Self-employed? Taxes Just Got Easier

1099 MISC/K, Self-Employed 0330-Blog

Whether you are working as a freelancer or are enjoying making money in the fast-growing gig economy, managing your taxes just got easier.

Now with a single click, QuickBooks Self-Employed automatically organizes and transfers your tax documents into TurboTax Online Home & Business for you. The integrated products, both from Intuit Inc. deliver a smarter, effortless way for you to manage your taxes at tax time and throughout the year, helping you avoid surprises and be confident you’re getting every dollar you deserve.

Whether you do your taxes online or with your mobile device, Intuit takes the pain out of tax preparation.

Avoid the Tax Time Crunch

If you are self-employed you can now use QuickBooks Self-Employed and TurboTax Online Home & Business together to easily track your business expenses throughout the year, for an effortless tax filing experience.

When it’s time to file your taxes, TurboTax Online Home & Business automatically imports this information, providing personalized guidance specific to your situation, so you get every tax deduction and credit you deserve. The combined benefits of QuickBooks Self-Employed and TurboTax Online Home & Business let you:

  • Put expense and income management on auto-pilot: You can securely connect bank and credit card accounts to automatically categorize transactions, making it easy to see total income, expenses and profit.
  • Untangle business and personal expenses: Separate your business from personal transactions by simply clicking a button, or swiping your finger across the mobile app, instantly categorizing Schedule C tax deductions.
  • Turn expenses into tax deductions: Auto-categorizes your expenses – such as mileage, phone bill and supplies – into the right deduction categories to help you save on taxes. On average, customers identify $18,217 in potential tax deductions.
  • Estimate quarterly and year-end taxes: Shows you if you need to make quarterly tax payments, providing insight into your real income and helping you budget appropriately.
  • File faster by exporting Schedule C to TurboTax Online Home & Business: Pay your quarterly and year-end taxes with the click of a button through seamless integration with TurboTax Online Home & Business. Schedule C is automatically populated and then exported to TurboTax Online Home & Business.

When you sit down to file your taxes here are some of the tax-saving deductions that you may be eligible for that you didn’t even know about:

  • Startup costs: If you have a newly formed business you may be able to deduct startup costs, including legal fees, cost of experimentation and advertisements.
  • Vehicle expenses: In addition to the mileage deduction and other expenses, you may be able to deduct the cost of your car up to $25,000 for cars and SUVs.
  • Home office deduction: If you have a dedicated space used only for business in your home, you can deduct a percentage of home expenses, including mortgage payments, utilities and property taxes.
  • Supplies and equipment: Office supplies, from paper to computers – even snacks for customers – may be tax deductible if used exclusively for business.
  • Health insurance premiums: You may be able to deduct what you pay for medical insurance for you and your family without having to itemize your tax deductions or being subject to the threshold limits that W-2 employees are subject to.
  • Social Security and Medicare taxes: Self-employed workers must pay the entire 15.3 percent Social Security and Medicare tax, but you get a break by writing off half of what you pay.

Still need to file your taxes? TurboTax Online Home & Business and QuickBooks Self-Employed have you covered. There’s no need for you to know tax laws and tax forms. You can use QuickBooks Self-Employed to track your business income and expenses, estimate your quarterly taxes, and your information can easily transfer to TurboTax Online Home & Business in time to make the tax deadline.

Good luck entrepreneur!

 

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