The Arrival of QuickBooks Self-Employed
Just imagine a tax season without receipt-stuffed shoeboxes, where Schedule C self-employed clients not only have all their deductible expenses recorded, but also have them categorized according to Schedule C, all ready for you. How about not having to explain to these clients come April that they owe more than they expected because they either didn’t pay their quarterly taxes or didn’t pay enough?
Sound good? This can be reality with the simple new QuickBooks® Self-Employed online service.
QB Self-Employed was developed for freelancers, contractors, entrepreneurs and home-based entrepreneurs who use their personal bank and credit card accounts for their business. These are businesses of one who need help with their estimated taxes, but aren’t yet ready for a chart of accounts.
With the exploding sharing/collaborative economy (think Uber, Task Rabbit and Elance) and those new to getting 1099s, this is an area of increasing confusion for the newly self-employed – and an opportunity for you. In fact, a recent Freelancer’s Union survey reports that one out of three workers is a freelancer or contractor for a total of 53 million people now in the U.S. alone. In addition, an Intuit® survey conducted earlier this year revealed that 43% of the self-employed use an accountant and spend a disproportionate amount of their income with an accountant, mostly on tax prep.
QB Self-Employed is the easiest way for your self-employed clients to track their income and business expenses (including mileage), and estimate their quarterly and year-end taxes, all in one place, year-round. It’s essentially one-click expense tracking. QB Self-Employed pulls in bank and credit card transactions to help easily find, track and auto-categorize income and spending. With one click, your clients can classify a transaction as a business expense. With the super easy new mobile app, all they have to do is swipe to categorize spending as business. They can even set rules to automatically mark certain reoccurring vendor transactions as business to save even more time. And every time they click, swipe or set a rule, the transactions are automatically categorized according to Schedule C to help maximize deductions.
Given how much the self-employed generally struggle with quarterly taxes, your clients will also benefit from the quarterly and year-end tax estimates QB Self-Employed provides based on actual spending and income. QB Self-Employed solves for providing quarterly tax estimates that should keep your clients from owing anything in April. No more big surprises; instead, lots more refunds. They’ll also get a business snapshot with their up-to-date income, business deductions, estimated taxes and hopefully, profit. And, no matter when they sign on, they can import data back to January 1 for a complete year-to-date picture.
Now is the time to encourage your clients to sign-up for QB Self-Employed or try it for yourself. As an exclusive introductory offer for our ProAdvisors and accountants, you and your clients can get the first full YEAR for only $9.99, rather than the regular monthly price of $9.99/month. That’s 12 months for the price of one, or like 11 months free! Don’t delay, as this is a limited-time offer.1
1For a limited time only. The $9.99 subscription applies to the first year (12 months) only and is not combinable with other offers and discounts. After the first year, your account will be charged on an annual basis at the then current annual price (currently $99.99/year) until you cancel. Offer available only to new QuickBooks Self- Employed customers. Terms, conditions, pricing, features, service and support options are subject to change without notice.