As a self-employed individual, tax season can be a stressful time. Keeping track of expenses, preparing tax forms, and filing taxes can be time-consuming and overwhelming.
Fortunately, QuickBooks Self-Employed is an online accounting software that can make tax season a breeze.
In this article, we’ll discuss the benefits of using QuickBooks Self-Employed during tax season.
What Is QuickBooks Self Employed?
QuickBooks Self-Employed is an accounting software designed for self-employed individuals, freelancers, and independent contractors.
With features like automatic transaction tracking, expense categorization, and real-time tax insights, QuickBooks Self-Employed can simplify tax season and help you stay organized and on top of your finances.
Benefits Of Using QuickBooks Self Employed
Simplified Expense Tracking
One of the biggest challenges of tax season is tracking expenses. With QuickBooks Self-Employed, you can easily categorize your expenses and track them throughout the year.
This makes it easy to identify tax-deductible expenses, which can reduce your tax liability and save you money.
Some tax-deductible expenses that can be tracked using QuickBooks Self-Employed include business-related travel expenses, office supplies, and marketing expenses.
Accurate Record-Keeping
Accurate record-keeping is essential during tax season. QuickBooks Self-Employed can help you keep accurate financial records by automatically tracking your transactions and categorizing your expenses. This can save you time and ensure that your financial records are up-to-date and accurate.
Tax Time Made Easy
Preparing and filing taxes can be a daunting task, but QuickBooks Self-Employed can make it easy.
With features like automatic mileage tracking, estimated tax calculations, and tax form preparation, QuickBooks Self-Employed can help you file your taxes quickly and accurately.
Some of the tax forms that can be prepared using QuickBooks Self-Employed include Schedule C, 1099-MISC, and 1040-ES.
Time Savings and Efficiency
QuickBooks Self-Employed can save you time and improve efficiency during tax season.
By automating tasks like expense tracking and tax form preparation, QuickBooks Self-Employed can free up time that you can spend on other important tasks.
This can help you run your business more efficiently and improve your bottom line.
Real-Time Tax Insights
Staying informed about your tax obligations is important, and QuickBooks Self-Employed can help you do just that.
With real-time tax insights, you can see your estimated tax liability throughout the year and make adjustments as needed.
This can help you avoid surprises at tax time and ensure that you’re prepared to pay your taxes.
Key Features of QuickBooks Self-Employed
QuickBooks Self-Employed is a software product designed specifically for self-employed individuals and small businesses. It offers features that fit the needs of these groups, including:
Mileage Tracking
This feature allows you to track your mileage automatically via your phone’s GPS and categorize trips with a swipe. This is particularly useful for self-employed individuals who need to keep track of business-related travel for tax purposes.
Expense Sorting
You can import expenses directly from your bank account and effortlessly sort business from personal expenses. This is especially helpful for those who may mix personal and business expenses.
Receipt Organization
QuickBooks Self-Employed lets you snap a photo of your receipt and it will match and categorize expenses for you, saving you time and effort.
Reporting
The software comes with built-in reports that allow you to see how your business is doing, making it easier to take advantage of opportunities.
Tax Estimation
QuickBooks Self-Employed does the math for you and automatically reminds you of what you owe each quarter and when it’s all due.
Tax Filing
With the TurboTax bundle, you can instantly transfer your financial data, making filing your taxes much easier and more efficient.
Plans and Pricing
QuickBooks Self-Employed offers flexible plans for independent contractors and freelancers. The plans are as follows:
- Self-Employed: This plan offers basic bookkeeping tools to start off on the right foot. It costs $15/month, but there is a 50% discount for the first three months.
- Self-Employed Tax Bundle: This bundle includes all the features of the Self-Employed plan, plus the ability to pay quarterly estimated taxes online directly from QuickBooks. It costs $25/month, but there is a 50% discount for the first three months.
- Self-Employed Live Tax Bundle: This bundle includes all the features of the Self-Employed Tax Bundle plan, plus the ability to talk to real CPAs when you need help and advice all year round. It costs $35/month, but there is a 50% discount for the first three months.
Conclusion
In conclusion, QuickBooks Self-Employed is a powerful tool for self-employed individuals during tax season. With features like simplified expense tracking, accurate record-keeping, and tax form preparation, QuickBooks Self-Employed can save you time and improve efficiency.
Additionally, the real-time tax insights can help you stay informed about your tax obligations and make data-driven decisions for your business. If you’re a self-employed individual, QuickBooks Self-Employed is a must-have tool for tax season and beyond.
Last updated on October 20th, 2023 at 02:35 am
