QuickBooks HelpQuickBooksHelpIntuit

QuickBooks Self-Employed Overview

SOLVEDby QuickBooksQuickBooks Self-Employed422Updated 3 weeks ago

Learn the basics of QuickBooks Self-Employed.

Are you new to QuickBooks Self-Employed? This version of Quickbooks is designed to help you record your self-employed income and expenses, track mileage, and prepare your Schedule C.

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

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.

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

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

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:

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 categorize 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.

Each time you record and categorize a transaction, QuickBooks Self-Employed includes it as part of your federal estimated quarterly tax payments. This gives you an estimated amount to pay the IRS for taxes each quarter for your self-employed work.

QuickBooks Self-Employed also categorizes transactions for your Schedule C and annual tax return. When you're ready to file, QuickBooks has all your info ready to go. Always refer to the IRS Self-Employed Individuals Tax Center for the latest self-employment tax info. Check topics like:

The expense categories in QuickBooks Self-Employed match specific lines on your Schedule C. Here's a list of all the categories:

Note: QuickBooks Self-Employed is designed to work with specific tax categories, like your Schedule C. It also uses these categories to calculate your federal estimated quarterly tax payments. Currently, you can't create custom categories.

There are several features that help you track deductions. This includes mileage, healthcare, home office expenses, and others. Here are guides for how to enter all of your info to get the maximum deductions:

Here's a quick summary. As a self-employed individual, you're required to pay estimated taxes to the federal government each quarter. You also need to file an annual tax return.

Self-employed individuals must pay self-employment taxes as well as income tax on their profits. Self-employment taxes include Social Security and Medicare taxes.

When you sign up for QuickBooks Self-Employed, you set up your tax profile. This helps QuickBooks make accurate calculations. Learn more about how QuickBooks helps you track all of this.

When you're ready to make a federal estimated quarterly tax payment, you have a few options. You can pay by mail, directly through the IRS website, or from QuickBooks Self-Employed. Here are detailed steps for how to make federal estimated quarterly tax payments.

Always check the IRS website for the latest tax payment schedules. The due date is usually the 15th of the month. Tax periods aren't evenly spaced by quarter.

We want you to have the right product that works best for you. Here's how to upgrade to the Tax Bundle to get QuickBooks Self-Employed and TurboTax Self-Employed.

If you don't need the Tax Bundle anymore, here's how to downgrade your subscription so you only have QuickBooks Self-Employed.

Was this helpful?

You must sign in to vote, reply, or post
QuickBooks Self-EmployedQuickBooks Self-Employed App

Sign in for the best experience

Ask questions, get answers, and join our large community of QuickBooks users.

More like this