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Join nowI'll help you on how to record them, golftrition.
It's not advisable to mix your self-employment transactions into your business/LLC financial data. Instead, you can subscribe to Quickbooks Self-Employed. This version is perfect for contractors.
Though, you can still add your contractor data into your LLC using class tracking feature. That way, you can run a separate report to show only the income and expenses for your self-employment. Please read this link on how to turn on and set up class tracking in QuickBooks Online. Please check this article to see the different reports you can use: Run reports by class.
Post again if you have more clarifications. Wishing you all the best!
Alex,
Thank you for the reply. Specifically, I would need to track mileage, vehicle expenses, gas expenses, and 1099 income.
I’m looking for the identical solution I have with my LLC,
just completely separate. Also looking to avoid another subscription fee 😊
@golftrition wrote:
Alex,
Thank you for the reply. Specifically, I would need to track mileage, vehicle expenses, gas expenses, and 1099 income.
I’m looking for the identical solution I have with my LLC,just completely separate. Also looking to avoid another subscription fee 😊
If you stay with QBO it is one subscription for each business
If you move to desktop, it is one purchase price for as many business files as your hard drive can hold
and desktop is much ore functional
a non partisan comparison of QBO vs QB desktop
http://onsale-apparel.com/Rustler/qbo-or-qbdt
(cost comparisons are at the end of the article)
Is there any reason why you cannot conduct the "independent contractor" work as your LLC? End result of taxes will be no different but it will grant you some protection of assets in case a customer sues you over a job.
And some have suggested that since a single member LLC and a sole proprietor are in essence no different that with PLus or Advanced you could separate the LLC from independent by using Classes to separate them. I do not support that idea since ou need separate forms filings and would have to pull out the one side.
Less expensive than two full QBO companies is one full QBO for the LLC and one Self-Employed for the independent work. Mileage apps work better with QBSE than with QBO, but...........
as Rustler said, in the long run QBDesktop will be far less expensive - you just have to weigh the portability and ability to run QB while on the job
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