Filing Taxes with Money Pro
When can I start filing my taxes in Money Pro?
The "File Taxes" button will be available on the Money Pro "Taxes" page starting January 1, 2024. The IRS opens for filing on January 29, 2024, which is the official day you can start submitting your tax returns.
What filing year does my Money Pro subscription cover?
If you purchased Money Pro in 2023 and have tagged all your business expenses, income, and mileage, you can file your 2023 taxes during the 2024 tax season — provided you have an active Money Pro subscription.
Am I required to file my taxes through Money Pro?
No, you are not required to file your taxes through Money Pro. You have access to various tax reports, which allow you to file your taxes in any way you choose.
Can I file my business and personal taxes with Money Pro?
Yes, Money Pro/Column Tax supports single-member LLCs, meaning you can file both your personal taxes and business taxes (Schedule C) through the platform.
Does Money Pro/Column Tax support multimember LLCs, S-Corps, or C-Corps?
No, Money Pro/Column Tax only supports single-member LLCs for personal and business taxes (Schedule C).
Will I be able to file my taxes late this year if I request an extension from the IRS?
No, Money Pro does not currently support filing taxes after the deadline, even if you’ve requested an extension from the IRS.
Tax Filing Process with Money Pro
How do my expense deductions get included in my tax filing?
When you file taxes through Money Pro, all of your data is automatically imported into Column Tax. Business expenses you’ve entered and categorized in Money Pro are already identified as tax deductions.
What tax reports are available to me?
The following reports are accessible under the "Taxes" section in Money Pro:
Schedule C
Tax Details (for Tax Filing)
How can I reduce my tax bill?
Make sure all 2023 business activity, including expenses, mileage, and quarterly tax payments, are entered in Money Pro. If you haven’t tagged your expenses, you can link your bank account or credit card to import them and quickly tag them as business expenses.
Is ZenBusiness filing my business taxes for me?
No, Column Tax, in partnership with Money Pro, will handle filing your taxes if you have a subscription.
Important Tax Filing Dates
What are the important filing dates for the 2023 Tax Year (in 2024)?
January 4, 2024: Money Pro/Column Tax portal opens for users.
January 29, 2024: IRS opens for 2023 tax filings.
April 15, 2024: IRS tax filing deadline.
October 16, 2024: Extension filing deadline (for those who filed for an extension).
Tax Payments
How do I add a tax payment in Money Pro?
With Money Pro, you can track the tax payments you make throughout the year, so your tax estimates can be as accurate as possible. By tracking your tax payments, the Taxes screen will reflect how much you’ve paid and how much you still owe.
There are two main ways to track your tax payments:
Manually add your tax payments:
Navigate to the Taxes page.
Select “+Tax Payment.”
From there, you can add the payment and complete the details like whether it’s a federal or state payment, which quarter it is for, and the amount of the payment.
Mark an expense as a tax payment:
On the Expenses page, you can do this by selecting the expense and checking the box that says “This is a Tax Payment.”
Fees, Refunds, and Status Tracking
What fees are included in my Money Pro subscription when it comes to filing taxes?
Money Pro covers the federal filing fee and one state filing fee.
How long does it take to get a refund?
Most refunds are issued within 21 calendar days.
How will I know if my tax filing has been accepted?
You will receive an email from Column Tax confirming whether your filing has been accepted or rejected. Expect this notification within 24 to 48 hours of submission.
How can I check the status of my tax filing?
You can sign into the Column Tax website to check both your return status and the amount refunded or owed.
General Tax Information
Does Money Pro file my taxes for me?
Tax filing is provided as a DIY service through Column Tax. ZenBusiness doesn't offer human-assisted services to guide you through the filing process or answer specific tax questions. However, ZenBusiness can assist with accessing the Money Pro Taxes page if you encounter issues.
Customers who have purchased Money Pro receive free annual tax filing for individuals who file as self-employed through Column Tax. This includes filing federal taxes and one state tax return.
Do I still need a CPA to help file my taxes if I have Money Pro?
