Guess what time it is? Tax season.
You may either be smiling about the tax refund that you’re expecting, or grimacing if you are an entrepreneur who most likely has to pay the IRS and shuffle through piles of receipts, invoices, and notes regarding all of your expenses. When I first started making money online, I had no idea what to do in order to prepare myself for tax season. I did my best to track as much as possible in spreadsheets, but I knew I wasn’t catching everything.
Designed for freelancers, independent contractors, and self-employed individuals who receive a 1099, and file Schedule C’s, QuickBooks Self-Employed will help you maximize your tax deductions and put more money in your pocket. If you value your time like I do, leave it to QuickBooks to automatically track business expenses, log and track mileage, and estimate your quarterly taxes so you don’t have to.
I found that the areas that I needed the most help were with tracking receipts, invoicing, and expense tracking – so let me show you how it all works.
When I think back to the early days of my business, I knew that I had to save my receipts, but I had no idea what to do with them. It sounds silly, but it’s the truth! I was all over the place with crumpled piles of receipts that I knew were important. In QuickBooks, you can take a snapshot of your receipt on the go in the mobile application, and then get rid of the paper. This was a game changer for me!
As a business owner, you have to get paid and for taxes you need to track payments. There are a bunch of ways to invoice customers, but it makes tax season much easier if you’re able to create professional invoices, accept multiple payment forms, send payment reminder, and automatically match payments to invoices.
I find that I’m initiating transactions from my bank, credit cards, debit cards, PayPal, Square, and Stripe for my business. And it just wasn’t feasible for me to track everything accurately in a spreadsheet. With QuickBooks, you’re able to import transactions from multiple sources and automatically sort transactions.
Still not sure about switching to QuickBooks? Did you know that users find an average of $4,340 in potential tax savings per year and more than $18,000 in deductions? The numbers don’t lie. And with TurboTax Self-Employed, you won’t be alone when you’re ready to file your taxes either. You can connect with a credentialed tax expert who specializes in self-employment taxes to get answers to all of your questions – at no additional cost.
Have you filed your taxes yet?
This post is sponsored by Intuit QuickBooks, all opinions are my own.