QuickBooks Self-Employed 2020- Features, Reviews And Pricing

QuickBooks Self-Employed 2020 combines tax software with the cloud-based accounting benefits. Firstly, QB self-employed 2020 is a tax software. It helps freelancers to keep records of income and expenses, as well as evaluate and pay estimated quarterly taxes. However, it also contains few bookkeeping capabilities that give many small freelancers the necessary information they need.QuickBooks Self-Employed 2020 contains features such as a strong estimated quarterly tax calculator feature, expense tracking, invoicing, deductions, and the capability to separate personal expenses from business expenses. However, if you want to do more than pay your taxes, you may want to explore the other programs QuickBooks provides, such as QuickBooks Online advanced.

This software is built to help the sole business owners to stay organized, additionally it packs a punch for the freelancer who is working alone. It is user-friendly and automated tools make keeping the books less of a chore while reducing the requirement for manual data entry. If you’re looking for an accounting program to stay organized and avoid the end of the year difficulty at tax time, then QuickBooks self-employed 2020 could be the product you’ve been looking for.

Advantages

  • Ideal for freelancers.
  • TurboTax integration.
  • Well-designed User Interface.
  • Good tax support.

Disadvantages

  • Not scalable.
  • No state tax support on invoices.
  • Limited invoice features.

Features Of QuickBooks Self-Employed 2020

QBSE 2020 is tax software with a few bookkeeping tools added to the mix. For the freelancer, QBSE  2020 provides a basic feature set, but for the proprietors wanting full accounting capabilities, QuickBooks Self-Employed 2020 might not cut it. Some of its exciting features are:

User-friendly dashboard

The newly designed dashboard and simple navigation make it easy to find what you require. The home page provides a summary of your business, but you can easily navigate to Transactions, Miles, Taxes, and Reports with a single click. 

Accessibility

Since QuickBooks SE 2020 is cloud-based, you can access it from any device as long as you have an internet connection. You can even share your account by granting authorizations to people, such as your tax accountant, to make tax time simpler.

Invoicing

Invoicing is done by the hour, by item, or by a flat rate. There is no inventory in QBSE 2020, but the software will remember past invoice information and will allow you to select previous contacts and items from within the invoice. There are no invoice customizations, sales tax support, or estimates. However, you can add your logo to your invoices, send payment reminders, and accept payments online using QuickBooks Payments.

Track expenses automatically

QBSE 2020 helps you to automatically separate your personal and business expenses. After entering the information once, QuickBooks Self-Employed 2020 remembers the settings and automatically categorizes subsequent expenses for you. You can also connect your bank account.

Client Portal

Freelancers can easily create, send, and track invoices all in one place. They can even accept payments in the client portal. In addition, you can customize your invoices, know when they are viewed, and keep record of when they are paid. You can even accept payments online, some of which incur a fee. 

Reports

QBSE 2020 provides 5reports such as Mileage Log, Profit and Loss, Tax Summary, Tax Details, and Receipts. The time frame can be customized for each report.

Chart Of Accounts

Instead of including a complete chart of accounts it includes income and expense categories to keep your business finances organized. QB Self-Employed 2020 expense categories are made to match the IRS expense deduction categories for easier tax filing.

Easy set-up

It only takes a few minutes to set up your account with  QBSE 2020. You can easily set it up online or through the app. Inspite, the app provides extensive features, such as tracking miles and capturing receipts..

User Reviews Of QuickBooks Self-Employed 2020

Positive Reviews Of QBSE 2020

In Spite of having many complaints on the Consumer Affair, QuickBooks self-employed 2020 has an A+ rating on BBB. Hera is a list of positive reviews given by the users:

Easy To Understand

One of the most popular appreciation is how easy the QuickBooks self-employed 2020 software is to understand and use.

Saves Time and Money

Multiple users comment on the amount of time and money they save with QB Self-Employed 2020, specially on their taxes. They appreciate that the quarterly tax calculator takes the stress out of taxes, and they also like the mobility that QBSE 2020 allows them.

