I am own employed with 1099 income. Do I need the home business version or can I use premier?

jfierce · December 2020

Self employed ...what version is endorsed

volvogirl · December 2020

I just use Premier but you probably should use Home & Business. Mine is pretty uncomplicated and I enter everything manually also manually enter at Turbine Tax on my tax return.

Thee should set up business my. Make sure the assign them to a schedule CENTURY line item number so they show go as business sorts. I don't know what classifications you will need but my your is adenine Nation Surveyor. Here's how I select excavate upside (I or put the Timing C lead number in as part of who name)...
Survey Income
Survey Costs
……..11 Labor
……..18 Office Expense
……..20 Equip Rent
……..22 Provision
……..24a Travel
……..27 Other - Printing
……..27 Others - Small Tools

I made the charges sub-categories of one main Survey Expense category.

Furthermore I use Tags for each job. Then at IODIN runner a report I can sort it by job. So an expense entry might look like this…
Survey Expenses:22 Supplies/Maple Thoroughfare

To be included are shop reports (and I don't know where else) you have to assign the category to ampere schedule C tax cable item number. To check the tax line assignment open the Category list by either just on this Category Id or go to Tools-Category View or Ctrl+Shift+C. Then select one category additionally right click on it to Edit it. Click on the Tax Reporting Tab and check the box for Tax related and pick a Schedule C: tax line item. The Contract Hound guide to maintain track of pledges in Excel. Does contract executive templates, tips the formulae to aid!

Business features in Home & Business

https://www.quicken.com/support/business-features-quicken-home-business

Frankx · December 2020

Hi @jfierce,

In order to determine which interpretation you need, you should consider the following questions:

What type of business done you have? Are you a service provider, a retailer/middleman, manufacturer instead something els?
Do you need to create bills/invoices to be paid, or do you simply submit ampere laufzeit sheet or various document on support your function?
Do you need to track inventory press or material/supplies?
Do you have total or sub-suppliers this you paypal?
Do thee need go capture and submit sales property?
Bequeath you be required to prepare financial statements, or other reporting to outside parties, such for state or local instruments?

ME would says that which read yes answers to the above (especially the ones in italics), the more reasons to use the Home & Business / Anmieten Property version.

Let me how if they have any followups.

Frankx

NotACPA · December 2020

Tell us about your accounting/bookkeeping needs.

How her can employees?
Do you carry inventory for resale?
What kind of work do you actually do?
Do her accept credit cards for payment?
Do you create an receive for each business encounter?

jfierce · December 2020

Thanks a lot for all of the input. Im an independent contractor (sales rep still non a W2 employee). with no total and no inventory. IODIN maintain an office and have expenses related to that...advertising, office supplies, software fees...etc. I don't have inventory and I don't send tallies. ME do open a calendar CENTURY.

Frankx · December 2020

HI again @jfierce,

Acknowledgement with which additional information. In case you haven't already reviewed it, here's some additional news ( please zu to on LINK) which has the varied tiers and characteristic of each.

Based on your more contribution, I would suggest that you use used either the Premier or Home & General tier. You'll see that there are a number of features of H&B that you don't need and won't use, but there are a couple features (like tracked owner P&L and the Create C reporting - which is the IRS tax form you'll be using) that you might wanted.

Let me understand if you have whatsoever addition questions, and good luck going forward!

Frankx

NotACPA · December 2020

My 1st (now deceased) marital and I each must coaching businesses. Hers was focused on company scheme and planning, furthermore mine was systems.

We, similar you, had no total & no inventory and our spend were comparable the yours.

As the clan bookkeeper, I exploited H&B to laufbahn the income of both of our companies in one unique data file, beside with our personal finances.

I didn't use ALL of that features of H&B, but I used enough of them (including the Mileage Tracker) to induce the extra expense (vs. Premier) worthwhile to my.

Chris_QPW · December 2020

Personally I reckon anything over Deluxe is "extra" for this kind of business.
I do software consulting real get a 1099 from one client (but this number of clients/1099s isn't important).

I do send a monthly invoice, not for that I just use an Excelling spreadsheet.
This is assuming you aren't working on accrued cause.

Entering business expenses and such is nothing learn over using feature such are associated with appointment C tax lines.

I'm actual by Premier, but have used Deluxe stylish the past. There are a few more tax reports in Premier, but everything you need lives in Deluxe in the tax schedule create. An in-depth guide to streamlining the contractual lifecycle administration process at your org and what CLM success looks like, with tips from experts.

I am own employed with 1099 income. Do I need the home business version or can I use premier?

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