As the tool’s name suggests, QuickBooks is for self-employed. It is for freelancers and sole proprietors who require little help in managing their finances and budgets. If you belong to this category, keep reading this blog as we will provide you with a QuickBooks self-employment review.
We will discuss its features and different types of plans so that you are clear about its features when you buy it. So, let’s start with the basic introduction.
What’s QuickBooks Self-Employed?
It is a simple accounting tool specifically dedicated to independent contractors, freelancers, and real estate agents. With an affordable pricing plan, it enables individuals to manage their taxes during the entire year. It also helps them to create a program to separate their business and personal expenses.
In addition to offering tax-related assistance, it also offers an exceptional range of facilities. It is easy to set up and access and provides users with hassle-free accounting experience.
Essential Features and Types of Plans
One thing that distinguishes QuickBooks self-employed with other accounting software is that it is connected to a cloud-based system. This means that you can use it whenever and wherever you feel like it. You can just keep track of your income and expenses. Here provide some impressive features: –
Simple to use: – It is a user-friendly software that provides easy navigation and a clean dashboard. You can find it easily by using it. The home page summarizes your business. You can go through taxes, reports, transactions and miles with just one or two clicks.
With QuickBooks self-employed you can: –
- Readily send invoices to customers using your Android or iPhone.
- Stay updated with the overdue notifications and open invoices.
- Get faster payments through e-payments.
Quick Set-Up: Setting up your account in the QuickBooks self-employed takes only a few seconds. You can set up your account either through the official application or a web browser. Additionally, it offers a broad variety of features like tax reminders, receipt capturing, and miles tracking.
Anytime Access: Since it is cloud-based, you can access it from any gadget or device of your choice. Just make sure that the device you are using has a working internet connection. You may also share your account with other people through the permission option.
User-friendly customer portal: Freelancers and entrepreneurs can send, create, track invoices in one go. The tool has a client portal that allows you to receive payments from your customers in an easy way. You can also edit invoices and keep a tab on all payments.
The tool remembers the settings and automatically categorizes the related expenses. If you want to integrate a bank account or third party account, you can easily do so.
Automatic Mileage Tracking: When you have a QuickBooks self-employed application, you never keep a manual record of your business mileage. The app has a mileage tracker that allows you to track your business trips. With this tool, you can: –
- Automatically and accurately track miles with your smartphone’s GPS.
- Organize personal and business trips or add more trips.
- You can discover approximately 45% more deductions by entering your miles.
Pay Taxes on a Quarterly Basis: This is one of the best features offered by QB self-employed. Instead of waiting till the end of the year, for the official IRS announcement or pay penalties, the tool allows you to pay taxes quarterly.
- You will know what you owe exactly every quarter
- Get automated reminders of tax due dates. Thus, you can save yourself from penalties.
- Easily manage tax filings, expenses, and incomes.
Types of Plans
With this tool, you get the following plans: –
- QuickBooks Self-Employed
- QuickBooks Self-Employed Tax Bundle
- QuickBooks Self-Employed LiveTax Bundle
1. QuickBooks Self-Employed
This is the fundamental version and comes at a reasonable price. You can avail heavy discounts on QuickBooks Self-Employed if you consider buying it from the official Intuit website. Currently, there is a 50% discount for three months of purchasing it.
Features it offers-
- Send invoices to the customers through the mobile application.
- Switch on online payments to get payments from your clients.
- Import transactions from credit cards, debit cards or the bank automatically for separating personal and business expenses.
- Sort and organize transactions into different tax categories
- Make use of your phone’s GPS for tracking miles
- Permit access to your accountant
- Automatic calculation of quarterly taxes. You will also get automatic tax dues dates.
2. QuickBooks Self-Employed Tax Bundle
The second plan offers some extra features to simply your finances and budgets. It is only a few bucks more than the basic version and offers a great set of additional features. For now, you can get about a 30% discount for the first three months if you purchase it from the Intuit website.
Features it offers-
The difference between this plan and the one mentioned-above are its tax-related functions. Along with the features of the basic plan, it provides other features like:
- Easy payment of taxes directly through QuickBooks
- Exact estimates of the quarterly taxes
- Smooth transfer to TurboTax along with built-in integration
- Direct deposit and Online filing of returns to get tax refunds quickly.
- You can include one federal and one state tax return file
3. QuickBooks Self-Employed LiveTax Bundle
Although it is a costly alternative, it offers an extensive range of features to help you manage your finances. On the Intuit website, you can get up to a 30% discount for the first 3 months on purchasing this tool.
Features it offers-
The tax functionalities offered by this tool are exceptional. Besides having the features of the above-mentioned alternatives, it offers added features like –
- Personalized and Instant Customer support from TurboTax CPAs and EAs.
- You can get in touch with tax experts who have over 10 years of experience at any time, all through the year.
- You can get your tax returns reviews through an EA or CPA in order to ensure their accuracy.
Conclusion
In this blog, you can find the QuickBooks self-employed review and the key detail and features. I hope my all information is useful for all QuickBooks users. If you want more detail about features of QuickBooks and our Support service contact us on our QuickBooks Support phone number.