When I am logging expenses like rent for home office space do I have to calculate the percentage or does the app do it for me?

I am just trying to figure out when it comes down to rent or utility bills if I am supposed to log the whole amount and the app configures the percentage of my home office for me, or if I am supposed to do it like a split and do a certain percentage personal and a certain percentage business home office?

Answer

Hello there, lowmanj91,

I can clarify this for you.

QuickBooks Self-Employed (QBSE) is a tax software that is meant to support self-employed individuals in tracking their business-related transactions. The system helps you calculate federal estimated taxes based on the business data. 

You can also pay your quarterly estimated taxes and file your Schedule C when filing the annual tax return (1040).

QBSE is up-to-date with the IR's latest self-employment and Schedule C deduction standards. Just add your expenses and other transactions, then we'll take care of the rest.

Manually-entered expenses are automatically categorized as a business. Personal transactions aren't included in the calculation of their estimated taxes, it's for recording purposes only.

If you need to split them, you can import your bank transactions using CSV files to bring them in by logging in to the website.

When importing to QBSE, you must use either 3-column or 4-column format. Feel free to read this article for more details: How to import bank transactions using Excel CSV files.

To import the transactions:

  1. Log in to your QBSE account.
  2. Go to the Transactions tab.
  3. Click the drop-down menu next to Add transaction.
  4. Select Import transactions, then select the bank you are working with.
  5. Click Import older transactions under the Action column.
  6. Click the Browse button and locate the file you've exported above.
  7. Click Include all transactions 
  8. Review your transactions, then click Continue.
  9. Click OK, and then Done.

For more information in splitting transactions, here's an article you can check on: Split and Exclude Transactions.

To learn more about QBSE, you can read through this link: QuickBooks Self-Employed Overview.

Feel free to leave a comment below if there's anything else I can help you with adding your entries. I'd be happy to help.

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