What We Recommend QuickBooks Self-Employed For
QuickBooks Self-Employed is great for people who want to manage their finances, set and track their own budgets, get online payroll assistance, and stay on top of their income tax reporting. QuickBooks Self-Employed gives you all the general features you’d expect, and it’s designed for self-employed freelancers and sole proprietors, including contractors, consultants, and real estate agents.
QuickBooks Self-Employed is designed for people who self-fund their business. This means that when you use QuickBooks Self-Employed to make your own business taxes, you’re also paying for the software. And since the program is pretty pricey, it’s not really recommended for people who are paying for their own taxes.
QuickBooks Self-Employed is definitely worth a look if you’re looking for something more customizable and personalized for the self-employed. So if managing payroll, your own taxes, and financial management gives you a headache, it might be worth looking into.
QuickBooks Self-Employed Is Good For
With QuickBooks Self-Employed you’ll be able to:
Keep all your records accurately.
Have a free to use online accounting system that can be accessed at any place.
Be able to track all your business expenses through your digital QuickBooks Self-Employed.
Have the ability to track all your income and expenses on your digital Self-Employed.
Manage your schedule and appointments through the calendar feature.
View past tax submissions and calculations.
Generate invoices, track sales, and payroll your business activities.
Pay any bills in the same instant.
Navigate through employee’s and vendor’s profiles.
Keep all your purchasing information in one place.
QuickBooks Self-Employed Is Not a Good Fit For
With Intuit’s QuickBooks Self-Employed, you’ll get two tools in one: a self-employed version of QuickBooks and a service called PayPal. As a self-employed person, you’ll give up QuickBooks…s standard payroll functionality, along with other accounting features. But you’ll get to designate regular or cash customers that will be billed via PayPal.
Here’s a critical point: You’re not going to be able to track your cash flow and manage your business with QuickBooks Self-Employed.
When a self-employed person uses QuickBooks Self-Employed, all he or she is doing is adding PayPal as one of the two methods to charge customers. The self-employed person isn’t in any way involved in setting up an accounts receivable system and isn’t tracking customer credit balances and bad debt.
QuickBooks Self-Employed Pricing
QuickBooks Self-Employed Features
QuickBooks Self-Employed offers the same reporting tools as QuickBooks Self-Employed Plus as well as the Intuit Payroll Tax for Self-Employed features. However, a simple online payroll and a two screen setup is all you need for a complete self-employed business.
QuickBooks Self-Employed offers the option to add a payroll tax which makes it possible to avoid estimated taxes when filing a tax return. You can choose between income tax or self-employment tax.
QuickBooks Self-Employed has a customizable menu that allows you to control which transactions appear on chart of accounts you use for your business as well as for which accounts transactions will be posted.
QuickBooks Self-Employed offers data searches that help in quickly finding accounts and transactions.
QuickBooks Self-Employed allows you to customize the menu that you use to access your information by creating your own custom menu cards.
QuickBooks Self-Employed allows additional information such as income tax rates for specific income levels, self-employment tax rates, and tax laws to be changed in the Chart of Accounts menu.
QuickBooks Self-Employed offers optional tax planning tools such as Net Operating Loss (NOLs) and the Tax Deduction Finder which you can access from the Data Center.
Keeping track of your mileage may sound like an unnecessary bit of data, but if you’re the kind of person who likes to analyze data, then you’ll love the perks of using Mileage Tracking. When you use this feature, QuickBooks will take into account the cost of business miles driven, parking fees, tolls, and other things that you’d typically have to pay just to get to work. You can use Mileage Tracking to keep track of the total of what you charge for fuel or your total compensation (full or part time) for driving to work. You can even use it to tally up points you’ve earned for owning a car.
Mileage Tracking in QuickBooks makes it so that your mileage count isn’t just for tax purposes, but also for financial planning purposes. If you’re looking for ways to cut the cost of commuting, then this is a simple way to make all your miles more worth it. It may seem like a little bit of extra work… but it’s definitely worth it, especially if you find that you’d be spending less money on fuel if you weren’t driving so much to and from work.
QuickBooks Self-Employed makes it easy to keep track of your business-related expenses by categorizing them. In this post, we explain when to use each of the categories that are available in QuickBooks Self-Employed. Additionally, we take a closer look at the most common expense categories and the features of each.
For cost reports, you can easily capture all the required receipts and save them in your account. The data is automatically entered into QuickBooks, and you can easily calculate your sales tax and other taxes using the information on hand.
Accounting doesn’t have to be a hassle with Intuit QuickBooks Self-Employed. The data is automatically entered into QuickBooks, and you can easily calculate your sales tax and other taxes using the information on hand.
Quarterly Tax Payment Calculation
Once the accountant has submitted his statement and the filed tax forms have been received by the IRS, the taxpayer begins working with Intuit’s online TurboTax to complete and file the federal tax return.
Getting to know how to pay quarterly taxes is a must because TurboTax will help you with the calculations, according to the schedule explained by your accountant.
Once the tax return is done, the process can only be completed by printing a tax form to mail to the Internal Revenue Service. The tax form contains information that you and your accountant entered during the tax preparation process.
Income and Expense Summary Printing
Printing income and expense summary reports is simple. You can print them directly from Quicken. You will see the "Report" button on the top right corner. Once you click the Report button, you will be asked to choose the report you want to view. At the bottom of the report, you will find the Print button. Click on Print button.
