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QuickBooks Self-Employed Overview

by Intuit•1• Updated 5 months ago

Learn the basics of QuickBooks Self-Employed.

Are you 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 more than ready when your taxes are due.

Here's an overview of everything you can do, how to get set up, and how QuickBooks tracks everything throughout the year.

Are you self-employed?

In general, you're self-employed if any of the following apply:

You run a business as a sole proprietor or an independent contractor.
You are a member of a partnership or business.
You are in business for yourself (including a part-time business).
You need to file a Schedule C and your business taxes with a 1040.

You run a business as a sole proprietor or an independent contractor.
You are a member of a partnership or business.
You are in business for yourself (including a part-time business).

Learn more about self-employment requirements on the IRS website.

Learn more about self-employment on the ATO website.

Note: QuickBooks Self-Employed isn't designed to handle non-profit or charitable organisations.

What's QuickBooks Self-Employed?

QuickBooks Self-Employed helps track your income, expenses, mileage, and tax info. You can access your accounts from a web browser or the mobile app. Your data syncs in both places. In general, the mobile app is better for tasks on the go, like tracking mileage.

Here are the main features:

Track and organise your business income and expenses.
Maximise your business deductions.
Enter data quickly with online banking.
Track your business mileage and claim mileage deductions.
Run reports to figure out your business profit.
Calculate your estimated federal quarterly tax payments.
Put your expenses into the correct Schedule C categories.
Send your data to TurboTax Self-Employed for fast year-end filing.

Track and organise your business income and expenses.
Enter data quickly with online banking.
Track your business mileage and claim mileage deductions.
Run reports to figure out your business profit.

How do you enter business transactions into QuickBooks Self-Employed?

Just connect your bank and credit card accounts to QuickBooks Self-Employed. Each day, it automatically downloads your latest transactions. All you have to do is categorise them.

Just connect your bank and credit card accounts to QuickBooks Self-Employed. Each day, it automatically downloads your latest transactions. All you have to do is categorise them so they show up in the correct Schedule C category and on your financial reports.

And you can always manually add transactions that don't go through your bank.

How do you cancel a free trial or paid subscription?

Follow these steps to cancel your QuickBooks Self-Employed trial or subscription.

QuickBooks Self-EmployedQuickBooks Self-Employed Mobile for Android