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ttott
March 20, 2023
Question

QB Self Employed - S-Corp

  • March 20, 2023
  • 1 reply
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Hello, I have been self-employed for about a decade.  My business is an S-corp.  I am an independent contractor that currently uses QB on-line, have an accountant who itemizes monthly expenses there and uses ADP to run a monthly W2 for me.  All of these expenses run about $3500 a year.  I recently noticed QB self-employed at the highest-level provides turbo-tax and CPA access and advise for $420 a year.  My question is would QB self-employed work for me if my business is registered as an S-Corp?  If not, would switching back to an LLC make sense for this savings?  It all makes my head spin.  Thank you for your input and advise.

1 reply

F
FateCandylaneT
March 20, 2023

We're thrilled to have you here in the Community, ttott.

 

Since each version of QuickBooks is designed to address specific business needs, QuickBooks Self-Employed helps you record self-employed income and expenses, track mileage, and prepare your Schedule C. Also, as QBSE doesn't provide payroll services like other QuickBooks programs, working this with your S-Corp business type isn't applicable. 

 

Thus, different products can help you manage your business efficiently and automate your finances.

 

Here's an overview of each platform:

 

  • QuickBooks Online (QBO) - A QBO subscription will enable you to send and track custom invoices, create/manage estimates, sync bank accounts/apps, pay bills, run instant sales/profit reports, track inventory, prepare/print 1099s, and track income/expenses. Since it's web-based, accessing your company information from anywhere with an internet connection is much more convenient.

 

  • QuickBooks Desktop (QBDT) - With QBDT, you can track inventory and time, manage bills/accounts payable, send estimates, run reports, track income/expenses, track time, and send/track invoices. Because it's installed on your computer and stores data locally or on a network server, you can access the company file offline.

 

  • QuickBooks for Mac (QBDT for Mac) - In QBDT for Mac, you'll be able to manage bills and accounts payable, track time/inventory, run reports, track income/expenses, etc. This product's only supported release is QBDT for Mac 2019.

 

To guide you further and ensure to find which QuickBooks version is best for you, please refer to this article: See which version of QuickBooks is right for you.

 

Moreover, you can check out this article to help you prepare when filing your taxes: Quickbooks Self-Employed annual tax guide.

 

If you require additional assistance with other QuickBooks tasks, you can always add a reply in the comments below. We're here to help. Take care!

T
ttottAuthor
March 20, 2023

Thank you for your response!  🙂  Here's the thing I do not need all the stuff that QB on-line offers.  I do not bill invoices.  I do not do 1099's.  I do not have employees.  Etc.... I just track my expenses for taxes and use the profit/loss statements. The only glitch there seems to be is my business is registered as an S-Corp and not a LLC.  So with that being the case does it mean I will not be able to utilize the tax features of the self-employed option?  And if not, are their others using the self-employed option for an S-Corp that have some advice?

MaryLandT
MaryLandT
March 20, 2023

I'll lay down some details about QuickBooks Self-Employed (QBSE), ttott.

 

It’s a great question to ask if you run a small business and you’re wondering which version of QuickBooks to use. In a nutshell, QBSE is designed for sole proprietorships, and it only works for sole proprietors (or LLCs taxed as sole proprietorships). For complete details about this version, you can read through this link: Learn the basics of QuickBooks Self-Employed. 

 

Since your business is registered as an S-Corp, you can choose between QuickBooks Online and QuickBooks Desktop. For your consideration, you may browse this related post: Which QuickBooks system is better for an S corp. Is it the Online or desktop version?

 

I'm also adding these links that contain details about what QuickBooks Online and Desktop can do, and what features are available depending on the version that suits your business needs.

 

 

Whichever you prefer, I still suggest consulting an accountant to make sure this work the best way for your business. We don't want to create issues when filing taxes to the state agency or IRS in the future.

 

Feel at ease to add a reply so I can help you further. Have a good one! 

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