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Good morning, @red-beard-aero.
Yes, you're spot on about the Taxes in QuickBooks Self-Employed. The QBI and the Self-Employment Tax Deductions aren't included in the QuickBooks Estimated Tax Calculation. You can refer to this Community Article to learn more about how Estimated Taxes work in QuickBooks Self-Employed: How we calculate estimated tax payments.
If you need further assistance, please don't hesitate and reach back out to me. I've got your back. Take care!
Good morning, @red-beard-aero.
Yes, you're spot on about the Taxes in QuickBooks Self-Employed. The QBI and the Self-Employment Tax Deductions aren't included in the QuickBooks Estimated Tax Calculation. You can refer to this Community Article to learn more about how Estimated Taxes work in QuickBooks Self-Employed: How we calculate estimated tax payments.
If you need further assistance, please don't hesitate and reach back out to me. I've got your back. Take care!
Thanks for the confirmation. My estimated tax numbers between QB and manual calculations had been matching early in the year but had significantly diverged midyear. These deductions were the only things I could point to that were the culprit.
Should a spouses W2 income be included in the Quick Books Self-Employed Tax Profile? It seems that the quarterly tax estimator is using only business net income. It seems estimated taxes might be low for a small business owner with low business income married to a high earning W2 employee.
Allow me to join you on this thread and help you correctly set up your tax profile, mapalazzolo.
Yes, you can include your spouse W2 in your tax profile if you're legally married under state law, live together in a state-recognized common-law marriage, or are separated but have no final divorce decree as of the end of the tax year.
Here's an annual tax guide for QuickBooks Self-Employed account.
For your reference, here's an article that you can check if you have the 1099 MISC and W-2: File Taxes When You Have Both 1099-MISC And W-2 Income.
Reach out to us if you need further assistance with your estimated tax. I'll be right here if you need help.
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