Productivity Tools

Three QuickBooks Tools to Help Small Businesses Succeed During Tax Season

Posted by Phil Sadsad
Posted on March 27, 2024
Updated on July 23, 2024

1. QuickBooks Online: The Best for Accounting

Calculator and financial charts representing QuickBooks analytics

QuickBooks Online updates the way you run your business’s finances for the 21st century. It’s a full, simple tool that keeps your money in order and available anywhere and at any time. Say goodbye to old files and hello to clear, up-to-date financial information.

Tracking income and expenses more easily

QuickBooks Online’s best feature is that it makes it easy to keep track of your income and expenses. It keeps your purchases up-to-date and organized by syncing directly with your bank and credit card accounts.

This gives you a clear picture of your business’s financial health. This smart technology not only saves time but also lowers the chance of making mistakes when doing things by hand.

Automatic Updates and Categorization: You don’t have to do your books by hand anymore; this does it all for you, so you can focus on building your business.

Making financial papers ready for tax time

When it’s time to do your taxes, this is your best friend because it makes it easy to make detailed financial reports that are ready for the IRS. You can change these reports to fit your needs and be sure you’re ready to file your taxes without any stress.

You can get customized reports right away. Need detailed financial records or a list of all your expenses? With this, it’s easy to do your taxes.

QuickBooks

Create and send professional invoices with smart invoicing software. Get payroll done right, and payroll taxes done for you. Whether you’re a new user or pro, get your questions answered with one of our free, live webinars.

2. QuickBooks Self-Employed: The Freelancer’s Financial Companion

Businesswoman calculating expenses using QuickBooks on desktop

QuickBooks Self-Employed makes it easier to handle your money and is a lifesaver for freelancers, contractors, and people who work for themselves. It’s like having a personal financial assistant who takes care of things like simplifying tax deductions, keeping track of mileage, and clearly separating personal and work costs.Keep track of your miles to save moneyDon’t worry about keeping track of miles by hand; this feature will do it for you, so you can claim all of your business mileage discounts when you file your taxes.Making tax benefits easier to getQuickBooks Self-Employed organizes your spending and points out possible tax benefits that could help you save money on taxes. Plus, it keeps your personal spending separate from business spending, which makes things clearer and makes paying your taxes easier.

Getting Clear on Finances: Separating personal and business costs not only makes tax time easier, but it also gives you a better idea of how well your business is doing financially.

It’s Easy to Handle Quarterly TaxesWith tools that figure out what you owe based on your income and expenses, the feared quarterly tax estimates are a breeze. It’s about being ready and not getting in trouble.

Reminders of Due Dates: Automatic tax deadline alerts take care of one thing for you: making sure you meet your responsibilities on time.

3. QuickBooks Payroll: Simplifying Payroll and Taxes

QuickBooks tax forms preparation with calculator and pencil

QuickBooks salary is becoming the best choice for small businesses that want to make salary and tax duties easier. Because it works with QuickBooks Online, it gives you a complete way to handle payments, figure out taxes, and make sure you’re following the rules.Easy integration of payrollQuickBooks Payroll gives you a real-time view of your business’s finances by automatically lining up payroll data with your bank accounts. This makes payroll costs easy to understand and handle.Making salary taxes simpleTake away the stress of tax time. It figures out each employee’s salary taxes, files them, and even makes payments. This makes sure that everything is correct and in line with the law.

Keep up with things: QuickBooks Payroll keeps your business on the right side of the rules so you don’t get fined. It does this by constantly updating tax laws.

Simplifying Tax Forms at the End of the YearNo more rushing around to find tax forms at the end of the year. Based on the year’s payroll data, it automatically makes W-2s and 1099s, which makes sending them to workers and contractors easy.

Digital Distribution: QuickBooks Payroll makes sure that your team gets their tax papers quickly and easily by letting them be filed and delivered electronically.

Adding QuickBooks Tools for Comprehensive Tax Management

Adding Payroll, QuickBooks Online, and Self-Employed to your small business’s financial toolbox can change how it handles taxes and money. Together, this powerhouse of tools make accounting chores easier and come up with a good tax management plan.Putting everything on one platformImagine having everything you need to handle your money in one place. That is what you get when you use all of QuickBooks’ powerful tools together. Everything gets easier – from doing day-to-day bookkeeping to managing wages and getting ready for tax season. With this unified method, not only can you see your finances more clearly, but you can also work faster and make fewer mistakes, which makes tax season less stressful. When used together, QuickBooks Online, QuickBooks Self-Employed, and QuickBooks Payroll make a powerful tool that helps small businesses get through tax season.It automates important financial chores, makes it easier to manage employees and file taxes, and customizes solutions for freelancers. This lets small businesses focus on growth while staying compliant and ready for taxes.

QuickBooks

Key TakeawaysWhen you think about what QuickBooks’s main tools can do, it’s clear that they have a lot of uses besides just making tax time easier.

QuickBooks Online is the hub of your finances; it gives you instant access to your data, makes it easy to keep track of your income and spending, and makes it simple to make reports that are ready for tax time.

QuickBooks Self-Employed is great for people who work from home because it makes it easy to find tax benefits and estimate quarterly taxes, which makes managing money a breeze.

QuickBooks Payroll is a tool that makes payroll easier, makes sure you follow tax laws, and makes it easy to handle papers at the end of the year.

By adding these tools together, this not only makes it easier to handle finances and do taxes, but it also lets business owners focus on what they do best: running their businesses.FAQs

What does QuickBooks do to help small businesses with tax time?

Small businesses can make the whole tax process easier with this. It keeps track of your payroll taxes, sorts your spending, and gives you detailed financial reports without you having to do anything.

Does QuickBooks have the power to do my federal and state taxes?

Yes, especially with QuickBooks Payroll. It’s a pro at taking care of both federal and state taxes, making sure you file and pay on time so you stay on good terms with the government.

What if I want to switch from another accounting program to QuickBooks?

Don’t worry! It’s very easy to switch to this from other software because it lets you move your financial information over. It’s all about making the change as easy as possible so you can get back to work quickly.

Is QuickBooks a safe place for my banking information?

Of course. QuickBooks cares about the safety of your data and uses top-notch encryption and security measures to keep your financial information safe.

Does QuickBooks have the ability to grow with my business?

Without a doubt, QuickBooks can grow with your business because it has different plans and extras that can be added as your needs change. QuickBooks is there for you, whether you’re just starting out or moving up.