Self-Employed? Here’s How to Give Yourself a Raise
October 25 2016 - 8:30AM
Business Wire
QuickBooks Self-Employed Users Get Back 10
Percent of Annual Income
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 IRS 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
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161025005100/en/
Intuit Inc.Steve Sharpe,
650-224-2362Stephen_Sharpe@intuit.comorAccess Emanate
CommunicationsJen Garcia, 415-844-6244jgarcia@accesspr.com
Intuit (NASDAQ:INTU)
Historical Stock Chart
From Aug 2024 to Sep 2024
Intuit (NASDAQ:INTU)
Historical Stock Chart
From Sep 2023 to Sep 2024