For 55 million self-employed individuals, including freelancers and independent contractors, tracking finances and preparing taxes can be a year-round struggle. To make life easier, Intuit Inc. (Nasdaq:INTU) has introduced TurboTax Self-Employed, the first and only integrated tax preparation solution that comes with QuickBooks Self-Employed for year-round expense tracking.
“Self-employed people wear many hats – they are the boss, bookkeeper and salesperson, all rolled into one. Every minute they spend on record keeping for their taxes means one less minute spent on growing their business,” said Dan Wernikoff, executive vice president and general manager of Intuit’s TurboTax business. “TurboTax Self-Employed frees them to invest more time on their work and be confident they’re getting every business deduction and dollar they deserve.”
Intuit research shows that full- and part-time freelancers, independent contractors and on-demand workers have grown from six percent of the workforce in 1989 to 36 percent today, and are expected to make up 43 percent of the workforce by 2020. According to a new survey from Intuit and Emergent Research, on-demand economy workers are one of the fastest growing segments, increasing 22 percent since 2015 and accounting for 3.9 million Americans today. That number is expected to grow to 7.7 million by 2020.
The financial situation for the self-employed is often different from traditional, full-time workers. Self-employed have to understand potential tax deductions, untangle co-mingled business and personal expenses and stay on top of record keeping. As a result, many are surprised by the amount of taxes they owe come April 15. The average self-employed worker has more than 1,000 financial transactions per year, yet one third do not claim any business-related expenses, according to Intuit.
TurboTax Self-Employed includes these money and time-saving benefits:
The product also comes with QuickBooks Self-Employed at no extra cost when customers file their return through TurboTax Self-Employed. QuickBooks Self-Employed delivers effortless, year-round tracking with:
Information on self-employment tax tips and deductions is available on the TurboTax blog.
About Intuit Inc.
Intuit Inc. creates business and financial management solutions that simplify the business of life for small businesses, consumers and accounting professionals.
Its flagship products and services include QuickBooks® and TurboTax®, which make it easier to manage small businesses and tax preparation and filing. Mint provides a fresh, easy and intelligent way for people to manage their money, while Intuit's ProConnect brand portfolio includes ProConnect Tax Online, ProSeries® and Lacerte®, the company's leading tax preparation offerings for professional accountants.
Founded in 1983, Intuit had revenue of $4.7 billion in its fiscal year 2016. The company has approximately 7,900 employees with major offices in the United States, Canada, the United Kingdom, India, Australia and other locations. More information can be found at www.intuit.com.