Quarterly taxes not calculating correctly any more

I'll share some insights on how QuickBooks Self-Employed calculates your taxes, carlos52.

The program provides estimates for federal income and self-employment taxes based on your income, deductions, business taxable profit, and tax bracket.  To keep the calculations accurate, make sure to add and properly categorize all your business transactions. 

QBSE adds up your earnings and subtracts any expenses/deductions you can write off to get the profit. This data will be used to compute your revenue for the rest of the year. Here's how to do it:

1. Go to the Transaction menu.
2. Click Add Transaction.
3. Enter the amount and a description.
4. Select the best category to organize your transaction.
5. Add the receipt as needed, then hit Save.

You'll also have to fill out all the necessary information in your tax profile. Here, you can enter any income outside of the business that is taxed at ordinary rates. Check out this article to learn how to review and update this information: Tax profile in QuickBooks Self-Employed.

For additional resources while working on your taxes, I recommend visiting these pages:

• Automatically estimate your income tax
• Pay federal estimated quarterly taxes

Don’t hesitate to post a comment below if you have any other concerns or clarifications. I’ll get back to answer them. Happy Thanksgiving!