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You're in the right place, @elijah-goins.
Let me share some information on how the Taxes tab works in QuickBooks Self-Employed.
The Taxes tab is divided into two sections: the Annual Taxes section and the Quarterly taxes. From the Quarterly taxes page, you'd see your estimated federal taxes. It is based on your self-employed income, deductions, predicted future income for the year, and tax profile. Just make sure to categorize your transactions properly using the Schedule C categories.
On the other hand, when you mark your invoices as paid in the Invoice page, it will not affect your estimated tax calculations. Only the categorized transactions listed in the Transactions page affect your Quarterly taxes. You can browse these articles to learn more about estimated taxes and estimated tax payments:
Get back to us here if you have other questions. I'm always here to help.
You're in the right place, @elijah-goins.
Let me share some information on how the Taxes tab works in QuickBooks Self-Employed.
The Taxes tab is divided into two sections: the Annual Taxes section and the Quarterly taxes. From the Quarterly taxes page, you'd see your estimated federal taxes. It is based on your self-employed income, deductions, predicted future income for the year, and tax profile. Just make sure to categorize your transactions properly using the Schedule C categories.
On the other hand, when you mark your invoices as paid in the Invoice page, it will not affect your estimated tax calculations. Only the categorized transactions listed in the Transactions page affect your Quarterly taxes. You can browse these articles to learn more about estimated taxes and estimated tax payments:
Get back to us here if you have other questions. I'm always here to help.
That answers my question! Thanks a ton!
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