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Frequent Explorer *

Help with personal & business taxes

I currently use QB Self Employed for Uber. I input any mileage, income, and expenses. It tells me how much, if any, quarterly taxes I owe. Am I correct in thinking that this is taxes for my business? What about my personal taxes? How do I keep track of those?
4 Comments
Moderator

Re: Help with personal & business taxes

Hi there, micheal81.

 

I'd be happy to help share an overview on how QuickBooks Self-Employed (QBSE) works.

 

QuickBooks Self-Employed is a product that focused on Federal Estimated Taxes and Self-Employment Taxes, which help self-employed individuals in tracking your business-related transactions (income and spending) and calculate your estimated taxes. You will be able to claim your home office and mileage deductions as well.

 

Currently, the categories available in the system are in line with the Schedule C categories the IRS has for self-employed individuals in which able to track personal expenses and income is unavailable. 

 

What you can do for now, is separate business and personal transactions in the system and we will account all business-related transactions for your estimated taxes calculation.

 

To know more about our tax calculation, please check some of our self-help contents here: https://community.intuit.com/quickbooks-self-employed.

 

You may also find below articles helpful:

As always, I'm just a post away if I can be of additional assistance concerning your QuickBooks Self-Employed account. Take care.

Frequent Explorer *

Re: Help with personal & business taxes

Edited See below

Frequent Explorer *

Re: Help with personal & business taxes

OK. After some thought, I think I have it somewhat figured out.

 

Uber considers themselves a payment processor. They say that whatever the passenger pays is my gross income. They take out some fees and give me the rest in my Uber account. These fees are business expenses. Say I have $100 in passenger payments. This is my gross and I add it as income in QB Self Employed. The fees they took out, say $20, I add as expense. They transfer that $80 that is left over into my personal checking account 1 time a week. I would add an expense of $80.

 

I should add my personal checking account to QB Self Employed. When it detects that $80, I would mark it as personal income. Just ignore every other transaction in my checking account that has nothing to do with Uber.

 

At tax time, I will be able to see how much personal income I made and deduct my mileage for using my personal vehicle for business. My business will basically show $0 profit even before any other deductions and I will not owe any quarterly taxes. Example, if I made $100 (using small number to keep it simple), had $20 in Uber fees, and got paid $80 that was left. That would give a net profit of $0 even before any other deductions.

 

Will QB Self Employed seperate all the personal and business come tax time? Would I file business and personal taxes? Am I thinking wrong? 

Frequent Explorer *

Re: Help with personal & business taxes

After some research, I'm thinking my business and personal taxes are 1 in the same. They are not separate.