QuickBooks Self-Employed is tax software designed to help sole proprietors to stay organized. It’s a user-friendly and automated tool that helps in reducing the manual data entry tasks while making the books less of a hassle. This lets freelancers keep track of revenue and expenditures as well as calculate and pay on time the estimated quarterly taxes. However, it also has bookkeeping capabilities which offer the information they need to many small freelancers. For more information, contact the accountingguide.co team is well-efficient and highly-knowledgeable.
What is QuickBooks Self-Employed (QBSE)?
QBSE helps the self-employed to monitor their business-related transactions. It helps to calculate estimated federal taxes based on data about your business. QuickBooks Self-employed lets you make calculated tax payments on a quarterly basis and file your Schedule C along with your annual tax return (1040).
QuickBooks Self-Employed best for whom
it is specifically for sole proprietors who need to stay organized with a little help. When you sell your services online or market them on Craigslist through a third-party marketplace, QuickBooks Self-Employed can help you remain organized. It is a user-friendly product that makes your life more organized and manageable and QBSE makes it quite easy.
How does it work?
QuickBooks Self-employed customers get advanced features, plus the ability to track your expenses quickly. When you link a bank account, spending monitoring allows you to distinguish your personal and company expenditures with just a screen tap. Furthermore, you can do the following activity:
- Automatically track your mileage
- Snap and store receipts
- Invoice your clients with ease
- Estimate taxes quarterly and at year-end.
Features and benefits of QuickBooks Self-Employed
Here are some of the features and benefits that convinced you why you choose this software and reasons as you’re a sole proprietor. These include:
- Easy set-up: It takes only a couple of minutes to set up your QuickBooks Self-Employed account. You can set it up online or via the App. The software also offers comprehensive features like monitoring miles and collecting receipts, taking the guesswork out of tax time.
- Automatically track expenses: It helps you separate your personal and business expenses automatically. Once you enter the information then QBSE remembers the settings and automatically categorizes subsequent expenses for you. You can connect to a bank account or any third-party merchant accounts, such as Etsy or PayPal.
- User-friendly: Its clean dashboard and easy navigation make it easy to find what you need such as create and send invoices on the go. You can get paid faster by enabling online payments and also can easily send overdue notifications.
- Easy-to-ease client portal: Here, you can create, send, and track invoices all in one place. You can also know when the invoices are viewed and keep a better track of payment by customizing your invoices.
- Access from anywhere: It is cloud-based software so you can access it from anywhere with any device as long as you have an internet connection. You can also share your account with others, such as your tax manager, by granting permission to make tax time simpler.
- Automatically track mileage: The in-app mileage tracker detects your trip’s starting and endpoints, which can then be labeled as ‘personal’ or ‘business.’ For the tax season, you can export your digital mileage file, and use it to meet IRS requirements.
- Pay quarterly taxes: Rather than wondering what you owe the IRS or waiting for the end of the year and paying fines, every quarter you can predict what you owe and pay it on time. You can calculate quarterly taxes automatically.
Specifications of QuickBooks Self-Employed (QBSE)
- Windows PC: Windows 7 or higher with Intel Core i5 or comparable processor (2015 or higher) with at least 4 GB of RAM
- Mac: OS X “Panther” 10.13 or higher
- Internet connection: 3 Mbps or higher
Note: You need to Adobe Reader 11.0 or higher to print forms.
- Windows PC: Windows 7 or newer, Intel Core i3 or an equivalent processor (2013 or newer) with a minimum 2 GB of RAM.
- Mac: OS X “El Capitan” 10.11 or maybe newer.
- Internet connection: 5 Mbps.
Connect with team
Ideally, it is for those company owners who do not discriminate between personal and business accounts. When you have one account for both your revenue and expenditures, QuickBooks Self-Employed will help you figure it out.
For further inquiry, you can connect with the team QuickBooks helpdesk via email [email protected] or live chat. You can also fill out the relevant form along with queries details, and the team will get back to you within 2-3 hours via phone or email.