like PayPal or Chase to quickly transfer funds and sync transactions.
- Smartphone Scanning:scan receipts from your phone and save them as PDFs or send them to QuickBooks automatically via email.
- Personalized Support:24/7 customer support for all questions about the software, tax advice, and filing assistance.
How does QuickBooks Self-Employed work?
QuickBooks Self Employment is intended primarily for freelancers and freelance contractors. The services may only be helpful if the company uses specialist business credit cards and checking services for business purposes. Those with business or pleasure can easily track, sort, and manage transactions. Once a user has accessed their accounts (credit cards, PayPal), they may view their total expenses and income. However, you will be required to organize such a deal.
You’ll get 25% off your QuickBooks account within the first three months. Plan pricing. Features work-from-home for $15 a month. Automatic tracking of the mileage. Separation of business & personal costs. Automatically calculate annual tax estimates. Identify expenses by category for Schedule C. Sending a simple invoice. Tax bundle for employees: 25 monthly.
The standard package includes a monthly income tax payment system in QuickBooks for recurring income and expenses. Export data from TurboTax. Inclusion – submitting a state tax. Self-Empowered Tax Bundles 35 monthly. Integrated taxes with the TurboTax live support service. Ask for a professional accounting review.
QuickBook self-employment labs is a place where Intuit tests out new functionality. This feature is available using the gear icon and selecting “Labs” under Tools. You can check out recent integrations and innovations you can opt-in for, like Amazon integration.
When sellers link to a QuickBooks account, they can automatically mark items as business or persons without using the splitter. Other equipments found at Lab include a custom-colored tab and import mileage reports from Google.
You can directly import the credit or banking transaction into your QuickBooks account with your QuickBooks account manager. You can also classify the transaction as an expense or label it as an individual expense.
QuickBooks Self-Employed provides an invoice generation and tracking system. You can also sign up with PayPal to receive online invoices. Upon completion of invoices, the client can download the PDF to a PDF document. Invoices can quickly be sent to mobile devices. Unlike QuickBooks Online, invoices in QuickBooks are very flexible. There are no templates available.
Federal & State Tax Filings
Quickbooks Self-Employed Income Tax Bundle provides tax return filing and federal returns for an affordable amount. Purchased separately, Turbotax is $180 and includes a state refund.
Income & Expense Tracking
Transactions that were downloaded from the bank accounts can be classifiable as transactions. When income or expenses were registered, they could be quickly marked either private or business. Suppose you use desktops to click transactions that need to be categorized.
Alternatively, you could click on Mark a company and Mark a person in the upper left menu bar on the transaction screen in the following list. How can we classify transactions as business and personal transactions?
QuickBooks Self-Employed User Reviews
Many good reviews from QuickBooks self-employed have been centered on the intuitive and easy-to-use interface. Many users enjoy the ease of importing new data or using the software as an assistant to file their taxes. A lot of people wish it had more features. The invoicing functions on QuickBooks Online appear limited. I recommend QuickBooks Online if your clients regularly send invoices. Below is the rating for QuickBooks Self-Employed.
Income & Expenses Summary Printing
QuickBooks Self-Employed allows you to group income and expenses according to a specific category in Schedule C of the Income Taxpayer. Once you enter the information, you can print a taxable report, eliminating confusion when filing taxes. If your plan is not included in the tax package, then this Summary can be used to manually enter Schedule C in your tax program.
Quarterly Federal Tax Online Payment
Calculates your annual tax obligation and QuickBooks self-employed tax bundles allow you to pay quarterly taxes online. I5 can reduce the federal underpayment penalty but does not contain state estimates for federal taxes, which can differ depending on where your residence lives. You can pay your Federal quarterly taxes through QuickBooks Self-employment by using the EFTPS (EFTP).
QuickBooks Self-Employed Assisted Bookkeeping
In the case of freelancers, you are likely unable to do the whole bookkeeping job. Although QuickBooks self-employed users can handle the rigorous bookkeeping tasks, some may require assistance with minor matters, such as connecting accounts and categorizing income and expenses. You can also check tips for effective bookkeeping for eCommerce.
Schedule C Import to TurboTax
QuickBooks Self-Employed Tax Bundle is bundled with TurboTax software. If you need a refund or an amendment, you may transfer it to TurboTax automatically. These plans are recommended to make sure you are paying your taxes.
Overall, QuickBooks Self-Employed is an excellent choice for small business owners and freelancers who require simple accounting software with powerful tax features. If you need any help regarding your tax preparation and filing, do not hesitate to contact the Legend Financialteam of tax experts. We can assist with any questions or issues related to taxes and accounting. Inquire now for more information.