TurboTax Introduces First Tax Preparation Product Designed for 55 Million Self-Employed Americans
December 15 2016 - 9:00AM
Business Wire
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.
Information on self-employment tax tips and deductions is
available on the TurboTax blog.
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20161215005330/en/
Intuit Inc.Debra Hammer,
858-215-7568Debra_hammer@intuit.comStephen Sharpe,
650-224-2362Stephen_sharpe@intuit.com
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