QuickBooks Self-Employed: Complete Overview

by James Antonio

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QuickBooks Self-Employed is also a subscription-based model where you can bill the subscription on a monthly basis. It is helpful for small businesses that give self-starters. It includes the features according to small businesses who are doing self-start. There are three things that can be done easily are:

  • Mileage
  • Tax
  • Expenses

Save Time, Reduce Errors, and Improve Accuracy

Dancing Numbers helps small businesses, entrepreneurs, and CPAs to do smart transferring of data to and from QuickBooks Desktop. Utilize import, export, and delete services of Dancing Numbers software.

The QuickBooks Self-employed plan is independent and flexible according to the freelancers and Contractors. It makes your process easier for your small business by recording all the income and expenses that are done by you. This product is best for all self-employed business owners to track their things with QuickBooks automatically and grow their business.

Below get to know how the QuickBooks Self-employed helps you out with its amazing features and benefits.

Select the Product According to Your Requirements

  1. Self Employed 2022- $7.50 Monthly Subscription
  2. Self Employed Tax Bundle 2022- $12 Monthly Subscription
  3. Self Employed Live Tax Bundle 2022- $17 Monthly Subscription

Features You Get in QuickBooks Self Employed Subscriptions

There are three subscription bundles of QuickBooks Self-Employed. These bundles have different features accordingly. All these features are explained below:

1. QuickBooks Self Employed

These features are added in all the editions of QuickBooks self-employed as these are the basic features. The other editions are QuickBooks Self Employed Tax Bundle and QuickBooks Self-Employed Live Tax Bundle.

A. Separate Personal and Business Expenses:

The transactions can be sorted easily and automatically into the tax categories. It automatically matches the receipts with existing expenses as you just have to click the snaps of receipts. The importing of transactions can be done easily from credit cards, Square, banks, PayPal, and others. This way you get to know where you are spending your money.

B. Maximize the Schedule C Deductions:

In this feature, you get the deduction you deserve by not missing any business expense deductions. For this, you are just required to snap and store your receipts into the QuickBooks Self-employed. You can easily deduct all the miles that you drove for your work. This is done with the help of a self-employed mileage tracker.

C. Taxes Calculated Automatically that are Estimated Quarterly:

It helps you to avoid the surprises that you get on the time of tax by helping you to organize income and expenses for instant filing of tax. You also get to know about what you owe before taxes are due every quarter.

D. Mileage Tracking is Automatic:

The shareable reports you get to have the breakdown of driven miles and potential deductions. Use Smartphone GPS to automatically and easily track the miles. Personal and business trips can be added and categorized manually. This feature helps in counting each and every mile you cover.

2. QuickBooks Self Employed Tax Bundle

A. Separate Personal and Business Expenses:

The transactions can be sorted easily and automatically into the tax categories. It automatically matches the receipts with existing expenses as you just have to click the snaps of receipts. The importing of transactions can be done easily from credit cards, Square, banks, PayPal, and others. This way you get to know where you are spending your money.

B. Maximize the Schedule C Deductions:

In this feature, you get the deduction you deserve by not missing any business expense deductions. For this, you are just required to snap and store your receipts into the QuickBooks Self-employed. You can easily deduct all the miles that you drove for your work. This is done with the help of a self-employed mileage tracker.

C. Taxes Calculated Automatically that are Estimated Quarterly:

It helps you to avoid the surprises that you get on the time of tax by helping you to organize income and expenses for instant filing of tax. You also get to know about what you owe before taxes are due every quarter.

D. Mileage Tracking is Automatic:

The shareable reports you get to have the breakdown of driven miles and potential deductions. Use Smartphone GPS to automatically and easily track the miles. Personal and business trips can be added and categorized manually. This feature helps in counting each and every mile you cover.

E. Pay Quarterly Taxes online that are Estimated; Direct from QuickBooks:

You can easily pay when it is required or when you want to pay. The software does maths for you so that you won’t get any surprises at the end of the year. There are automatic reminders for quarterly tax due dates that won’t let you pay late fees. You must have the accurate amount that is required so do estimate properly that helps you to not go out of funds.

F. Information Transfer is easy to the Turbo Tax:

Conveniently transfer the data to TurboTax to avoid all the mistakes that can happen in manual entries. Tax time is simplified with the built-in integration to the program Turbo Tax. The tracking of your inventory is easy with QuickBooks Self-employed. It accurately files taxes with the Turbo Tax.

