Hello,
I'm self-employed and use TurboTax Basic on my Mac. I'm looking for recommendations on the best way to track my business expenses throughout the year so that tax time is easier.
Are there any particular apps or methods (spreadsheets, etc.) that you find work well with TurboTax Basic on a Mac? I'm trying to stay organized and avoid a last-minute scramble.
Any tips would be greatly appreciated!
https://ttlc.intuit.com/community/user/viewprofilepage/user-id/5789410
If you are self-employed, you can use QuickBooks Self-employed to track your income, expenses and mileage. This will also do a quarterly tax payment report for you.
You can also use a spreadsheet, if that is what works best for you. The most important thing is that you do what you can stick with and what will give you the numbers at the end of the year. If you set up a spreadsheet, I would suggest, looking at Schedule C and setting up the spreadsheet so that you can easily match your spreadsheet to the entries on Schedule C.
Remember as a self-employed individual to make quarterly estimated payments to cover your SE taxes of 15.3% and avoid penalties.