I posted this question in the QBSE forum but they referred me to this group.
This issue may be simple but I cannot find anything online about it and my chat session with a QBSE support person was unhelpful. My estimated taxes are exteremely high (e.g., we make 220K a year and QBSE has me paying 42K).
In short, I'm self-employed, my wife is not. She has a "normal" job that deducts taxes from her monthly paycheck. In QBSE, your asked to fill out your profile. It's very brief, and basically asks 3 questions:
- Are you married?
- Do you file jointly?
- What's your spouse's income?
I believe at this point, QBSE is calculating my monthly taxes based on my income AND my wife's income, regardless of the fact that her company withholds taxes. I can't fix this by saying we're filing separately or that we're not married since that changes a few tax calculations (e.g., standard deduction).
I was expecting QBSE to actually estimate my quarterly taxes with some accuracy based on my income, my wife's income (taking into consideration witholding taxes), and the fact that we're married filing jointly with 0 dependents. Last year we received almost 8K in tax overpayment.
For the last 2 years I receive this incredible refund around April 15 but I'd rather get a much more accurate quarterly tax schedule. Honestly, my work is very simple ... no employees, some mileage reports, routine invoices for services only (no products being sold) ... it doesn't seem like it should be this convoluted. Has anyone else seen this issue?
