Intuit Quickbooks for Self Employed

A Self Employed individual is an independent person with a business run by one or a few people, without sophisticated overhead than a computer and cell phone. However, even such a business owner needs QuickBooks. Self Employed people or small business owners can benefit from more organized business plans, particularly associated with tax time. QuickBooks’ advanced vendor or inventory organizing abilities, the benefit that QuickBooks offers in maintaining and categorizing profit, and loss are sufficient to require this program. QuickBooks for Self Employed suits independent contractors and freelancers looking for auto-mileage tracking, basic bookkeeping, and quarterly tax estimating.  

QuickBooks Self Employed offers three different solutions, depending on your work needs and budget requirements. Let’s have a look at them below:

Self Employed – Extra Savings

The very first QuickBooks for Self Employed solution is the Self Employed – Extra Savings. If you want to utilize QuickBooks’ convenience, yet you don’t have much to spend, this option will work best for you. 

QuickBooks Self Employed cost is only $15 per month for this option. You will enjoy plenty of features with this option, including Sending and tracking simple invoices and separating business as well as personal expenses. What’s more, you’ll be able to optimize your Schedule C deductions and enjoy automatic quarterly estimated tax calculations as well as auto-mileage tracking.  

Self-Employed Tax Bundle

This is another Intuit Self Employed solution you can opt for if you wish to have extra features on top of what Self-Employed – Extra Savings offers. To get this QuickBooks solution, it will cost you $25 per month only. 

This option allows you to enjoy all the features of Self-Employed – Extra Savings plus a few more other essential elements. These features include paying quarterly taxes virtually straight from QuickBooks and quickly transferring information to Turbo Tax, thanks to the QuickBooks Self Employed login. Additionally, the solution comes with a state and a federal tax return filing.    

Self-Employed Live Tax Bundle

This is the most sophisticated and advanced Self Employed plan you can have. It offers the most features, more robustness, and functionality. Here, you’ll need to pay $35 per month to enjoy the convenience. 

This Intuit QuickBooks Self Employed solution lets you enjoy all the features of Self-Employed Tax Bundle plus three more, including unlimited assistance and advice throughout the year and talking to real CPAs anytime you need. Additionally, you can have a CPA perform a final review of your return.  

FAQs

What’s QuickBooks Self Employed?

Assists self-employed persons in tracking their business transactions. This solution helps in calculating federal estimated taxes according to the data of your business. QuickBooks for Self Employed helps you make quarterly estimated tax payments and file your Schedule C together with your yearly tax return. 

What do you need to be a Self-Employed?

  1. You do business or trade as an independent contractor or a sole proprietor.
  2. You’re a member of an association that does business or trade.
  3. You’re in business or profession for yourself.
  4. You create Schedule C categories and file your business taxes as part of your 1040.

What can QuickBooks Self Employed Do for Me?

QuickBooks can help you in organizing your business expenditure and maximizing its deductions. It can also help you to track business miles you’ve driven and in claiming the business mileage deduction. Additionally, QuickBooks can help you determine your business profitability and calculate your estimated tax payments.

You’ll be able to put your expenditure into the right Schedule C classes and export your reports to a user-friendly Schedule C. Moreover, it gives help you in connecting to Turbo Tax to enjoy faster year-end filing. The free QuickBooks Self Employed app for mobile devices will also allow you to review transactions and track mileage automatically straight from your smartphone. 

What are the features I will enjoy when I update to Turbo Tax Bundle?

When you update the Turbo Tax bundle, you’ll enjoy all the features in QuickBooks and others. You’ll be able to pay your quarterly estimated taxes virtually and quickly export Schedule C to Turbo Tax and file. Lastly, you can also file one state and one federal tax return in Turbo Tax Home as well as business for free.  

Conclusion

Whether only one person or a few run your business and you don’t have the overhead apart from a computer and your cell phone, QuickBooks will still help you a big deal. It will help you in handling your financial matters more conveniently. Subscribe for the Intuit QuickBooks Self Employed of your choice and reap the best out of your small business. 

Recommended sites – https://quickbooks.intuit.com/self-employed/

See Also – QuickBooks 2020 Upgrade , QuickBooks for Mac , Quickbooks Enterprise 2020 Upgrade

 

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