With the QBSE Live Tax Bundle plan, you can consult a CPA in real time if you get stuck and have them give your tax return a final review to make sure all of your bases are covered. With the mid-range QBSE Tax Bundle edition, you also have the option to pay your quarterly taxes directly from QuickBooks and transfer all of your information to TurboTax when tax season rolls around. QBSE also looks for all applicable Schedule C tax deductions, so you can rest assured that you’re not paying too much or too little. You’ll know exactly what your tax savings should look like before they are due. On this front, QuickBooks Self-Employed calculates your estimated tax obligation based on your revenue, expenses, and tax filing status (single, married, filing jointly, etc.). If not managed carefully, taxes can be a major burden for anyone who’s managing their business accounting on their own. No more need to reconstruct your travels in a panic every year on April 14. The app then prompts you to designate that trip as personal or business and, if business, to identify its purpose. The app uses your phone’s GPS capabilities to automatically track your mileage when you start driving, and it creates a discrete trip when you stop. Most business owners start the year with the best intentions of accurately tracking business mileage, but they wind up giving their best guess at tax time and crossing their fingers. From a tax perspective, the IRS lets you deduct miles driven for business purposes-but you had better be prepared to back up your claim in the event of an audit. Mileage trackingĪmong the many handy accounting features of QBSE, automatic mileage tracking might be the most unique. This information is tremendously useful for making smarter decisions with your expenses in the long run. Over time this aggregate data creates a high-level overview of your spending habits. Then, you can separate your business expenses from your personal ones and add notes to remind you what certain expenses were for. You can also use the QBSE mobile app to snap a picture of your receipts, and when you connect your bank account, the platform will automatically import all of your transactions. For ongoing projects, there’s a recurring invoices option as well. The QBSE app allows you to quickly create and send invoices while on the go, then transfer payments to your bank account so you can access your money ASAP. Invoicing can sometimes be a complex process with many opportunities for something to slip through the cracks. QBSE helps in this endeavor with tools for invoicing, collecting payments, and keeping track of expenses. When you work for yourself, your top priority is ensuring that you’re balancing your budget every month. QuickBooks Self-Employed addresses three essential challenges that micro-business owners face: tracking business income, separating personal expenses from business expenses (including car mileage), and calculating estimated quarterly taxes due from self-employed filers. They just need something that’s easy to use and will get the job done.Īlso read: 4 Considerations for Choosing the Best Accounting Software QuickBooks Self-Employed features Small businesses can benefit from these features, but most solopreneurs don’t have a use for them. QBO-the small business-friendly alternative to QuickBooks Desktop-includes features for payroll, currency conversion, inventory tracking, bill payments, and advanced reporting. As such, all of them have very similar needs when it comes to accounting software, and QBSE was specifically designed to meet them.Ĭompared to QuickBooks Desktop or even QuickBooks Online, QBSE is a pared-down solution that focuses on the accounting tools that self-employed folks care about most: expenses, mileage tracking, and taxes. Freelancers, independent contractors, and micro-business owners all fall under the self-employed umbrella. Is QuickBooks Self-Employed right for you?Īs the name implies, QuickBooks Self-Employed is intended for self-employed individuals.tailored QBSE to fit the exact needs of the self-employed: a way to keep track of money in and money out without the complexity of a full-fledged accounting suite.Īlso read: Do I Need Accounting Software? QuickBooks Self-Employed is a different story altogether. That’s why most self-employed individuals muddle through with spreadsheets, a folder full of receipts, and a gut feeling about what to set aside for taxes each quarter. QuickBooks Online is overkill for what sole proprietors need and, frankly, it’s not worth the trouble it takes to overcome the learning curve. Although Intuit QuickBooks Online (QBO) is one of our top picks for small business accounting software, it’s not a perfect bookkeeping solution for self-employed professionals like Intuit QuickBooks Self-Employed (QBSE).
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