G. One State and One Federal Tax Return Filing that includes in this Subscription Bundle:

It includes the one state and one federal tax return filing. You can file in the fastest way by just exporting the Schedule C directly to TurboTax. For convenient and fast tax refunds, e-file the returns of your business using the direct deposit.

3. QuickBooks Self Employed Live Tax Bundle

A. Separate Personal and Business Expenses:

The transactions can be sorted easily and automatically into the tax categories. It automatically matches the receipts with existing expenses as you just have to click the snaps of receipts. The importing of transactions can be done easily from credit cards, Square, banks, PayPal, and others. This way you get to know where you are spending your money.

B. Maximize the Schedule C Deductions:

In this feature, you get the deduction you deserve by not missing any business expense deductions. For this, you are just required to snap and store your receipts into the QuickBooks Self-employed. You can easily deduct all the miles that you drove for your work. This is done with the help of a self-employed mileage tracker.

C. Taxes Calculated Automatically that are Estimated Quarterly:

It helps you to avoid the surprises that you get on the time of tax by helping you to organize income and expenses for instant filing of tax. You also get to know about what you owe before taxes are due every quarter.

D. Mileage Tracking is Automatic:

The shareable reports you get to have the breakdown of driven miles and potential deductions. Use Smartphone GPS to automatically and easily track the miles. Personal and business trips can be added and categorized manually. This feature helps in counting each and every mile you cover.

E. Pay Quarterly Taxes Online that are Estimated; Direct from QuickBooks:

You can easily pay when it is required or when you want to pay. The software does maths for you so that you won’t get any surprises at the end of the year. There are automatic reminders for quarterly tax due dates that won’t let you pay late fees. You must have the accurate amount that is required so do estimate properly that helps you to not go out of funds.

F. Information Transfer is Easy to the Turbo Tax:

Conveniently transfer the data to TurboTax to avoid all the mistakes that can happen in manual entries. Tax time is simplified with the built-in integration to the program Turbo Tax. The tracking of your inventory is easy with QuickBooks Self-employed. It accurately files taxes with the Turbo Tax.

G. One State and one Federal Tax Return Filing that includes in this Subscription Bundle:

It includes the one state and one federal tax return filing. You can file in the fastest way by just exporting the Schedule C directly to TurboTax. For convenient and fast tax refunds, e-file the returns of your business using the direct deposit.

H. Connect with Real-time CPA Whenever Required:

On demand, the CPAs and EAs provide live personalized answers on Turbo Tax for all your questions. Your return is reviewed by the CPA or EA line-by-line. For this, you have to sign in and it’s being done for sure. You can access tax experts anytime as it is unlimited in this bundle. The experts have 15+ years of experience.

I. Unlimited Help and Assistance all Year:

You can get the tax advice year-round that is tuned according to your situation. The CPAs and EAs are here to help you all the time whenever required so you can have peace of mind in each and everything. Be confident with QuickBooks Self Employed Live Tax Bundle on every step. Conveniently connect in a single click to the expert.

J. To Final Review Your Return; Connect a CPA:

For a final review of your tax return by getting the live advice on your screen. The team tries to get you the best outcome. You get a line-by-line review by CPAs and EAs experts.

Feature for Organization and Tax Time that make it more Convenient

1. Track Mileage:

It is tracked automatically and provides you the full accuracy. The data of the mileage is categorized and saved for deductions to the maximum. The phone battery won’t be drained when it tracks the miles.

2. Sort Expenses:

The expenses can be easily tracked and sorted by importing them directly from the bank account. Sort your expenses of business from the personal expenses by swiping. It saves your time by allowing you to track all your expenses in a single place.

3. Organize Expenses:

Organize by snapping a picture of your receipt and then emailing it directly. The information of the transaction is entered by the program for you. All the receipts are first stored then organized and made receipts ready for taxes. It automatically matches and categorizes all the expenses.

4. Estimate Taxes:

All the maths to calculate taxes quarterly is done by the software itself to help you out. This way you the taxes won’t be due and also you can avoid year-end surprises. For filing tax fast, it helps to organize your income and expenses so that you can do further processes. Automatic reminders are available that knock you to remind you of quarterly due taxes to avoid additional fees.

