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TurboTax Introduces First Tax Preparation Product Designed for 55 Million Self-Employed Americans
TurboTax Self-Employed Helps Find Deductions, Save Money and through Integration with QuickBooks Self-Employed, Track Finances Year-Round
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:
- SmartLook™: Provides customers with priority access to a live, one-way video connection to a TurboTax expert and CPAs or Enrolled Agents who specialize in self-employment taxes and can offer personalized, real-time answers to their tax questions – at no additional cost. Customers can also schedule an appointment with an agent at a time and date that works best for them.
- ExpenseFinder™: Finds deductible business expenses that self-employed may not know they can claim, saving them money. It proactively uncovers business expenses by securely gathering and automatically scanning bank accounts and credit card transactions and recommending potential deductible business expenses. Customers then confirm which expenses apply to their business to help them get every deduction they deserve.
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:
- Expense Tracker: Tracks and categorizes expenses in real time throughout the year. Users find on average $4,340 in potential tax savings per year, cutting their tax bill by up to 36 percent. In total, QuickBooks Self-Employed has uncovered over $1.1 billion in potential deductions.
- Mileage Tracker: Tracks miles automatically and logs trips right from a mobile phone. Users log an average of $7,393 in potential mileage deductions per year, finding an average 45 percent more potential deductions by logging miles.
- Receipt Capture: With a snap of a picture, receipts are stored for easy access to proof of expenses.
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.