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Self-Employed? Here’s How to Give Yourself a Raise
QuickBooks Self-Employed Users Get Back 10 Percent of Annual Income
MOUNTAIN VIEW, Calif. – Oct. 25, 2016 – Intuit Inc. (Nasdaq: INTU) is expanding its commitment to put money back in the pockets of hard-working self-employed people.
Self-employed people represent the fastest-growing segment of the workforce. Intuit research shows that full- and part-time freelance workers have grown from 6 percent of the workforce in 1989 to 34 percent today, and are expected to make up 43 percent of the workforce by 2020.
The rapid rise of self-employment has exposed gaps in the existing supports and infrastructure. Self-employed people don’t have access to many of the benefits enjoyed by traditional employees – everything from tax withholding, to health care, and retirement savings plans.
QuickBooks Self-Employed was built from the ground up, specifically to help the self-employed overcome these obstacles with an easy and affordable way to manage finances and save money at tax time. Since first launching in January, 2015, QuickBooks Self-Employed has boosted the bottom line of users, helping them get back 10 percent of their annual income:
- Tax Savings: Users find on average $4,340 in potential tax savings per year. These deductions could cut their tax bill by 36 percent. In total, over $1.1 billion in potential deductions have been found using QuickBooks Self-Employed.
- Mileage Deductions: Users log an average of $7,393 in potential mileage deductions per year, and find on average 45 percent more potential deductions by logging miles. In total, users have logged over $125 million in potential mileage deductions.
- Home Office Deductions: Users find an average of $819 in potential home office deductions each year. In total, users have found over $39 million in potential home office deductions.
“From drivers, to designers, to management consultants, there’s a new movement of people embracing the opportunity to be their own boss,” said Alex Chriss, vice president and head of Self-Employed Solutions at Intuit. “At Intuit, we’re committed to putting money back in the pockets of hard working self-employed people around the world. We want to celebrate self-employed people for taking control of their lives, finding new opportunities to supplement their income, and owning their financial future. QuickBooks Self-Employed is tailor-made to help this new generation of entrepreneurs maximize their potential.”
The Next Phase of Empowering the Self-Employed Movement
Today, Intuit outlined the next phase of serving this growing segment with global launches of the QuickBooks Self-Employed mobile app and new features that make it easier for self-employed people to manage their cash flow.
- Getting Paid Faster: One of the best ways to boost cash flow is to ensure money owed comes in on time and as expected. That’s why Intuit has added web and mobile invoicing functionality so that users can easily create a professional invoice with a few clicks within the mobile app, and then immediately send it to a customer. The new feature includes SmartInvoice, which notifies users about what’s happening with their invoices every step of the way, so that they know immediately when a customer views and pays an invoice.
- Tax Deductions at the Click of a Button: Thanks to a seamless integration with TurboTax Online, QuickBooks Self-Employed users in the U.S. can avoid tax-time surprises and maximize their deductions. QuickBooks Self-Employed auto-categorizes Internal Revenue Service Schedule C deductions so that users can file quarterly and year-end taxes in TurboTax with the click of a button.
- Activating Intuit’s Accountant Network: Intuit is also delivering integrated QuickBooks Self-Employed and QuickBooks Online Accountant, dramatically streamlining the process for self-employed people to work with an accountant, bookkeeper or tax professional. Read more about the QuickBooks Online Account Integration here.
- Mobile-First Global Expansion: Self-employed people around the world are on-the-go, and need to be able to keep tabs on their business at a moments’ notice. That’s why Intuit is building on the U.S. success by launching the QuickBooks Self-Employed mobile app in the UK and Australia, with other countries to follow soon. The full-featured app enables freelancers to create and send invoices, automatically track and log mileage, and keep a record of every receipt with a quick snap of the phone camera.
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