Over the past few years, the number of self-employed Americans has climbed higher. There are approximately 55 million self-employed individuals living in the United States. Running a business can be enormously demanding and many will find it difficult to keep up with their finances. When tax time rolls around, the self-employed are forced to jump many hurdles or work with a professional and that can be very costly. Intuit Inc. (NASDAQ: INTU) intends to simplify tax preparations for self-employed Americans with the launch of TurboTax Self-Employed. The tax preparation solution comes with QuickBooks Self-Employed, so these individuals can keep track of their expenses throughout the year.
The number of self-employed workers in America is expected to continue growing in the company years. In fact, self-employed workers are expected to equate to 43% of the workforce by the year 2020. Self-employed individuals often face more difficulty when attempting to file their taxes. They’ll need to separate business expenses from personal expenses, while also digging deep to uncover potential tax deductions. Intuit’s TurboTax Self-Employed is designed to save the consumer time and money.
Several key features will be explored in greater depth below.
- SmartLook – Users of TurboTax Self-Employed will have direct access to a TurboTax expert, CPA and enrolled agents, who specialize in this area of taxes. They’ll be able to obtain real-time answers to all of their questions for no additional fee. Customers will also be able to schedule an appointment that works best for their schedule.
- ExpenseFinder – Many self-employed workers overlook potential deductible business expenses, which could save them money. This feature works to uncover those deductible expenses by analyzing the consumer’s bank accounts and credit card transactions. After the analysis is complete, the user will be able to confirm the expenses, which were linked to their business activities.
Those that sign up for TurboTax Self-Employed will also be given free access to QuickBooks Self-Employed. This program makes it easy for self-employed professionals to keep comprehensive logs of their yearly expenses. The following features are available.
- Expense Tracker – Makes it possible for users to track and categorize their expenses in real-time. The Expense Tracker can potentially lead to big tax savings, by helping the consumer find deductible expenses.
- Mileage Tracker – Tracks and logs miles through the user’s mobile phone. Users may be able to save on mileage deductions.
- Receipt Capture – Allows the user to capture pictures of their receipts.
Intuit’s TurboTax Self-Employed will prove to be a great tool for self-employed Americans, who opt to file their own taxes. More information can be found by clicking here now.