5. File Taxes:

The data can be transferred immediately by upgrading to the TurboTax bundle. The transferring of financial data includes one federal and one state tax return filing. The Schedule C income and expenses can also be transferred easily. Manual data entry can be reduced by connecting to the TurboTax Self Employed.

For QuickBooks Self Employed Expenses

When it comes to lowering your taxable income, itemizing deductions may help you save a lot of money. The advantage of itemizing is that you may claim a higher deduction than you can with the standard deduction.

With QuickBooks Self-Employed, you may find an average of $19,873 in deductions every year.

1. Connecting Your Accounts: Import transactions from your bank, credit cards, PayPal, Square, and other sources automatically.

2. Sort Transactions Quickly and Easily: You can automatically Expense classified into tax categories. You accept or amend them, and we learn from your experiences over time.

3. Creating Custom Rules: Make rules for how you want us to categorize your expenses as you’re the one in charge.

4. Be Ready for Tax Time: Organize the receipts by taking a snap of the receipt and then saving it. After that, it automatically matches the receipts to transactions. Also, take care that everything is organized in a single place so you are not going to miss any deduction.

5. Access and Share Built-in Expenses Reports: Instant access to important finances for making smart decisions that include outstanding invoices, income, expenses, and others. Check insights on how you are doing with the profit and loss reports.

Expense Tracking

You can keep a track of how each dollar is spent. It allows you to understand how you’re doing year after year and ensure you don’t leave money on the table come tax time.

1. Take Your Business with You Wherever You Go on Any Device.

With the QuickBooks Self-Employed app, you can easily track spending from your mobile device. It lets you easily evaluate your spending patterns, manage costs by client or work, track recurring deductions, and much more across all of your devices. You can connect your credit cards, Square, bank account, or other payment methods to automatically track, import, and classify your spending.

2. Make it Simple to be Refunded.

If you have any client expenses that can be recovered later, such as supplier charges or rental equipment? Not an issue. Tracking reimbursable costs and attaching receipts to invoices is a breeze with QuickBooks Self-Employed.

3. Put Your Tax Concerns Behind You.

You can also auto-sort your Expenses into tax categories all year long so you may conveniently submit for deductions when tax season comes around. Plus, with due date reminders and computerized estimations of what you owe, you can remain on top of your quarterly taxes.

Receipt Tracking

The QuickBooks Self-Employed app has built-in receipt scanning to assist you in tracking and organizing your costs.

1. Tracking Receipts for Self-Employed Spending

It’s relatively simple to fix these concerns using a receipt tracking program like QuickBooks Self-Employed. You may take a snapshot of your paper receipts with your phone, and QuickBooks Self-Employed will automatically match them to your spending and save them for you. Furthermore, your data is backed up in the cloud, ensuring that receipts are safe and available at all times. Having an orderly record of revenues already matched to your transactions at the end of the year makes tax time easier.

2. Receipt Scanner and Tracker Built-in

You can easily monitor and manage your expenses with The QuickBooks Self-Employed app, which has built-in receipt scanning to assist you in. Just take a picture of a receipt, and QuickBooks Self-Employed will tie it to the expenditure that it corresponds to. Receipts are saved and ready to be used when it comes time to submit taxes.

Expense Survey

With QuickBooks Self-Employed, you can accurately record your income and expenses and earn every deduction you deserve.

  • A survey illustrates how self-employed people handle spending tracking.
  • Receipt collection on paper.
  • Issues with expense tracking.
  • Keeping business and personal spending separate.
  • Putting money aside for the unexpected.
  • Tax season is approaching.
  • Making educated guesses about deductions.
  • All of the taxations feels.
  • Habits of tracking expenses and age.

For QuickBooks Self Employed Taxes

You can easily maximize the tax deductions by using the QuickBooks Self-employed product. Using this software product, users have found the potential in tax savings as it has many features that help you out for tracking, organizing, and filing it.

1. Auto Track: You have to connect with your bank credit cards that help to sync business expenses automatically when you do spend. It tracks automatically whenever you do it.

2. Use Snaps to Store Receipts: You have to take a picture of the receipt and the QuickBooks automatically match it to your business expenses.

3. Smart Organization: The expenses are sorted in the right category of tax or it is auto-sorted in the background conveniently.

