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elijah-goins
Level 2

Under the Tax tab in my self employed qb app, what are the taxes based off of? Is it the transactions tab where my back account it hooked up to or my paid invoices?

 
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Best answer August 11, 2020

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IamjuViel
QuickBooks Team

Under the Tax tab in my self employed qb app, what are the taxes based off of? Is it the transactions tab where my back account it hooked up to or my paid invoices?

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. 

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2 Comments 2
IamjuViel
QuickBooks Team

Under the Tax tab in my self employed qb app, what are the taxes based off of? Is it the transactions tab where my back account it hooked up to or my paid invoices?

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. 

elijah-goins
Level 2

Under the Tax tab in my self employed qb app, what are the taxes based off of? Is it the transactions tab where my back account it hooked up to or my paid invoices?

That answers my question! Thanks a ton!

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