You Asked & Community Answered: “Which Version of QB Should I Use?”
You have questions about running a small business, and our QB Community members have answers! Everyone here knows the importance of building meaningful member-to-member relationships, and there’s no better way to learn, discover and get inspired as an entrepreneur. Best of all? When members share what they know, everyone benefits. Check out this recent QB Community conversation, and you’ll see what we mean!
@Flyer asked: “Hi all, I recently got laid off for the first time and was offered a 6-month gig that will be paid via 1099. All I have done is open a business bank account after creating a LLC (Sole Proprietor). I need to figure out what type of software to use, and I also would appreciate some general advice. With a dedicated bank account and a LLC, I will keep business income and expenses separate and hopefully take advantage of all the deductions I can get. Thanks for the help and advice!!”
@Peter_G_Stone answered: “I would suggest QBO Essentials. You can integrate a mileage tracker to help you with that area of your business, plus it has plenty of capabilities for what you need. A less expensive option would be QBSE (Self Employed) I don't know much about the breadth of your gig, but SE will track income and expenses, plus mileage. It will provide you with an Income Statement for your Schedule C to help you come tax time. Desktop Pro is a very solid option, but if you do not continue past this 6-month commitment of working for yourself, it will not be a value buy for you. Best of luck!”
@lynda11_2 answered: “QB Online Self-employed is the perfect program for you to get started with. It revolves around Schedule C filers. Is it a robust accounting system? No. But it will help you track your income and expenses and let you know how much you need to pay for your estimated taxes as the income starts to be generated. It has an amazing mileage tracker too. You hook up the bank and credit cards and go! You can also invoice your customers directly from the program and they can pay you with Intuit Merchant services. Here is a link. You can even bundle it with Turbo Tax.”
@E1 answered: “I suggest you develop a relationship with a tax accountant. My suggestion is the QB Online for which the cost is minimal and can be discontinued when no longer needed if you regain full time employment (w-2). My advice is to track your business expenses carefully. Look for opportunities to deduct expenses which were not considered previously such as magazine subscriptions, etc. Also, I don't know how much your car is used for business or the age etc. but automobile depreciation is typically a significant deduction if you qualify. Good luck and feel free to shoot follow up questions.”
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