4. Easy Quarterly Taxes: all the maths for taxes is done by the software. It helps you to know what you owe every quarter before the taxes are due. For instant filing, the income and expenses are organized easily.

5. Taxes are Done: to instantly transfer your taxes you have to upgrade to the TurboTax bundle. This bundle includes 1 state and 1 federal tax return. You can connect with it to reduce the entry manually. The transfer of Schedule C income and expenses are easy.

Tax Forms

The organization has to send the tax forms to everyone for the previous year at the start of each year. The freelancers and independent contractors are also included in it. You have to fill and then submit the tax forms. The tax forms are as follows:

  • 1099-MISC
  • Schedule SE (Form 1040)
  • Tax Form 1040
  • Form 1040 ES
  • Schedule C

Estimated Taxes

The taxes are paid to the government by the self-employed person and not by the employer. You pay it on the basis of the income that you are earning by estimating that you owe. So here comes the estimated tax that calculates the amount that you owe.

How to File Estimated Taxes?

For estimated taxes, you have to use the Form 1040 ES that helps you to estimate how much you make during the year and accordingly estimates how much tax you have to pay. After that, pay a portion of each quarter by filling the payment voucher on Form 1040 ES.

Due Dates of Estimated Taxes

Quarter 1
Covers-
January 1 to March 31, Due April 15
Quarter 2
Covers-
April 1 to May 31, Due June 17
Quarter 3
Covers-
June 1 to August 31, Due September 16
Quarter 4
Covers-
September 1 to December 31, Due January 15

Self-Employment Tax

In self-employed tax, there is a part that goes to Medicare and social security from every American’s income. It is known as the SECA tax if you are self-employed or FICA tax if you are an employee. If you are self-employed then you have to pay the full 15% (15.3%) by yourself. In the case of an employee, you have to pay 7.5%, and another 7.5% is paid by the employer for you.

Schedule C

Schedule C is used to report the profit and loss in the business and is used by the self-employed and sole proprietors. For the particular tax period, you can calculate the net profit and loss easily. To calculate, subtract expenses from the gross annual income or total wages and revenue. You are required to fill the Schedule C on Form 1040before the deadline that is April 15.

Self Employed Tax Deductions

In QuickBooks self-employed, the IRS said that you can deduct the expenses that are ordinary and necessary. Necessary expenses are appropriate for the job and also helpful. Ordinary expenses are the common expense that is easily accepted into the business or trade. The expense meets both the standards to consider it as deductible.

The example of tax deductions are:

  1. Auto Expenses
  2. Internet
  3. Utility Bills
  4. Marketing Expenses
  5. Office Supplies
  6. Meals
  7. Self Employment Tax

Tax Calculator

For paying the taxes you are required to use the tax calculator that helps you to calculate how much taxes you owe. You are just required to enter the total income from Form 1099 to figure out the taxes. After entering the amount, click on the calculate button, and you are done. The total tax it shows includes 12.4% of social security tax and 2.9% of Medicare Tax.

Maximize Schedule C Deductions

QuickBooks Self-employed helps you to separate your expenses on the basis of personal and business categories. It is quite convenient for you to check you’re spending and income. The business expenses are assigned to the correct category of Schedule C automatically. Using the Tax bundle you can export all the information to TurboTax directly. You can also pay the quarterly taxes online.

Above, you get to know everything about QuickBooks Desktop Self Employed products. The pricing is also mentioned for all 3 bundles that are billed monthly. Choose the bundle according to your requirement. All the features that you get are explained properly to help you to know what you can exactly do with it.

If you have any queries or issues then get in touch with the Dancing Numbers team. The team members are trained to fix these issues and they are available 24/7 hours.

Accounting Professionals, CPA, Enterprises, Owners

Looking for a professional expert to get the right assistance for your problems? Here, we have a team of professional and experienced team members to fix your technical, functional, data transfer, installation, update, upgrade, or data migrations errors. We are here at Dancing Numbers available to assist you with all your queries. To fix these queries you can get in touch with us via a toll-free number 1800-689-5491 or chat with experts.


Does Online Payroll is used in the QuickBooks Self-Employed Bundle?

No, QuickBooks Online Payr9oll is unavailable with the product QuickBooks Self-employed.

