How do YOU business owners, track personal tax deductions?
Hi there -
We all know it is best to keep business and personal bank accounts separate - we, as business owners do that. Quickbooks self-employed is great at tracking the deductible business expenses....BUT how are you all tracking deductible personal expenses? Charitable contributions, mortgage interest..... I would love one accounting software package that could do both so that at the end of the year I could push a button and poof both business and personal taxes would be categorized and calculated. What software are you using?
When you connect your bank account with QuickBooks, it’ll help you sort through each transaction. You’ll be able to mark each transaction as either personal or business, whichever reflects the transactions’ category accurately. QuickBooks helps you manage your self-employed related business finances in preparation for taxes. This means all of your personal transactions simply get set aside so you can focus solely on your business finances.
As you’ve experienced, QuickBooks Self-Employed’s purpose today is to keep track and calculate business income and spending, but we hear you, and recognize that not being able to track all of your finances (business and personal) in the same tool can be annoying.
That said, your continued feedback on the issue helps to tip the scales toward creating a solution and accommodating that complexity. We’d love to hear more about how you track your personal finances today, Mint or otherwise, and what tracking your personal finances in QuickBooks Self-Employed would need to do in order to work for you.
For additional insights, you may check out these articles:
For you to be guided properly in categorizing your self-employed business expenses, I’d recommend consulting with your accountant. You can also visit our AnswerXchange Community Team for further assistance on tax-related questions.
Keep in touch if you have other questions tracking your transactions in QuickBooks Self-Employed. I’d be glad to answer them for you.