![]() ![]() Using the Quick Employer Forms option, you can click on the Create W-2s and 1099s link, which will start the creation process. One of the nice features in TurboTax Self-Employed is the ability to prepare an unlimited number of W- forms if you have employees or use contractors. TurboTax Self-Employed offers seamless integration with QuickBooks Self-Employed, which tracks invoices, helps separate personal expenses from business expenses, tracks mileage automatically, and helps track any quarterly taxes due.Īny information tracked in QuickBooks Self-Employed can be easily exported into TurboTax Self-Employed, eliminating the need to re-enter the information. ![]() Integration with QuickBooks Self-Employed If you'd like to dive into an expanded list of possible deductions, you have the freedom to do so. The software floats suggestions based on your job title to speed things up. It will search more than 500 tax deductions, including the following: If your business is brand new and this is the first year that you'll be filing a combined (personal/business) return, TurboTax Self-Employed will help you take advantage of any deductions available to you, including deductions specific to your industry. Once this is completed, you can begin to enter 1099 information, as well as any related business expenses, with TurboTax Self-Employed guiding you through the entire interview-style process. You will need to set up your business in TurboTax Self-Employed. ![]() Schedule C is used for any business that is not set up as a separate legal business entity such as a partnership or corporation. If you receive 1099s for your work, you will need to file a Schedule C. Schedule C is part of your tax return, and reports how much money your small business made or lost throughout the year. Schedule C preparationĪs a small business owner, perhaps the most important form you will need to complete is Schedule C: Profit or Loss From Business (Sole Proprietorship). Here are some of the more important ones. TurboTax Self-Employed includes many stand-out features. Comprehensive review of return prior to filing.Mobile app for both iOS and Android devices.Bitcoin and cryptocurrency gains and losses. ![]() Some features included in TurboTax Self-Employed: Occasionally, we write about items that are a part of one of our affiliate partnerships and we will get a percentage of the revenue from sales.TurboTax Self-Employed offers excellent tax return preparation for small business owners, with numerous features designed to benefit both personal and business tax preparation. The BroBible team writes about gear that we think you want. From getting guidance with business expenses, to uncovering deductions that you might have missed, TurboTax Self-Employed is the best friend you never thought you’d have during this time of year. Sure, tax season can be a bit of a challenge when you’re unsure about how much money you’ll get back - or if you’ll have to pay additional taxes - but, with the help of TurboTax Self-Employed, you can make things easier, while also getting your biggest possible tax refund. Hey, who doesn’t like having more money, right? It definitely comes in handy when you’re trying to figure out how to get every dollar you deserve this tax season. Their network of tax experts are available year-round, on-demand, as often as you need to answer your questions and help you plan for your quarterly taxes.Īs you can see, TurboTax Self-Employed is the perfect personal and small business tax solution. TurboTax Live Self-Employed doesn’t close its doors on April 15.With TurboTax Live Self-Employed, you can have a real CPA review your return before you file so you can be 100% confident your taxes are done right.Whether you’re a freelancer, side-gigger, independent contractor, small business owner, or have multiple sources of income, they’ll help you get every deduction you qualify for. TurboTax Self-Employed helps you find industry-specific tax deductions that are personalized for your line of work.To better understand just how TurboTax Self-Employed can help you this tax season, here are some of the features: With the help of TurboTax Self-Employed, I was able to rest easy, knowing that I’d uncovered industry-specific tax deductions that I might have totally missed on my own! When I was a freelancer, it was critical to keep tabs on things like business travel, client lunches and, yep, even my home office expenses, knowing that most (if not all) of these things could be tax deductions that added up to big-time savings. Luckily, I got a little smarter, as I started to lean on TurboTax Self-Employed, which delivers a personalized experience to help you find every deduction you deserve, so you can keep more money in your pocket at tax time. ![]()
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