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PaulaViner
September 20, 2019
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Estimated Tax - Self Employed

  • September 20, 2019
  • 1 reply
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Can someone please confirm that the estimated tax shown on my home page is an estimate of what I will need to pay at the end of the year and not the tax on what I have invoiced so far.

Thank you

Best answer by IamjuViel

Hello,@PaulaViner.

 

Let me share additional information on how QuickBooks calculates your estimated taxes.

 

Using simplified expenses, your self-employment taxes are base on the following:

  • Projections based on your recorded business-related income and spending
  • allowable expenses 
  • the information you have set up in your Tax Profile.

Just make sure to categorize your transactions correctly so you'll have an accurate estimated taxes. Also, you can review the information entered in your Tax Profile settings. You can refer to this article for more insights: How QuickBooks Self-Employed calculates tax payments.

 

Alternatively, I'd recommend consulting with your accountant so you'll be guided in selecting the proper categories for your transactions.

 

To learn more about self-employed taxes, you can check these articles to learn more: 

Let me know if you have other questions. I'm always here to help.

1 reply

E
EmmaM
September 20, 2019

Hello Paula

 

The estimated tax on the dashboard shows the estimated amount of taxes that you would have to pay. If you go to taxes>in the self assessment summary will give you the actual figure for the Self Assessment so far.

 

 

Emma

P
PaulaVinerAuthor
September 20, 2019

Hi there

 

Thanks for your reply.  I have looked and see that the figure in my self assessment is the same as the estimated tax, however, this is over a third of what I have invoiced  and is a very different figure to the one that I have seen on other tax calculators.

 

Paula

IamjuViel
IamjuVielAnswer
September 20, 2019

Hello,@PaulaViner.

 

Let me share additional information on how QuickBooks calculates your estimated taxes.

 

Using simplified expenses, your self-employment taxes are base on the following:

  • Projections based on your recorded business-related income and spending
  • allowable expenses 
  • the information you have set up in your Tax Profile.

Just make sure to categorize your transactions correctly so you'll have an accurate estimated taxes. Also, you can review the information entered in your Tax Profile settings. You can refer to this article for more insights: How QuickBooks Self-Employed calculates tax payments.

 

Alternatively, I'd recommend consulting with your accountant so you'll be guided in selecting the proper categories for your transactions.

 

To learn more about self-employed taxes, you can check these articles to learn more: 

Let me know if you have other questions. I'm always here to help.

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