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Are you a freelancer, a contractor, or self-employed?
If the answer to any of these is “yes”, then you know what a hassle it is to organize all your expenses for tax time.
You have supplies purchased for work, along with weekend family dinners, all on one credit card statement. Then there’re the regular drives for client projects. And what about that invoice you sent out a month ago that’s been sitting unpaid?
Is there a more efficient way to track expenses? How can you maximize your tax deductions? How do you calculate your car mileage?
The entire process can seem daunting, especially when you have limited time on your hands. You’d rather get this whole thing out of your hair and focus on making more money instead. Boxes of receipts, piles of bank statements, and a looming tax deadline are enough to induce headaches for any freelancer.
To get the solutions to your burning tax issues, look no further than QuickBooks Self-Employed.
Get Your Finances Together For Tax Time
QuickBooks Self-Employed is a cloud-based solution that helps you organize your business finances and get the most of your tax deductions.
After linking your bank and credit card accounts to your QuickBooks account, your transactions are automatically imported into the system. You then place expenses into the appropriate categories. This makes it easy for you to calculate your taxes when the time comes.
Use QuickBooks Self-Employed to:
- Store and attach your expense receipts
- Separate out business and personal expenses
- Track car mileage
- Quickly set up and send invoices
- See your profits and losses
- Calculate and pay quarterly taxes
Check it out:
How to Streamline Your Business Using QuickBooks Self-Employed
QuickBooks Self-Employed makes getting your finances organized easy. Here’s how you can use it to streamline your business:
1. Automatically track mileage.
Every time you drive to meet clients, pick up supplies, and do drop-offs, it can be difficult to keep track of the distance. At tax time, freelancers find themselves struggling to record their business mileage.
QuickBooks Self-Employed has an app that tracks mileage with the help of your phone’s GPS. The app helps log the distances you drive for work-related tasks. At the end, you’ll have a mileage log ready for tax deductions.
2. Track expenses online.
Get rid of the shoeboxes and scan receipts using their app’s receipt scanner. Your receipts then get matched and categorized, saving you time and increasing tax deductions.
See the app in action here:
When you import business expenses directly from your bank and credit card accounts, you ensure that all your expenses are accounted for and save time having to put them in manually. You can also see how your business is doing from the profits and losses reports generated.
3. Create and send professional invoices.
Make invoices easily using the templates available, and then send them off to clients. Using their invoice generator, you get paid faster because your customers have the option to pay online by credit card.
You can also see when your invoices are sent, viewed, and paid. This lets you know how and when to follow up with customers.
4. Calculate quarterly taxes.
QuickBooks Self-Employed calculates your taxes based on the information you provide. They provide a recommendation on how much to pay quarterly in order to avoid large tax payments at year-end. And just to make sure you haven’t missed out on any tax savings, there’s a tax checklist that shows all the potential deductions you should be aware of.
If you have the QuickBooks Self-Employed Tax Bundle, which includes Intuit TurboTax, you can pay your quarterly taxes with the click of a button on QuickBooks. The price of the bundle ends up being lower than what you’d pay if you were to use TurboTax separately.
Why QuickBooks Self-Employed Keeps You On Top of Your Finances
As a sole proprietor, it’s easy to get your personal and business expenses muddled up. You put all your expenses on one bank account, and then later you find yourself picking apart which is which.
If this sounds like you, then QuickBooks Self-Employed is a solid choice. It’s designed to help small business owners with categorizing expenses for maximum tax deductions. The mileage tracker is especially useful in creating a mileage log for tax savings.
Save time and taxes. If you’re looking for a way to organize your business finances and get a bigger tax refund, try QuickBooks Self-Employed. They have a 30-day free trial where you can see if it’s right for you.
You can check out QuickBooks Self-Employed here.