Working at home on your own schedule can be both a tremendously fulfilling and frustrating experience for novice and seasoned solo entrepreneurs alike. Whether you’re a freelancer for multiple companies or running your own business, juggling multiple sources of income, accounting for countless expense categories, and figuring out your estimated quarterly tax payments can be a headache.
Fortunately, there’s a new software program designed to change all that, and that’s bSolo. Launched in July 2018, bSolo is made just for solo entrepreneurs, or “soloists”, who want to simplify their tax payments and streamline their business operations.
Specifically, bSolo specializes in quarterly tax payment planning, which is often a source of confusion for many entrepreneurs who don’t know whether they’re overestimating or underestimating how much money they owe the IRS.
If you’ve been waiting for a tax software program made just for solo entrepreneurs, independent contractors, and freelancers with multiple side gigs, then here’s a couple reasons to consider adding bSolo to your small business toolkit.
Challenges of Solo Entrepreneurship
There are more than 57 million Americans who work independently nowadays. But, the popularity of solo entrepreneurship doesn’t correlate with easier tax management. On the contrary, accounting for freelancers is oftentimes much more difficult than it is for regular employees. That’s because you have to estimate what your income, Social Security, and Medicare taxes will be.
You also have to plan for retirement on your own, and track of every receipt related to your business for tax write-off opportunities.
When it comes to quarterly taxes, you have to make sure you have enough funds in the bank for each payment and you have to accurately assess how much you owe the IRS so you don’t face underpayment penalties.
If you have an irregular income for many months out of the year, then how could you possibly stay on top of your tax payments without falling into the red? This is where bSolo comes in.
Make Quarterly Taxes Easier Again with bSolo
bSolo takes the guesswork out of estimated quarterly tax payments by automating your savings, paying the IRS on your behalf, and giving you a detailed glimpse into the calculations that determine how much you owe in taxes.
The automated savings option is particularly advantageous for anyone with an untaxed income stream. bSolo withholds a portion of this income for you and diverts it into an FDIC-insured savings account to eventually pass along to the IRS as your next quarterly payment.
Since many business owners and freelancers typically struggle with regularly saving for both short- and long-term financial needs, bSolo presents an excellent opportunity to get the peace of mind you’ve been waiting for when it comes to tax preparation and planning.
Customizable Tax Planning
bSolo is designed for relatively autonomous operating, but you still have the option to make manual adjustments, if you’d prefer. For instance, you can set alternative payment deadlines and manually submit tax payments on your own.
You can also adjust your tax withholding settings based on your income tax bracket. So, if you’re making significantly more or less money than usual, you won’t have to worry about under or overpaying when it comes to your next quarterly tax payment.
bSolo also has an income detection option, which notifies you whenever a deposit arrives in your account. From there, you can affirm that that income is truly self-employment income. Or, you can instruct bSolo to ignore that particular deposit. This prevents bSolo from diverting a portion of the funds into your tax savings account.
If you run into bumps along the road and need to withdraw funds from your account or delay a payment, then bSolo can offer you customized suggestions for getting your business back on track.
Should You Start Using bSolo?
Anyone who is currently on a quarterly tax payment schedule could benefit from bSolo’s tax automation software. It costs just $12.99/month or $34.99/quarter to access all of the benefits bSolo has to offer. That including automated withholdings, automated and timely payments to the IRS, income detection notifications, and so much more.
You do still need to file tax returns on your own, but bSolo undoubtedly makes solo entrepreneurship so much easier when it comes to managing the complex financials of your business. If you work for yourself, have a personal bank account, and want to save time and effort when it comes to quarterly taxes, then bSolo might be the solution you’ve been waiting for.