Do you know how to file your taxes with QuickBooks Self-Employed? When the fiscal comes to an end, it is the right time to file your taxes. Here the complete guide is, which may be referred to as QuickBooks Self-Employed Annual Tax Guide 2024. Get ready to do this by reading our article based on QuickBooks Self-Employed Annual Tax Guide for self-employed individuals, freelancers, and independent contractors to assist you in preparing. For Info. connect with our QuickBooks ProAdvisor Toll-Free:+1-844-405-0904
The normal quarterly estimated tax deadline has been changed now(the date has been extended from the previous date) and the treasury has recently announced tax changes and updates due to the effect of COVID-19 defining extent in the deadline of Quarter 1 for Tax Year 2020. The Quarterly estimated taxes are due on 15 July 2020. Update yourself by reading such articles from us because due to COVID-19 some tax deadlines have changed. To collect complete information about tax deadlines and recent updates regarding COVID-19 refer to the blog.
Table of Contents
QuickBooks Self-Employed Annual Tax Guide Instructions
What to do from December to January
Read the following to know, what can you do for the annual tax from December to January;
- Connect the accounts to online banking, and your all QuickBooks Self-employed sales and expenses will be downloaded automatically.
- Keep ready your all transactions, and categorize them for Schedule C.
- Ensure the federal estimate tax payment calculation by updating your tax profile.
- Track, and review your business mileage.
- Update your vehicle details, and claim the expenses.
- Categorize the business assets accurately.
- Recheck the missing transactions, and import them.
- Any sales and expenses that are recorded outside QuickBooks could be added manually.
- In mid-January, you will get a tax checklist. This will help you to review all of the needed forms for the tax.
What to do from January to April
From here you will know some key points that you need to do from January to April. Take a look at it and start executing it on your PC. We advise you to start your next tax return as early as you can. Do as much as you can and when you can(no pressure on you everything is up to you). Just start your return and also start adding more information whenever any forms will arrive.
If you have queries such as how to prepare your tax documents, get your year-end reports, and send your tax data to turbo tax, stay connected to us, we have discussed everything about it. Let’s start with Preparing your Tax Documents.
Prepare your Tax Documents
- For tax filing, you need to have your physical tax forms and receipts complete. TurboTax and other tax-prep programs will help in identifying which documents you need. To prepare reports and forms such as Schedule C for filing you need to get help from QuickBooks self-employed.
- If you have expectations to get a 1099 form from a client or an employer, you are required to check in with them. Check out whether your contact info especially your mailing and email address is up-to-date or not, if not update it now with your current details. In the case of working with QuickBooks Online, you need to fill out your W-9 and then send the form to them online. They have to file their 1099 with the IRS before the 31st of January, after that the period is over.
Get your year-end reports
QuickBooks is beneficial in tracking your healthcare, assets, and all vehicle expenses for the complete year. To get totals, just check out the summaries and details of taxes and other tax reports that involve maintaining taxes. Below we have discussed some key points that you need to take care of while preparing your year-end reports.
- Once you have finished the tax checklist in QuickBooks, you are eligible to run financial reports.
- When you prepare your return just keep your reports useful. Also, file them with your tax documents if in the future these reports will be helpful for you or if you need to have your past and historical data.
- Other than that if someone did file your tax returns for you then you can email your reports to them. In case your Accountant is authenticated to work with QuickBooks Online Accountant, then it’s your choice to give them another credential of accessing the QuickBooks Self-Employed Account for you.
Note: Anytime you can invite your accountant to access QuickBooks Self-Employed as well as QuickBooks Online Accountant as per your choice by sending them credentials.
Year-end key dates
April 18th, 2024 is the last date for paying all of your estimated taxes.
Send your tax data to TurboTax
- Analyze and evaluate anything in QuickBooks before sending your info to TurboTax Self-Employed. You are only able to send your data once from your Tax info to TurboTax. After some time if you find something new and any missing info then you won’t be able to add it automatically, you need to do this manually.
- If you have upgraded to the Tax bundle, we advised you to use the same account in the Tax bundle you used at the time of sign up/sign-in of QuickBooks Self-Employed. Your bundle subscription will cover the filing fees. Intuit doesn’t want to pay once again.
- Now check out QuickBooks can’t export. QuickBooks is unable to export certain deductions to TurboTax. Other tax preparers including TurboTax can help you to decide which tax deductions you are required to be entered.
What to do from December to January
Here you will know some key points that you need to do from December to January. Take a look at it and start executing it on your PC.
