When does quickbooks self employed update the estimated tax owed? I put in deductions and nothing changes. Why?

Answer

Glad to see you here in the Community, firelifebooks.

Let me provide information about how QuickBooks Self-Employed calculates estimated taxes.

We base our calculation from the following:

  • Self-employment income and deductions.
  • Projections for the current year.
  • Tax bracket and tax profile.

Technically, this will update automatically after you review and categorize your transactions. Please also take note that the mileage, asset depreciation and your home office deduction will be calculated at the year-end and not every quarter.

You can also check the Annual Taxes tab and see what your highest deductions are. There you'll see your taxable business profit, details about your business expenses and how they translate into deductions. Check this out by going to your Taxes tab and click Annual taxes.

Check these articles for more information:

    That's it. If you need anything else or further clarification about estimated taxes, please don't hesitate to leave a comment below. I'm always here to help. Have a great rest of the day.

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    IntuitMaryJoy , Community Support Specialist
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