Getting the Most out of QuickBooks

Stay ahead of the game and learn how to have a successful year end with QuickBooks Self-Employed.  We've put together some general tax tips to keep in mind as the end of the fiscal year approaches. 

 

 

December to January

Connect your accounts to online banking to automatically download all of your sales and expenses. Here’s how to do this in your web browser:

1. Select the profile icon and then select Connect Bank.
2. In the search box, enter the name or URL of your bank and select Continue. If you've already connected an account before, select Connect another account.
3. Enter the sign-in info you use for your bank's website.
4. When you’re ready, select Connect securely.

Now that your transactions are loaded into your account, it’s time to categorize so they're ready for your Schedule C! 

1. Go to the Transactions menu.
2. Find a transaction on the list.
3. Select Business if the transaction was for business, or select Personal for personal. If the transaction was both, select Split.
4. Review the category in the Category column. QuickBooks tries to categorize transactions for you.

If you need to change the category, select the category link. Select a general type, and choose a more detailed category.

Want to connect and categorize through your iPad or tablet? Check out this article for those steps: Connect bank and credit card accounts to QuickBooks Self Employed.

Next let’s update your tax profile to ensure your federal estimated tax payments calculations are accurate. You should make sure to update your tax profile once a year, or whenever you have a big life change. Here’s how to review and adjust your profile: 

1. Select the ⚙ profile icon.
2. Select Tax profile.
3. In the Tax settings dropdown, select the tax year.
4. Enter your info or make changes.

When you're done, select Save.

You can also update your tax profile on your iPhone or tablet. Follow the steps provided here: Review your tax profile in QuickBooks Self Employed.
January to April
Do you want to feel as prepared as possible for tax season? Start your return early and add more info as more forms arrive! 
Prepare your tax documents:
Start collecting physical tax forms and receipts you may need for tax filing. Quickbooks Self-Employed helps prepare reports and forms like your Schedule C for filing. It helps you calculate your federal estimated quarterly taxes so you know how much to pay each quarter.

Make sure to also check in with your client or employer, if you expect to get a 1099 form. It’s also important to ensure all contact info is up-to-date. The deadline for them to file is January 31st.

Take a look at these article for additional information and steps: 

• Get quarterly and annual tax info from QuickBooks Self-Employed.
• Fill out a W-9 and view your 1099-MISC in QuickBooks Self Employed.
  

Get your year-end reports

​​QuickBooks tracks your healthcare, asset, and actual vehicle expenses throughout the year. Use the Tax Summary, Tax Details, and other reports to get these totals. Keep reports handy when you prepare your return. 

Tip: File them away with your tax documents in case you need them again in the future.

1. Go to the Reports menu.
2. Find the report you want.
3. Select the time period or tax year from the dropdown.
4. Select View or Download. If you want to print or email a copy, select the arrow icon and then the option.

 

Take a deeper dive into the steps and information above, and check out some more tax resources that are waiting for you in our dedicated article QuickBooks Self-Employed annual tax guide.