Description: The article below is primarily designed to show us the information on the hot topic which is about quickbooks self employed login. We can be given the accountant introduction to QuickBooks Self-Employed and be taught six things to know at home transactions miles taxes reports.
Let’s go ahead and do a quick book self-employed, so there are only six things to know here at home transactions miles taxes reports and invoices home is your dashboard you got some tasks here on top, you have a nice graphic of your P&L, you have to connect the account and you have your gear icon, you also have your next quarterly estimated tax there available for you transactions very similar to the banking and banking transactions.
The other cookbooks products, you go ahead and categorize your transaction now business impersonal, what is that all about? There’s no chameleon being encouraged, but what’s happening is that when you get a self-employed client for the first time, it’s very possible that they were using the personal account for their business.
At first, they were not aware that they had to open up a business account, so what we need to do is to teach them to get a business account tomorrow, but for the transactions they do have, we are going to come in here and we’re going to either say it’s business, we’re going to go ahead and say it’s personal or we’re going to open up a transaction and go ahead.
Let’s choose this one for instance and say something, so you are sure this was business and personal, so let’s go ahead and say thirty, it was business and the rest of it was personal, so that will create a split transaction and only put the business transaction in the P&L and the personal.
It gets left out, so we don’t commingle, we don’t encourage it, but we have to work with what we got mileage, this is amazing, it’s in the system, it’s in the web-based person the mobile version which we’ll see in a few minutes.
But essentially, it will automatically populate for you through the mobile app, these little icons here mean they came into the mobile app very simple to use a mobile app or you can go old school and say you drove to QVC took the hundred miles to get there.
What does that do? It gives you a deduction of fifty four dollars and you see it wasn’t in there through the app, because you don’t have the signal of that definitely an area that a lot of selling points miss out.
So let them miss out any more on that quarterly, so this is definitely where I’m encouraging cage with your self-employed clients, this is a completely new concept for them, I’m going to pay quarterly estimated taxes having to project their income possibly to get real tax liabilities completing the tax profile in more detail and more completely.
For instance, if they have other income coming in, if they want to go ahead and use their actual withholding, that’s going to get paid dependents that they have their filing status, all of that is foreign to them.
So this is where you can engage and educate them and letting them take full advantage of the system annual taxes is another area of engagement and education, this goes in more detail on whether they qualify for specific deduction and what it’s best to do whether to take the actual deduction or the standard deduction.
So this involves collaboration with their tax professional and their accountant great way to engage with them and educate them reports, let’s start talking about the P&L, let’s educate them on the P&L, maybe they even realize that a Schedule C is called a profit and loss for small business.
Let’s talk to them about the income which is the expenses most definitely, let’s also go over the tax summary, the tax summary goes even more detail and explain to them that even though they spent something.
It doesn’t mean it’s necessarily acceptable, so meals entertainment is a good example of that my favorite report at this point is most definitely the tax details report what that basically does it exports all of the data from the year into an exportable file that breaks it out into summary quarterly and every individual account which I think is amazing.
This is where I see some good analysis that could happen, for instance, let’s say this was to contract labor and you can split it in two different vendors that were paid and if there is a tonight in filing requirement, you can go ahead and export it out of here and import it into a system like tax 1099 lastly is invoices.
QuickBooks self-employed knows that many self-employed service providers do need the invoice their customers, so they’ve been invoices in both the mobile app and the web-based app made it very simple, you could add the description, you can build flat hour or items put in the amount, the best part is that you can get paid electronically. so as soon as they invoice by the time they get back to their office. they’re paid.