How to Simplify Schedule C Tax Prep for You and Your Clients

Practice Management, Workflow tools taxes for self-employed

What’s the current tax preparation process like for your Schedule C clients? Does it involve your client coming in with a shoebox full of receipts and no real idea of what they spent, the miles they’ve driven for work, or what they can deduct? What if there was a better way to manage the process that would make tax time easier for you and your client?

QuickBooks Self-Employed is the simple solution that gets your Schedule C clients organized and saves you precious hours during tax time. QuickBooks® Self-Employed makes the things that are complicated about being self-employed — such as mileage tracking, maintaining reliable data, untangling co-mingled business and personal expenses — easy, having everything ready for you come tax-time.

Today, Intuit® announced that the ability for clients to share important tax documents with you, their accountant or tax professional, is now as easy as clicking a button with QuickBooks Self-Employed. The product automatically compiles all sorted income and expense entries into a P&L statement and a comprehensive tax detail report that gives you everything you need to file their Schedule C return on ProConnect™ Tax Online, Lacerte®, or ProSeries® – saving both you and your client the valuable time each April. It’s a win-win!

What’s in it for you? When you refer your client to QuickBooks Self-Employed, your client receives 60 percent off for the first year. What better way to discover how QuickBooks Self-Employed brings simplicity to Schedule C organization with a product your clients will actually use. To learn more about this special offer, click here.

Benefits of QuickBooks Self-Employed for YOU and Your Clients

With QuickBooks Self-Employed, your Schedule C clients have the ability to record and categorize their business transactions year-round, putting organization on autopilot and eliminating that tax time crunch. We also know that some of the biggest pain points for tax pros who work with Schedule C clients include collecting documents, verifying data and spending too much time in “collaboration” mode, where information comes to you in disparate forms, and quality and legibility are major issues. QuickBooks Self-Employed is designed specifically to help address those pain points with the following benefits:

  • Data You can Trust: Schedule C clients can securely connect to their bank and credit card accounts, giving you the assurance that their data is trustworthy and giving them an up-to-date look at their total income, business expenses and gross profit. Clean and clear data, pulled straight from QuickBooks Self-Employed, means less time doing document management and more time for tax preparation.
  • Everything Where You Need It, When You Need It: With a single click, clients can email you their P&L and a comprehensive excel document with all of their Schedule C income and expense data, summarized, sorted by quarter, and broken out by category. With QuickBooks Self-Employed doing all the heavy lifting, all you need to do is plug this data into ProConnect Tax Online, Lacerte or ProSeries, and you’re on your way.
  • Automatic Mileage Tracking: With automatic mileage tracking enabled on the mobile app, all clients need to do is drive and the rest is taken care of. QuickBooks Self-Employed records time of day, starting location and finishing point for each trip that they take. These trips are kept in a neat list for your clients to review, swipe to categorize which were for business and note the purpose of those trips. This eliminates the need for guesstimates and messy pen-and-paper mileage logs.
  • Untangle Business and Personal Expenses: QuickBooks Self-Employed also works for those clients that keep a single bank account for both personal and business expenses. Clients can separate business from personal transactions by simply clicking a button or swiping a finger across the mobile app, instantly categorizing their expenses by IRS Schedule C category. Better yet, receipt capture gives clients an easy way to attach receipts and notes to business transactions, eliminating the need for that big shoebox full of receipts each year.
  • Turn Expenses into Deductions: QuickBooks Self-Employed auto-categorizes expenses and, with the mobile application, automatically tracks miles driven for work. With neatly sorted data, finding deductions and making sure your clients get every penny they deserve back is easier than ever. On average, QuickBooks Self-Employed helps users identify $18,217 in potential deductions.

Why You Can Feel Confident About Recommending QuickBooks Self-Employed to Your Clients

We know that cleaner, more reliable data makes doing your job both easier and more efficient, and we believe that you’ll be able to recognize significant time savings with clients who use QuickBooks Self-Employed (compared to your Schedule C clients who still bring in their old shoebox full of receipts each April). Here are some more reasons why you should feel good about recommending QuickBooks Self-Employed to your Schedule C clients:

  • Tailor Made for Schedule C Clients: QuickBooks Self-Employed gives your Schedule C clients all the features and functionality that they need in order to keep their finances in order for tax time, and leaves out the more complicated accounting features that they don’t need. Couple this with the same intuitive look-and-feel of QuickBooks Online and you get a product that’s easy to learn and simple to use.
  • QuickBooks Self-Employed Clients are Empowered to Keep More Money: QuickBooks Self-Employed subscribers have better organized data, helping you more easily identify an average of $3,809 in potential tax savings and $18,217 in potential tax deductions each year. More time for you, more deductions for them.
  • Test Drive: Still wondering if QuickBooks Self-Employed is the right solution for your clients? Take our test drive and see how the product works first-hand.