If you're self-employed, you have to estimate your income, expenses, and deductions and pay taxes on the estimates on a quarterly basis. These are “estimated” or "quarterly" taxes and you’re required to pay them four times a year. QuickBooks Self-Employed calculates these for you.
What do we calculate?
We calculate estimated taxes for self-employed users with service-based businesses. We calculate your federal quarterly payments for you.
We don’t calculate other types of tax estimates or more complicated tax scenarios, such as state income tax, sales tax, AMT, one-time lump sum distributions, or tax credits. If you need to calculate these types of taxes, it's best to consult with an accountant.
What will your estimated payments be?
In the app, we’ll let you know about upcoming due dates and payments. For the details, select Taxes in the navigation bar and choose Quarterly taxes.
How do we calculate your taxes?
- Your self-employment income and deductions — the money you make and the deductions you're allowed for your self-employed work
- Projections of your self-employed income and deductions for the current calendar year
- Your tax bracket and the other tax profile info you added during setup