If you own a small business, there are enough things to worry about.
Don’t let over-complicating your accounting system hold you down.
bookkeeping for Self-employed People and Small Business Owners
First, I want to say if you’ve been intimidated by
I have now tried both, and I was floored by how easy it is to set up and use QuickBooks Self-Employed online. (referral link)
The blogging community has been abuzz since April 1st with bloggers scrounging to get their paperwork together for taxes.
So many bloggers didn’t get into this hobby to be in business.
However, if you generate any income from your blog, it’s your responsibility to claim it.
Once you start tapping into more of the potential revenue streams that go along with the online influencer gig, those 1099’s start showing up.
Eventually, you have your very own online business whether it was intentional or not.
And, if you or your spouse aren’t paying in all year, you are going to owe Uncle Sam.
Blogging is just one example, of course, of self-employment, but it’s a good one.
So many bloggers out there want to focus on their writing and creations and want nothing to do with the business end of things.
I am here to tell you, my friends,
Allow me to list all of the things this brilliant accounting program will do for you.
What you can do with
Sync bank accounts:
I was able to sync my business and personal accounts to
You can even add Paypal into the mix.
Now every time I log in, it shows me the transactions I need to review.
I select business or personal for each one.
You can categorize them further and set up a rule, so it automatically chooses the proper selections for you in the future.
Find tax deductions:
There is a section with all sorts of tax deductions self-employed people can use.
If you have a home office, there’s a spot to calculate how much you can possibly deduct.
See your business, healthcare, and vehicle deductions adjust each time you update your transactions.
See where you are at financially throughout the year.
It’s helpful to know when you might want to reinvest in your business a bit to help bring down the taxable profit a tad. 😉
I cannot tell you how many times I’ve driven to the city for an event and forgotten to track my mileage.
On average, users find 45% more deductions by logging miles.
Estimate quarterly taxes:
This is invaluable.
Please do not learn the hard way by getting nailed with an astronomical amount due come tax day.
Remember if you are not paying in, and you are earning an income, you will owe.
Paying estimated taxes is an easy way to avoid a potential business killer.
In the past, my accountant has printed me slips with estimated payments based on what I made the previous year.
Well, what if I have a huge jump in income?
Seamless integration with TurboTax Self-Employed:
Make filing taxes effortless.
Save money and time filing taxes with the TurboTax bundle.
Easily upload receipts and attach them to the expense.
Take a picture with your phone and use the app to make this step a snap.
Create simple or professional-looking invoices with ease.
The best part about
Want to just mark everything “business” or “personal”?
That’s cool if you want to keep it simple.
Want to make sure you are getting every tax deduction available to you?
Categorize the heck out of everything.
You can even split transactions if you want.
Like if I went shopping and purchased a couple office supplies along with my groceries, I could split that receipt into the proper categories without making my brain hurt.
I excel in the art of overthinking things, especially when it comes to numbers and business.
I want everything in the right account with the appropriate box checked.
I can mark that transaction as business no matter which credit card I used.
Even as a person who keeps track of everything almost to an obsessive level, I anticipate finding a lot more deductions and becoming even more organized using QuickBooks Self-Employed. (referral link)
What’s been your biggest challenge with self-employment?