07 Jan Easiest Way to Handle Business Taxes
Sponsored by Intuit QuickBooks
Let’s face it. Nobody likes to do business taxes. Digging up old receipts, calculating deductions, segmenting expenses and all the other tedious work is no fun for anyone. I have been running my own businesses since 2009 and every three months I have to file my quarterly taxes.
It’s such a time suck! I’d much rather be spending my time on my businesses than in my businesses. In this digital age where nearly 60% of Americans earn some sort of side income, I can imagine that many of you might be in similar positions. I’d sooo much rather be hanging out in my favorite local park than getting my tax information together!
Fortunately, I’ve been using an online accounting tool that makes my tax life like 10 times easier with one of its cool integration features.
The Easiest Way to Handle Business Taxes
Filing my business taxes has literally never been easier than with QuickBook’s Turbo Tax integration. I use to hire an accountant and tax professional 4 times per year (it wasn’t cheap), but now I can do it myself in a couple of clicks.
If you already managing your businesses in QuickBooks, then you’re probably familiar with the different business expense categories that you have to put your transactions into (this is done for a reason). It’s easy once you get the hang of it and definitely helps come tax time. The best part of all is that can literally be done in a couple of clicks from anywhere with WiFi. No more running downtown to meet with your tax accountant last minute!
Automated Tax Features
One of the big reasons I’ve been using QuickBooks is because of their automatic tax features. Like I mentioned before, I used to have to calculate out my quarterly estimated taxes by hand. It sucked. Now, QuickBooks actually calculates them for me and sends me notifications when they’re coming due!
Another sweet feature is that QuickBooks will automatically update your Schedule C (Form 1040) throughout the year. It even goes so far as to break down each business expense into it’s appropriate tax deduction category.
You can literally enter in all of your QuickBooks data on your phone and have the software update your tax information instantly. Super easy.
Filing Your Taxes
Since I’m self-employed, filing my quarterly taxes on TurboTax through QuickBooks takes only a couple of clicks. I know there are some other QuickBooks accounts, but I’m not familiar with them so double check to see if your plan integrates with TurboTax.
Even if your plan doesn’t, it’s super easy to enter the data by hand since QuickBooks already segments all the expense categories for you (would probably take about 30 min).
But if it does integrate directly, all you have to do is click on the Tax Checklist menu, check everything over quickly, hit ‘Import’ and the rest is automatically done for you! I think my quarterly taxes only took 10 minutes last time I filed. This software is legit.
To learn more try out Quickbooks for free.
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