I upgraded from Deluxe to Home & Business. I don't have a business income category

danielbbrooks · January 2020

I need a place to put my business income that will acoount for self employment tax of 15.3% so that i know how much to send in. I was using QBSE which did it automatically but it crashed in the cloud and I'm done with that. Quicken was nice and gave me an upgrade. I just need to have a category for the income that calculates the tax obligation.

volvogirl · January 2020

Well it won't do the calculation. And the 15.3% self employment tax is not on the income but on your Net Profit after expenses. I don't have Home & Business but there should be a Income category for business. Or you can add one.

One thing I know is......

To be included in business reports (and I don't know where else) you have to assign the category to a schedule C tax line item number. To check the tax line assignment open the Category list by either clicking on the Category Icon or go to Tools-Category List or Ctrl+Shift+C. Then select the category and 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.

volvogirl · January 2020

Well it won't do the calculation. And the 15.3% self employment tax is not on the income but on your Net Profit after expenses. I don't have Home & Business but there should be a Income category for business. Or you can add one.

One thing I know is......

To be included in business reports (and I don't know where else) you have to assign the category to a schedule C tax line item number. To check the tax line assignment open the Category list by either clicking on the Category Icon or go to Tools-Category List or Ctrl+Shift+C. Then select the category and 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.

I upgraded from Deluxe to Home & Business. I don't have a business income category

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