If I won’t Pay any Taxes or there is a Miscalculation then is there any Penalty for that in QuickBooks Self-Employed?

Yes, there is a penalty or you can say a fine of 10% for state and federal tax individually. It is better to pay on time so that you won’t owe more than the amount you have to pay before. If you have underpaid throughout the year then you have to pay the difference at the end of the year and also the penalties and interest.

What if I have Paid more than the amount I owe then it is Adjusted Further or Not?

If the Amount is Overpaid then you get a Refund at the Year-End.

Is it Free to Work with a Tax Pro, Bookkeeper, or Accountant if I Invite them?

Yes, it is free to invite an accountant for the collaboration. You have to send an invite and when they accept it then they can easily work with you.

What Taxes do I owe and How Can I Save the Taxes?

You owe taxes on the business profit that is calculated as business earnings minus business expenses. So, you have to track all the things properly and then calculate them correctly to save on your expenses. Do not lose money on the taxes that you are not able to get back.

What is the Cancellation Policy of QuickBooks Self-Employed?

The plans that you buy have no specific contracts so you can switch or cancel the plan anytime. The cancellation of the plan is effective at the time of the monthly billing period. You are not going to receive any refund in case you cancel your subscription in between. The access is available till the remainder period of billing that is already done.

Can I Delete the Access of other Persons whom I Invited or Collaborate with?

Yes, you can delete their access anytime when you want to. In case if you have changed your accountant then you can delete the previous person and then add the new one.

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Features of Dancing Numbers for QuickBooks Desktop

Imports

Imports

Exports

Exports

Deletes

Deletes

Customization

Customization

Supported Entities/Lists

Dancing Numbers supports all QuickBooks entities that are mentioned below:-

Customer Transactions

Invoice
Receive Payment
Estimate
Credit Memo/Return Receipt
Sales Receipt
Sales Order
Statement Charge

Vendor Transactions

Bill
Bill Payment
Purchase Order
Item Receipt
Vendor Credit

Banking Transactions

Check
Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
Credit Card Credit

Employee Transaction / List

Time Tracking
Employee Payroll
Wage Items

Others

Inventory Adjustment
Inventory Transfer
Vehicle Mileage

Technical Details

Easy Process

Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

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Pricing

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Pricing includes coverage for users
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  • Unlimited Import
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Pricing includes coverage for users
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$899/- Per Year

Pricing includes coverage for users
  • Services Include:
  • Importer, Exporter, Deleter
  • Unlimited Users
  • Unlimited Records
  • Up to 20 companies

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Accountant Premium

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$1999/- Per Year

Pricing includes coverage for users
  • Services Include:
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  • Unlimited Users
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Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


How can I Import in Dancing Numbers?

To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

First of all, Click the Import (Start) available on the Home Screen. For selecting the file, click on "select your file," Alternatively, you can also click "Browse file" to browse and choose the desired file. You can also click on the "View sample file" to go to the Dancing Numbers sample file. Then, set up the mapping of the file column related to QuickBooks fields. To review your file data on the preview screen, just click on "next," which shows your file data.


Which file types are supported by Dancing Numbers?

XLS, XLXS, etc., are supported file formats by Dancing Numbers.


What is the pricing range of the Dancing Numbers subscription Plan?

Dancing Numbers offers four varieties of plans. The most popular one is the basic plan and the Accountant basic, the Accountant pro, and Accountant Premium.


How can I contact the customer service of Dancing Numbers if any issue arises after purchasing?

We provide you support through different channels (Email/Chat/Phone) for your issues, doubts, and queries. We are always available to resolve your issues related to Sales, Technical Queries/Issues, and ON boarding questions in real-time. You can even get the benefits of anytime availability of Premium support for all your issues.


How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

First, click the import button on the Home Screen. Then click "Select your file" from your system. Next, set up the mapping of the file column related to the QuickBooks field. Dancing Numbers template file does this automatically; you just need to download the Dancing Number Template file.

To review your file data on the preview screen, just click on "next," which shows your file data.


What are some of the features of Dancing Numbers to be used for QuickBooks Desktop?

Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

Furthermore, using Dancing Numbers saves a lot of your time and money which you can otherwise invest in the growth and expansion of your business. It is free from any human errors, works automatically, and has a brilliant user-friendly interface and a lot more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

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