- Online Banking allows you to download all your sales and expenses into QuickBooks Self-Employed automatically only if your account is connected to online banking.
- Categorize all your transactions and also review them so that they are ready to schedule C.
- Make changes and include updations in your tax profile to ensure whether your federal estimated tax payments calculations are accurate or not.
Tip: We advise you to update your tax profile every year, or whenever something new happens to your life such as getting married or having a child, etc just update it on your profile at the same moment.
- Check and analyze your business mileage, if you track miles outside of QuickBooks just add it at the last of the year. Mileage will come inside one of the largest tax write-offs.
- Analyze or update your vehicle info, it will let you know the complete information about your vehicle whenever you are willing to claim any vehicle expenses.
- Evaluate and update your assets because assets are not expenses it comes inside the gains you received. Also, you need to maintain and categorize your business assets accurately in QuickBooks Self-Employed.
- You can import or add any transaction that you have missed, so whenever you perform any operation it’s good to double-check if something is missing or not. Additionally, you can manually add any sales and expenses recorded outside of QuickBooks.
- In the middle of January, you need to finish your available tax checklist. A notification from Intuit notifies you when it’s ready. It leads you to analyze and evaluate any outstanding self-employed income, expenses, and deductions.
Year-end checklist
Check when your payroll dates end: Check the date of payroll ends on week 52 or week 53. If your employees get paid on a monthly basis then you don’t consider week 52.
Pay your final payroll: You can run your final payroll, and QuickBooks will notify you about your final payroll for the tax year so you can submit your payroll without any hassle.
Submit FPS: You need to submit your FPS(Full payment submission) when you run your payroll. It shows all the deductions and payments to employees. You can turn on RTI reporting for automatic submission of FPS to HMRC in which QuickBooks informs automatically about the final payroll of the tax year.
Give employee payslips: Every time when you run payroll you can generate and email the payslip to the employee that includes the employee earnings before and after deductions.
Print off P32 report: This is an employer payment record that shows the details of the amount that is paid to HMRC each tax month.
Steps to get quarterly tax info
Step 1: Get your federal quarterly tax estimates
- First, log in to the QuickBooks Self-employed.
- Then click on the Taxes menu.
- Next, go to the Quarterly tab.
- Choose the quarter that you require for estimates.
QuickBooks shows the estimated amount and due date here and also updates the calculations every time you characterize income and expense transactions.
Note: If you insert more data every quarter, QuickBooks can help you to create better estimates.
Step 2: Make a federal estimated quarterly tax payment
Check out this article to pay federal estimated quarterly taxes directly to the IRS.
Steps to get annual tax info
Step 1: Complete your tax checklist
Before your annual taxes are due, QuickBooks Self-Employed gives you a tax checklist. This tells you what to review and how to finish any open tasks. It also helps you maximize your tax deductions.
Before paying your annual tax, QuickBooks Self-Employed provides you with a tax checklist. This checklist will show you how to review and do any open tasks. It also assists you to maximize your tax deduction.
- Go to the QuickBooks Self-Employed, and click on Home.
- Click on the Tax checklist link close to your profile ⚙ icon.
- Next, click on the task on the list. This brings you to the area in QuickBooks that requires review.
- Now, you need to review and complete every task on the list.
When you have completed the above steps, QuickBooks will prompt you to export your info directly to TurboTax. You can send your info directly to Turbotax when you are ready.
Step 2: Download your tax reports
If you do not have any plan to export to TurboTax, then it is advised to finish your tax checklist. This checklist will show you how to review and do any open tasks. It also assists you to maximize your tax deduction.
- First, click on the Reports menu.
- Look for the report you require.
- Now, go to the dropdown and click on the time period or tax year.
- Next, click on View or Download. If you need to print or email a copy, click on the arrow icon ▼ and then the option.
Step 3: File your annual taxes
QuickBooks Self-Employed gives you valuable info to assist you in doing your taxes. But, it doesn’t handle your tax filing directly.
The Ending Words
Hope now you’ll be aware of how to file an Annual Tax Guide with QuickBooks Self-Employed. May our article on QuickBooks Self-Employed Annual Tax Guide help you to file your taxes with QuickBooks Self-Employed. But if you are unable to follow up on our details then the right option we have for you to clear your doubts and confusion is to contact our Intuit Certified ProAdvisors through the 24/7 technical error support helpline number +1-844-405-0904. You can either join our QuickBooks Community to fix all kinds of QuickBooks issues that you face every day.
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