The reports are easy to print. You can also print them in landscape view or fit multiple pages on one sheet. You can also save the report to PDF format and can also print it later if needed.
The reports are e-mails to you at the regularly scheduled intervals.
Schedule C Import to TurboTax
TurboTax is a trusted source for comprehensive, accurate and easy-to-use federal and all 50 state online tax preparation and filing software, 24/7 live support from CPAs and enrolled agents, and award-winning apps for iPad and iPhone.
TurboTax Home And Business Self Employed makes it easy to import your Schedule C with Direct Deposit to file your taxes faster and with fewer errors.
TurboTax Self Employed has proven to be the best way to manage your business finances. Whether you are a single owner or part of a partnership, tax preparation with TurboTax Self Employed will let you import your Schedule C, net income and unclaimed business expenses from your employer, and record your business income and expenses for your personal return.
The TurboTax Self Employed platform is a cost-effective, high-quality tool that will help you track your business finances and expenses, and prepare your taxes for personal income and business expenses, all in one place.
TurboTax Self Employed lets you import all the information you would normally get from your employer so you can quickly record the business incomes and expenses and file your taxes for personal income without needing to double-check anything or worry that it might be missing. The platform features intuitive scheduling, expert assistance with business finances and tax preparation questions at your fingertips and includes printing guidance for your records.
Federal & State Tax Filing
For Federal and State tax preparation, one question asked is which system to use. When I first started working for myself, I used Intuit’s QuickBooks Self-Employed software. I later found out that day-to-day activities, QuickBooks Self-Employed does not have any payroll, and there are some critical things it does not have that you would need to file and pay your taxes that you would need to use some other system.
In addition, QuickBooks Self-Employed is the only system that I could find that fill out all forms, electronically. QuickBooks Self-Employed does do other wiring forms manually, and they can answer some of your questions by telephone. However, since most of your taxes are determined by filing those forms electronically, that system is critical. If you are planning on using QuickBooks Self-Employed anyway, you can get tax reporting for free by using the e-file and e-pay legally free and free from withholding tax. In addition, if you have more than a few employees, it costs money to use the system and you may want to use another system, such as payroll instead of QuickBooks Self-Employed.
Quarterly Federal Tax Online Payment
Why should I take the time to make my Tax payments online? First the online payment system is fast and simple. With your access to your account you can pay your taxes on-line 24 hours a day, 7 days a week. The fastest e-file system in the Country. Then when you make your Tax Payment, using the same access you can prepare and e-file your Tax return for FREE. Another reason is to be able to track your payment history. This is great for Non-Tax Professionals like Contractors, Property Managers, Home-based Business Owners, and Real Estate Agents.
Customer Service and Ease of Use
In the few days I’ve had QuickBooks Self-Employed, I’ve already made a small number of small transactions with clients. The software is a breeze to use. I started my business with a bunch of Excel spreadsheets, and I’ll probably continue using them for that for a while. I don’t expect I’ll make the switch to QuickBooks HTML anytime soon, especially if I’m working on my own project, but I think it would be a good supplement, and now QuickBooks can give me that.
I checked a few other programs before making my decision, and I didn’t find them as intuitive as QuickBooks. I like that you can look at the previous task before starting it. That’s helped me out a few times where I’ve needed to start a new item on the fly, and I’ve been able to use the old one as a template.
If you’re just starting out, I’d recommend this program before getting a more complex one. It’s just not worth the learning curve for something smaller.
QuickBooks Self-Employed Alternatives
What is QuickBooks Self-Employed?
QuickBooks Self-Employed is an online accounting program that helps users take advantage of tax deductions to minimize their taxable income. Also, it allows for more convenient budgeting between employees and accountants.The program achieves these aims through a series of user-friendly features.
What do Quickbooks Self Employed users get?
QuickBooks Self-Employed users get the convenience of making their own tax deductions based on their own various business expenses. Also, they can more accurately calculate their yearly income with a better business budget. The program has its limitations though as it has a hefty price tag.
QuickBooks Self-Employed Reviews:
QuickBooks Self-Employed is not intended for individuals who are just learning how to do their business accounting. As it is a more advanced product, it is not particularly user friendly. Some users find the software confusing and hard to understand. However, if you are looking for the right Quickbooks Self Employed alternatives, you may find a model that’s suited for your needs.
Intuit QuickBooks Self-Employed is meant for self-employed and the self-employed in general and provides all the tools necessary to grow a business. Until Intuit is able to provide enterprise level security, it is going to remain a self-employed software as opposed to a fully integrated business management system. So although it is possible to drive the costs down, people have a tendency to throw money away with QuickBooks Self-Employed. If this is the intention, then the program will work well for that customer and Intuit certainly won’t be the accounting software they need.
However, QuickBooks Self-Employed may be a good fit for the self-employed business owner that wants a simple accounting solution to manage taxes as well as a way to keep track of every dollar. QuickBooks Self-Employed allows you to run a small business from your smartphone and is an incredibly powerful tool if you’re not afraid to use it.
There is so much to do with this software, and Intuit has done an excellent job of providing statistics and charts that provide an idea of where you stand. The mobile app, however, does not allow you to connect to the QuickBooks Online software, but includes its own payroll section. If you’re looking to manage your finances on the go, this is the solution for you.