QuickBooks Self-Employed is made to help you record your self-employed income and expenses, track your mileage, and prepare your Schedule C.
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QuickBooks Self-Employed helps track your income, expenses, mileage, and tax information. You can access your accounts from either your web browser or the mobile app, and you can sync your data in both places and use your mobile app for tasks you do while you're on the go, such as tracking mileage.
Main Features:
Tracks and organizes business income and expenses.
Maximizes your business deductions.
Enters data quickly with online banking.
Tracks business mileage and claims mileage deductions.
Runs reports to figure out your business profit.
Calculates your estimated federal quarterly tax payments.
Puts your expenses in the correct Schedule C categories.
Sends your information to TurboTax Self-Employed for faster year-end filing.
Entering Business Transactions:
You can connect your bank and credit card accounts to QuickBooks Self-Employed and it automatically downloads your latest transactions every day so that all you have to do is categorize them to be in the correct Schedule C category and on the financial reports.
Tax Information Tracking:
QuickBooks Self-Employed tracks tax information includes transactions as part of your federal estimated quarterly tax payments every time you record and categorize a transaction, giving you an estimated amount to pay the IRS every quarter. It also categorizes transactions for your annual tax return and Schedule C so that when you're you're ready to file, the information is ready. Since its designed to match closely with your Schedule C, you can't create any custom fields in QuickBooks Self-Employed.
Deduction Tracking:
Several features help you track deductions including mileage, healthcare, and home office expenses. The IRS Self-Employed Individuals Tax Center has the latest self-employment tax information on topics such as deductible business expenses and home office deduction.
Self-Employed Taxes:
You set up your tax profile when you sign up for QuickBooks Self-Employed to help it make accurate calculations for your self-employment taxes, which include Social Security and Medicare. You also file federal quarterly estimated taxes; an annual tax return; and make payment of self-employment taxes and income tax on your profit. Also, you can make your quarterly estimated tax payments right from QuickBooks if you have online banking set up with it.
You can read more about QuickBooks Self-Employed on the QuickBooks Support Forums here.
Sources & Disclosures
Some content and images adapted from Intuit / QuickBooks source materials, including support websites; QuickBooks Blog; Firm of the Future, & Intuit Developer Blog. Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.