How do you account for losses rolling over to the next tax year?

Hi there, caitlingabrielle.

Welcome to QuickBooks Community. I'll share information on how taxes calculated in QuickBooks Self Employed. Then, routed you to the right person to help you further about accounting methods.

Since QuickBooks Self-Employed tracks your self-employed income and expenses, it calculates what you need to pay each quarter. At the end of each quarter set by the IRS, you'll have to calculate your self-employed income and deductions. This gives you an estimated amount of taxes you need to pay to the IRS. At the end of the fiscal year, when you know how much profit you actually made, you'll pay any remaining taxes or get money back for overpayments. For additional information, you can refer to this article: How QuickBooks Self-Employed tracks self-employment taxes.

Then, to ensure your records are in shipshape, I suggest consulting an accountant to share with you how to account or properly handle the losses rolling over to the next tax year.

Please refer to this article to see several details on how QBSE is designed to help you record your self-employed income and expenses, track mileage, and prepare your Schedule C: QuickBooks Self-Employed Overview.

Leave a comment below if you have any other taxes concern or if you're referring to something else. I'm a post away to help. Have a great weekend!