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QuickBooks Self-Employed Overview

New to QuickBooks Self-Employed? This is a fast way and easy way to track your business income and spending all year long. You'll be way ahead and ready when your taxes are due!

Learn more about QuickBooks Self-Employed with the  Frequently Asked Questions we have listed below.

General Product FAQs

QuickBooks Self-Employed (QBSE) is a program that is meant to support self-employed individuals in tracking their business-related transactions. The system helps calculate federal estimated taxes based on the business data. QBSE helps in paying quarterly estimated taxes and in filing our Schedule C when filing the annual tax return (1040).

Generally, you are self-employed if any of the following apply to you:

  • You carry on a trade or business as a sole proprietor or an independent contractor.
  • You are a member of a partnership that carries on a trade or business.
  • You are otherwise in business for yourself (including a part-time business).
  • You generate Schedule C categories and file your business taxes as part of you 1040.

Note: QBSE is not designed to handle nonprofit or charitable organisations.

Here's just a bit of what you can do:

  • Organise your business spending.
  • Maximise your business deductions.
  • Claim a mileage deduction by tracking business miles you drive.
  • Help you figure out your business profit.
  • Get your estimated tax payments calculated for you.
  • Put your expenses into the correct Schedule C categories.
  • Export your records to an easy-to-read Schedule C.

As a self-employed individual, generally you are required to file an annual return and pay estimated tax quarterly.

Self-employed individuals generally must pay self-employment tax (SE tax) as well as income tax. SE tax is a National Insurance and Medicare tax primarily for individuals who work for themselves. It is similar to the National Insurance and Medicare taxes withheld from the pay of most wage earners. In general, "self-employment" refers to National Insurance and Medicare taxes and not any other tax (like income tax).

Before you can determine if you are subject to self-employment tax and income tax, you must figure your net profit or net loss from your business. You do this by subtracting your business expenses from your business income. If your expenses are less than your income, the difference is net profit and becomes part of your income on page 1 of form 1040. If your expenses are more than your income, the difference is a net loss. You usually can deduct your loss from gross income on page 1 of Form 1040. But in some situations, your loss is limited. See Pub. 34, Tax Guide for Small Business (For Individual Who Use Schedule C or C-EZ) for more information.

You have to file an income tax return if your net earnings from self-employment were $400 or more. If your net earnings from self-employment were less than $400, you still have to file an income tax return if you meet any other filing requirement listed in the Form 1040 instructions.

Your 30-day free trial expires automatically, so you do not need to take any action to cancel it. Because you did not provide any billing information to us, you will not be billed.

To cancel your QuickBooks Self-Employed paid subscription:

  1. Go to the Settings ⚙ icon.
  2. Select Billing Info from the drop-down menu.
  3. Click Cancel Now.

Do you want to cancel your QuickBooks Self-Employed mobile subscription? Check this article for more information.

  1. Select Settings ⚙.
  2. Select Billing Info from the drop-down menu.
  3. Click Cancel Now.
  4. Select Keep QuickBooks Self-Employed option.
  5. Click Change subscription.

Need assistance?

Here's How to contact QuickBooks Self-Employed Support.

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