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April 7, 2021
Question

My self-employed income last year was just over $7K, can I switch from itemized to standard deduction? If yes, how do I do it?

  • April 7, 2021
  • 1 reply
  • 1 view
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1 reply

MJoy_D
QuickBooks Team
April 8, 2021

I can share some information about tax calculation in QuickBooks Self-Employed, @Barbra.

 

The feature to switch the tax system in QuickBooks Self-Employed (QBSE) from itemized to standard deduction is currently unavailable. 

 

QBSE tracks your self-employed income and expenses to calculate your federal estimated quarterly taxes. This gives you an estimated amount of taxes you need to pay to the IRS each quarter. 

 

To know more how QBSE calculates your taxes and what it covers, check this article: How QuickBooks Self-Employed tracks self-employment taxes

 

Here's additional information on how to manually add and categorize transactions in QBSE:

 

Please let me know if you have any questions about your tax deduction and or anything else. Let me know in the Reply section below. Keep safe and enjoy the rest of the day!