Best Mobile Apps

Despite some mobile app complaints, there is an overwhelmingly great amount of positive reviews for the QBSE 2020 mobile apps

Integration of TurboTax

It’s integration with TurboTax is another amazing time-saver for sole business owners.

Feature Selection

Many proprietors appreciate the QBSE 2020 software’s freelancer-specific features, such as the ability to separate business and personal expenses. Users also like the number of deductions they can find and record with the help of QB self-employed 2020.

Negative Reviews Of QBSE 2020

Although Intuit receives 1/5 stars on Consumer Affairs (based on 100+ reviews) for all of its QB products. However, the majority of these reviews are not particular to QBSE 2020. QB Self-Employed 2020 reviews are mostly positive, especially when it comes to mobile apps. But that does not mean QB Self-Employed 2020  is without its faults. While many users enjoy the QBSE 2020 software, there are some recurring complaints such as

Inaccurate Mileage Calculations:

Most of the users report that the mileage calculations on the mobile apps are often incorrect.

Transaction imports are inconsistent

Many people had issues with transactions not importing properly, especially from Etsy and PayPal. Random duplicate transactions are also quite a common problem. Likewise several QBSE 2020 users reported problems connecting to their bank account as well.

Poor Customer Service:

Although there are some users who complain about poor customer service experiences.

QuickBooks Self-Employed 2020 Pricing

Above all, QB Self-Employed 2020 provides 3 pricing plans, including the newly-added Self-Employed Live Tax Bundle. Since the main difference between the three plans is that the two more costly pricing plans include additional tax support. However, there are no annual contracts with any of the plans, so you can cancel your subscription whenever you want. For example, there is a free 30-days trial so you can use it to test the software before buying. 

QB Self-Employed 2020

The QB Self-Employed plan cost is $15 per month yet it includes the features such as

  • 1 user + 1 accountant.
  • Keep track of tax deductions.
  • Separate business and personal expenses.
  • Calculate income and expenses.
  • Evaluate estimated quarterly taxes.
  • Invoicing.

Self-employed 2020 Tax Bundle

The cost of Self-Employed Tax Bundle is $25 per month and includes everything from the Self-Employed plan, plus:

  • Pay estimated quarterly taxes online.
  • Integration of TurboTax.

Self-employed 2020 Live Tax Bundle

The cost of recent Self-Employed Live Tax Bundle is $35 per month and includes everything from the Self-Employed Tax Bundle, plus:

  • Final review of tax return by CPA.
  • Unlimited support and advice from CPA.

Final Words

Considering QuickBooks Self-Employed 2020 suitable for freelancers and independent contractors in need of federal tax support. This software provides tax and tax deduction tools and is easy to use. QB self-employed 2020 is amazingly helpful for calculating estimated quarterly taxes. However, if you still need any assistance, feel free to contact on QuickBooks Support at any time.

FAQs

1. Is QuickBooks Self Employed free?

Ans No, Quickbooks Self Employed 2020 is notably a paid monthly service. 

2.What is the difference between QuickBooks and QuickBooks Self Employed 2020?

Ans QB Self-Employed 2020 (QBSE) built for independent contractors while QuickBooks Online (QBO) is best for small size businesses. They both have a number of the same core features. For example, if you file a Schedule C along with your personal taxes then QB Self-Employed 2020 is the better solution. If you file as a business entity, usually form 1120, then QB Online is a better solution.

3.How does the QuickBooks Self Employed 2020 costs?

Ans The basic QuickBooks Self Employed 2020 service costs $15 a month.

4. How does QB self-employed 2020 work?

Ans QB Self-Employed 2020 automatically imports transactions and monitors mileage, exports your Schedule C, and helps you to maximize deductions at tax time.

5. What is a Schedule C?

Ans Schedule C is an IRS form that accompanies Form 1040 to calculate business net income (or loss). Self-employed users need to complete this form.

6. Can I add my bookkeeper, accountant or tax pro?

Ans Yes, you can also invite an accountant to collaborate with you for free. Once they accept your invitation, they can work in your account. You can also delete their access anytime.

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