QuickBooks Self-Employed - Features and Benefits

The QuickBooks Self-employed plan is designed to be flexible and independent, catering to the needs of freelancers and contractors. It simplifies the process for small businesses by recording all income and expenses. This product is ideal for all self-employed business owners looking to track their personal finances with QuickBooks and grow their businesses seamlessly.

QuickBooks Self-employed offers a range of features and benefits. There are three subscription bundles of QuickBooks Self-Employed, each offering different features.

QuickBooks Self-Employed Versions

QuickBooks offers three different packages for self-employed people:

1. QuickBooks Self-Employed

This basic package offers features for freelancers and small business owners to manage their finances.

2. QuickBooks Self-Employed Tax Bundle

This package includes everything in the basic Self-Employed package and adds features to help you prepare for taxes. It usually includes activities like tracking expenses, sorting business and personal transactions, and estimating tax payments.

3. QuickBooks Self-Employed Live Tax Bundle 

This bundle is the most comprehensive package. It includes all the features of the Tax Bundle and adds the advantage of live CPA (Certified Public Accountant) assistance for your tax preparation, and you can get expert help in real time when you're doing your taxes.

QuickBooks Self-Employed Features and Benefits

1. Efficient Separation of Personal and Business Expenses

It offers a user-friendly platform to separate personal and business expenses. Transactions are automatically sorted into tax categories, and receipts are matched with existing expenses with a simple click of a photo. Importing transactions from various sources such as credit cards, Square, banks, and PayPal is a breeze. This feature provides a clear picture of your expenditure.

2. Maximizing Schedule C Deductions

It ensures you don't miss any business expense deductions, maximizing your Schedule C deductions. You can keep track of all your business expenses by simply snapping and storing your receipts in QuickBooks Self-Employed. The self-employed mileage tracker further allows you to deduct all the miles you drive for work.

3. Automatic Quarterly Tax Calculations

It helps avoid tax-time surprises by automatically calculating your estimated quarterly taxes. It organizes your income and expenses for instant tax filing, and you get to know what you owe before taxes are due every quarter. This feature acts like your personal tax accountant, keeping you updated on your tax obligations.

4. Comprehensive Automatic Mileage Tracking

With the QuickBooks Self-Employed Live Tax Bundle, mileage tracking is automatic and comprehensive. The software tracks your miles automatically and quickly using your smartphone's GPS. You can also manually add and categorize personal and business trips. The shareable reports provide a breakdown of driven miles and potential deductions.

5. Convenient Online Payment of Estimated Quarterly Taxes

It allows you to pay your estimated quarterly taxes online directly from QuickBooks. You can pay when it's due or at your convenience. The software calculates your taxes, ensuring no year-end surprises. Automatic reminders for quarterly tax due dates are provided to help you avoid late fees. Accurate estimation is crucial to avoid financial strain.

6. Seamless Information Transfer to TurboTax

With the QuickBooks Self-Employed Live Tax Bundle, transferring data to TurboTax is convenient, helping you avoid errors that can occur with manual entries. The built-in integration with TurboTax simplifies tax time. QuickBooks Self-Employed also makes tracking your inventory easy and accurately files taxes with TurboTax.

7. Inclusive of One State and One Federal Tax Return Filing

It includes one state and one federal tax return filing. You can file quickly by exporting Schedule C directly to TurboTax. You can e-file your business returns using direct deposit for fast and convenient tax refunds.

8. Real-time CPA Assistance On Demand

It provides on-demand access to CPAs and Enrolled Agents who provide live, personalized answers to all your tax-related questions. Your return is reviewed line-by-line by a CPA or EA, ensuring accuracy and compliance. With this bundle, you have unlimited access to tax experts with over 15 years of experience.

9. Year-round Help and Assistance

With the QuickBooks Self-Employed Live Tax Bundle, you can receive tax advice year-round, tailored to your situation. CPAs and EAs can assist you whenever required, providing peace of mind and confidence in every step of your tax journey. You can conveniently connect to an expert with a single click.

10. Final Review of Your Return by a CPA

It offers a final review of your tax return, providing live advice on your screen. Our team of CPAs and EAs conducts a line-by-line review of your return, striving to achieve the best possible outcome for you.

QuickBooks Self-Employed is more than just software; it's a reliable business partner that simplifies financial management, making it an investment that yields significant returns in time, accuracy, and ease. Whether you're a freelancer, a contractor, or a small business owner, QuickBooks Self-Employed is a tool that can help propel your business to new heights.

Frequently Asked Questions

1. What are the key features of QuickBooks Self-Employed?

QuickBooks Self-Employed offers a range of features designed for freelancers and small businesses. These include automatic mileage tracking, expense sorting and organization, tax estimation, seamless tax filing, and integration with TurboTax for enhanced tax filing capabilities.

2. How does QuickBooks Self-Employed benefit small businesses?

QuickBooks Self-Employed provides small businesses with a comprehensive solution for financial management. It simplifies the tracking of income and expenses, calculates estimated taxes, and helps file taxes. Automating these tasks saves time and reduces errors, allowing business owners to focus on growing their business.

3. What is the difference between QuickBooks Self-Employed and other QuickBooks versions?

QuickBooks Self-Employed is specifically designed for freelancers and small businesses. It focuses on features most relevant to these users, such as mileage tracking and Schedule C deductions. Other QuickBooks versions, like QuickBooks Online or QuickBooks Desktop, offer more extensive features suitable for larger businesses with more complex needs.

4. How does the mileage tracking feature work in QuickBooks Self-Employed?

The mileage tracking feature in QuickBooks Self-Employed uses your smartphone's GPS to track miles automatically. It categorizes and saves this data, maximizing your deductions. You can also manually add and categorize personal and business trips.

5. Can QuickBooks Self-Employed help with tax estimation and filing?

QuickBooks Self-Employed calculates your estimated quarterly taxes based on your income and expenses. It also helps organize your financial data for tax filing. Upgrading to the TurboTax bundle allows you to transfer your financial data for seamless tax filing.

6. How does QuickBooks Self-Employed help in organizing and sorting expenses?

QuickBooks Self-Employed lets you easily track and sort expenses by importing them directly from your bank account. You can differentiate your business expenses from personal ones with a simple swipe. The software also organizes your expenses by categorizing them and matching them with existing transactions.