I am self employed with 1099 income. Do I need the home business version or can I use premier?

Self employed ...what version is recommended

Answers

  • volvogirl
    volvogirl SuperUser ✭✭✭✭
    I just use Premier but you probably should use Home & Business.  Mine is pretty simple and I enter everything manually and manually enter into Turbo Tax for my tax return.

    You should set up business categories. Make sure to assign them to a schedule C line item number so they show up as business categories. I don't know what categories you would need but my husband is a Land Surveyor.  Here's how I set mine up (I also put the Schedule C line number in as part of the name)...
    Survey Income
    Survey Expenses
     ……..11 Labor
     ……..18 Office Expense
     ……..20 Equip Rent
     ……..22 Supplies
     ……..24a Travel
     ……..27 Other - Printing
     ……..27 Other - Small Tools

    I made the expenses sub-categories of the main Survey Expense category.

    Also I use Tags  for each job.  Then when I run a report I can sort it by job.  So an expense entry might look like this…
    Survey Expenses:22 Supplies/Maple Street

    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.


    Business features in Home & Business 

    https://www.quicken.com/support/business-features-quicken-home-business


  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Hi @jfierce,

    In order to determine which version you need, you should consider the following questions:

    •  What type of business do you have?  Are you a service provider, a retailer/wholesaler, manufacturer or something else?
    • Do you need to create bills/invoices to be paid, or do you simply submit a time sheet or other document to support your work?
    • Do you need to track inventory and or material/supplies?
    • Do you have employees or subcontractors that you pay?
    • Do you need to collect and submit sales taxes?
    • Will you be required to prepare financial statements, or other reporting to outside parties, such as state or local agencies?

    I would say that the more yes answers to the above (especially the ones in italics), the more reasons to use the Home & Business / Rental Property version.


    Let me know if you have any followups.

    Frankx


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  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Tell us about your accounting/bookkeeping needs.
    • Do you have employees?
    • Do you carry inventory for resale?
    • What type of work do you actually do?
    • Do you accept credit cards for payment?
    • Do you create an invoice for each business encounter?
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  • jfierce
    jfierce Member
    Thanks a lot for all of the input. Im an independent contractor (sales rep but not a W2 employee). with no employees and no inventory. I maintain an office and have expenses related to that...advertising, office supplies, licensing fees...etc. I don't have inventory and I don't send invoices. I do file a schedule C.
  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    HI again @jfierce,

    Thanks for the additional information.  In case you haven't already reviewed it, here's some additional information ( please go to this LINK) which has the various tiers and features of each.

     Based on your additional input, I would suggest that you use use either the Premier or Home & Business tier.  You'll see that there are a number of features of H&B that you don't need and won't use, but there are a couple features (like tracking your P&L and the Schedule C reporting - which is the IRS tax form you'll be using) that you might want.

    Let me know if you have any additional questions, and good luck going forward!

    Frankx 


                           Quicken H&B-Subscription Ver. 34.24 - Windows 10-Home Ver. 2004
                                             - - - - Quicken User since 1984 - - - 
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  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    My 1st (now deceased) wife and I each had consulting businesses.  Hers was focused on company strategy and planning,  and mine was systems.
    We, like you, had no employees & no inventory and our expenses were comparable to yours.
    As the family bookkeeper, I used H&B to track the income  of both of our businesses in a single data file, along with our personal finances.
    I didn't use ALL of the features of H&B, but I used enough of them (including the Mileage Tracker) to make the extra  expense (vs. Premier) worthwhile to me.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
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  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    Personally I think anything over Deluxe is "extra" for this kind of business.
    I do software consulting and get a 1099 from one client (but the number of clients/1099s isn't important).

    I do send a monthly invoice, but for that I just use an Excel spreadsheet.
    This is assuming you aren't working on accrued basis.

    Entering business expenses and such is nothing more than using categories that are associated with schedule C tax lines.

    I'm currently using Premier, but have used Deluxe in the past.  There are a few more tax reports in Premier, but everything you need is in Deluxe in the tax schedule report.
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