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Research >> SoftwareManagementTools >> Freshbooks Review, Features, and Alternatives >> Can FreshBooks Do Taxes?
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Can FreshBooks Do Taxes?

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FreshBooks will help you with everything you need when tax time comes knocking at your door. There are two ways to do taxes with FreshBooks.

First, use FreshBooks with your accountant and the second is to integrate your FreshBooks account to an accounting application with taxing preparation and filing features.

The FreshBooks all-new accounting software would help you to control of your accounting needs. It now offers industry-standard double-entry accounting to get even more control over your tax business’s finances.

While many of your clients may love FreshBooks’ simple single-entry option, tax businesses can take advantage of advanced data and insights plus more precise, industry-standard features.

FreshBooks still makes it easy to whip off invoices and accept payments online and would make reconciling all your expenditures and income intact and organized.

With the FreshBooks app you can manage your tax business’s accounting on the go You’ll be able to send professional invoices from the road and check the status of payments.

Tax preparers need small business accounting software that lets them track billable hours and send invoices quickly and easily.

FreshBooks saves tax preparation experts time and money with its powerful, intuitive cloud-based accounting software that would get the job done faster.

Tax season is one of the busy and hectic time of the year for small business owners. But with FreshBooks, almost all reports can help. You can use these as a head start to get familiarized with your taxes and be able to keep track and fix them a little earlier.

FreshBooks would be here to make it a lot easier for you when tax season comes.

How to use FreshBooks in preparation for tax filing season.

Tax time shouldn’t be a grueling feat for you. Here’s how FreshBooks help you prepare and triumph at this time of the year.

Here are two ways to make it work for you with the help of FreshBooks for your tax.

Work with an accountant to keep your books in order.

FreshBooks also has industry-standard double-entry accounting.  It would come very useful when you work with an accountant. You’ll have these reports ready in your FreshBooks account.

Trial Balance- It would help your accountant spot any discrepancies in your books, allow you to produce financial statements, and ensures that your accounts balance out for a given time. Balance Sheet is a record of your business’ financial position on a given day, usually calculated at the end of the quarter or year.

General Ledger- Would show you the details of every transaction going in and out of your accounts.

Chart of Accounts- is a unique list of a business’ accounts, organized by assets, liabilities, income, and expenses.

Be sure you have W2s ready when it comes to your employees and 1099 for your contractors that need to have their taxes ready too.

If you’re using a payroll software, you can connect to FreshBooks so all your payroll expenses are tracked, and you can be sure your employee taxes are in order!

You can also invite your accountant or bookkeeper to your FreshBooks account. They could help review your records to make sure they balance or enter transactions.

Integrate with an accounting app with tax prep and filing handled for you.

There are three tested tax help integration with FreshBooks. These are with Bench, Yearli, and Hurdlr. 

Bench

Bench

Bench gives you a professional bookkeeper for an affordable price and it’s a powerful financial reporting software with zero learning curve.

Bench would do all your bookkeeping for you and you’ll be paired with a dedicated expert who knows your business and would be you through and through.

BenchTax connects you to a licensed Taxfyle expert, trained by Bench. It’s tax filing, every deduction you deserve, and your hassle-free tax season done for you all by them!

Where to buy:

Yearli

Yearli

Yearli would make it easy to use data from FreshBooks to file your 1099-MISC forms.

Yearli is a W-2, 1099 & 1095 (ACA) filing program for businesses of all sizes. Yearli is a complete federal, state, and recipient W-2, 1099, and 1095 filing program designed to generate, file, print, and mail all related forms.

How it Works With FreshBooks?

We’ve made it easy to use FreshBooks to file your 1099-MISC forms. Simply create a Yearli account, import your data directly from FreshBooks, review your data, and checkout. It’s that simple. We’ll file your forms to the IRS, applicable state agency, and send copies to your recipients.

Steps to Connect:

  1. Log in or create a Yearli account
  2. Enter Data or Import Directly from FreshBooks to Yearli
  3. Validate Data and Checkout
  4. Yearli files to the IRS/SSA, applicable state agency, and sends copies to recipients (email, print/mail & postage).
Where to buy:

Hurdlr

Hurdlr

Hurdlr tax app integrates with FreshBooks for tax estimates, deductions, and filing. Self-employed income taxes are both easy with Hurdlr and FreshBooks.

Hurdlr helps self-employed freelancers, small business owners and independent contractors like you easily stay on top of your income taxes. With real-time income tax estimates, auto mileage tracking, expense deduction capturing, and integrated tax filing, we make taxes easy for you.

How it Works With FreshBooks?

Hurdlr would track all of your FreshBooks payments, expenses, and tax deductions in real-time thus saving you a lot of time and maximizing your income.

How To Get Started with Hurdlr?

Desktop:

  • Open an account with Hurdlr and it will automatically create an account for your business using your FreshBooks account info.
  • You’ll then be taken straight into your new account, which is already synced with your FreshBooks account, including prior payments and expenses.
  • You could now enjoy its service!

Mobile:

  • Go to Hurdlr’s Apple App Store or Google Play.
  • Simply download the Hurdlr app, and as soon as you open the app, you’ll be automatically logged into your new account, which is already synced with your FreshBooks account, including prior payments and expenses
Where to buy:

FreshBooks Quarterly Taxes

Using FreshBooks Quarterly Taxes help are great for freelancers. As compared to W-2 employees, a freelancer needs to cover his or her payroll taxes and also his or her additional employment tax.

What is quarterly taxes?

Quarterly taxes are the methods used to pay tax on income that’s not subject to withholding.

The Quarterly estimates tax is due every 15th of April, June, September, and the 15th of January of the following year. If these dates fall on a Saturday, Sunday, or legal holiday, the payment would be due on the next business day.

You could mail your quarterly estimates to the IRS using the vouchers included with Form 1040-ES, or pay online using IRS Direct Pay.

Who must also pay quarterly tax?

Individuals that are sole proprietors, partners, and S corporation shareholders generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed.

You could be penalized if you don’t pay enough tax. You may also be likewise charged a penalty if your estimated tax payments are late, even if you have a refund at the end of the year.

These quarterly estimated tax payments could be difficult if you’re dealing with a variable income especially if your new at freelancing. You must be consistent in tracking all your income and expenses and setting aside tax payments can make it easier and lighter for you when tax time comes.

Along the way, individuals who need to pay quarterly taxes would get the hang of it and much easier with the help of FreshBooks.

After Thoughts

One of the less anticipated times of the year is the tax season. But every earning individual just has to go through it and get it done as easily as they could.

Freshbooks would ensure that you would track your income and expenses accurately. You’ll be able to do that at tax time since you’ve been ready all year round.

Keeping your financials sound and healthy is the FreshBooks way!


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