QuickBooks Self-Employed Seamlessly Integrates With TurboTax Online
and Accountants for Worry-free Tax Preparation
Managing taxes just got easier for one-third of the American workforce
that is self-employed, including the 3.2 million on-demand workers in
the emerging gig economy.
Now with a single click, QuickBooks
Self-Employed automatically organizes and transfers tax documents
into TurboTax Online Home &
Business® or to an accountant or tax professional. The integrated
products, both from Intuit Inc. (Nasdaq:INTU), deliver a smarter, more
effortless way for self-employed workers to manage their taxes at tax
time and throughout the year, helping them avoid surprises and be
confident they’re getting every dollar they deserve.
Self-employed people face a range of challenges when managing finances:
keeping track of multiple income streams, untangling comingled business
and personal expenses and understanding potential tax deductions.
Whether they do their taxes online or with their mobile device or turn
to an accountant, Intuit takes the pain out of tax preparation.
“The self-employed workforce has been growing steadily for the past 30
years with a recent acceleration stemming from the emergence of the
on-demand economy. With the leap into self-employment, these individuals
face new challenges when it comes to financial management and taxes,”
said Alex Chriss, vice president and general manager of Self-Employed
Solutions at Intuit. “Whether you do your own taxes or have someone else
prepare your return, our goal is to deliver a smart, seamless
experience, so self-employed taxpayers can effortlessly file their taxes
and find financial stability.”
Avoiding the Tax Time Crunch
Self-employed
taxpayers can now use QuickBooks
Self-Employed and TurboTax Online Home & Business together to
easily track their business expenses throughout the year, for an
effortless tax filing experience.
When it’s time to file taxes, TurboTax Online Home & Business
automatically imports this information, providing users with
personalized guidance specific to their situation, so they get every
deduction and credit they deserve. The combined benefits of QuickBooks
Self-Employed and TurboTax Online Home & Business let self-employed
workers:
-
Put expense and income management on auto-pilot: Securely
connect bank and credit card accounts to automatically categorize
transactions, making it easy to see total income, expenses and profit.
-
Untangle business and personal expenses: Separate business from
personal transactions by simply clicking a button, or swiping a finger
across the mobile app, instantly categorizing Internal Revenue Service
Schedule C deductions.
-
Turn expenses into deductions: Auto-categorizes expenses – such
as mileage, phone bill and supplies – into the right deduction
categories to help freelancers
save on taxes. On average, users identify $18,217 in potential
deductions.
-
Estimate quarterly and year-end taxes: Shows freelancers if
they need to make quarterly
tax payments, providing insight into their real income and helping
them budget appropriately.
-
File faster by exporting Schedule C to TurboTax Online Home &
Business: Pay quarterly and year-end taxes with the click of a
button through seamless integration with TurboTax Online Home &
Business. Schedule
C is automatically populated and then exported to TurboTax Online
Home & Business.
In addition, for those self-employed individuals who work with a tax
professional, sharing important tax documents is as easy as clicking a
button with QuickBooks Self-Employed. The product does all the heavy
lifting for them by compiling all sorted income and expense entries into
a comprehensive tax detail report, saving both them and their tax
accountant valuable time at tax time.
Tax Tips and Deductions for the Self-Employed
Here are six tax-saving tips that may assist first-time self-employed
taxpayers.
-
Startup costs: Newly formed businesses may be able to deduct startup
costs, including legal fees, cost of experimentation and
advertisements.
-
Vehicle expenses: In addition to the mileage deduction and
other expenses, self-employed may be able to deduct the cost of their
car up to $25,000 for cars and SUVs.
-
Home office deduction: Self-employed workers with a dedicated
space used only for business in their home can deduct a percentage of
their home
expenses, including mortgage payments, utilities and property
taxes.
-
Supplies and equipment: Office supplies, from paper to
computers – even snacks for customers – may be deductible if used
exclusively for business.
-
Social Security and Medicare taxes: Self-employed workers must
pay the entire 15.3 percent Social Security and Medicare tax, but get
a break by writing off half of what they pay.
-
Health insurance premiums: Self-employed workers may be able to
deduct what they pay for medical insurance for themselves and their
family.
More information on tax tips and deductions is available on the TurboTax
blog.
About Intuit Inc.
Intuit Inc. creates business and
financial management solutions that simplify the business of life for
small businesses, consumers and accounting professionals.
Its flagship products and services include QuickBooks® and
TurboTax®, which make it
easier to manage small businesses
and tax preparation and filing.
Mint.com provides a fresh, easy and
intelligent way for people to manage their money, while ProSeries®
and Lacerte® are Intuit's
leading tax preparation offerings for professional accountants.
Founded in 1983, Intuit had revenue of $4.2 billion in its fiscal year
2015. The company has approximately 7,700 employees with major offices
in the United States, Canada,
the United Kingdom, India
and other locations. More information can be found at www.intuit.com.
Intuit and the Intuit logo, among others, are registered trademarks
and/or registered service marks of Intuit Inc. in the United States and
other countries.
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