No, you are not required to work with a CPA. However, it is recommended, as ZenBusiness cannot provide legal or tax advice. ZenBusiness has partnered with 1-800Accountant to offer additional tax support, including Unlimited Tax Advice and Unlimited Tax Advice + Annual Filing. More information is available on the Tax Services page in your ZenBusiness account.
Will someone be able to help me if I have problems with taxes?
ZenBusiness can assist with issues related to Money Pro, but for problems with tax filings or issues after submission to the IRS, you’ll need to work with Column Tax (if you used it to file) or a tax professional.
Business Tax Considerations
What are the tax benefits of an LLC vs. Sole Proprietor?
LLCs are taxed as sole proprietorships by default. In some cases, it may be advantageous to elect corporate tax status. Consult a CPA to determine the best option for your situation.
What are the tax implications of having an S-Corp status?
Consult a CPA to understand if an S-Corp election would benefit your LLC. Working with 1-800Accountant is highly recommended if you have an S-Corp, C-Corp, or multi-member LLC.
How do I pay myself as an LLC owner?
For a single-member LLC, you typically pay yourself through an owner’s draw. Multi-member LLC owners can pay themselves through an owner’s draw or guaranteed payments. If taxed as an S-Corp, you'll need to pay yourself a salary. All methods have tax implications, so consult a tax professional.
What are the tax implications of having a spouse/partner as another owner?
If you hire family members, different employment tax rules may apply. You can read more about this on the IRS website: Married Couples in Business.
Tax benefits of putting a rental property under an LLC?
Consult a CPA to explore the tax benefits of placing a rental property under an LLC.
When do I have to start paying taxes for my business?
You pay taxes on business income, so once you start generating revenue, you need to consider making tax payments, either on an estimated basis or with your annual return. Speak to a CPA to understand your tax obligations.
Timing of starting an LLC regarding taxes? Is there a better time of year?
The best time to start an LLC depends on your preparation. Many people prefer to start in January to align with the new tax year, but it’s not mandatory.
Vehicle and Expense Deductions
Can I claim my current vehicle as a business vehicle?
You may be able to deduct mileage if you use your personal vehicle for business purposes. The 2023 tax rate is 65.5 cents per mile. It's best to discuss this with a tax professional to confirm your eligibility.
What business expenses can I write off?
Here are 10 common business expenses you may be able to write off:
Marketing & Advertising
Tools & Equipment
Travel
Education & Training
Health Insurance
Business Insurance
Professional Services
Mileage
Meals & Entertainment
Tax Filing and Payments
What forms do I need to file my taxes?
Some common tax forms for self-employed individuals include:
Schedule C: Report business income and deductible expenses.
Schedule SE: Calculate self-employment taxes.
Schedule K-1: Report pass-through income from partnerships, S-Corps, or rental properties.
1099: Report non-employee income.
Will I receive a W-2 or a 1099?
If you receive a W-2, you're an employee and income taxes are usually withheld.
If you receive a 1099, you're an independent contractor and need to plan for self-employment taxes.
If you receive a K-1, you're an owner in a pass-through entity (e.g., LLC, LLP) and need to plan for taxes if the business is profitable.
What’s the current self-employment tax rate?
Self-employment tax consists of:
12.4% for Social Security
2.9% for Medicare
Total: 15.3% (for informational purposes only).
How do I know if I should pay taxes quarterly or annually?
While you're required to pay taxes annually by the IRS filing deadline, if you earn above a certain amount in 1099 income, it’s recommended to make quarterly estimated tax payments to avoid penalties.
What are estimated taxes?
Estimated taxes are recommended for those earning significant 1099 income. You should make quarterly payments to avoid IRS penalties. Money Pro helps calculate these estimates in real-time.
What are the tax quarters and when are payments due?
Q1: January - March (Payment due mid-April)
Q2: April - May (Payment due mid-June)
Q3: June - August (Payment due mid-September)
Q4: September - December (Payment due mid-January)
Additional Tax Topics
If I have already been operating and receiving payments, can I backdate the income to count under the LLC for taxes?
Consult a CPA to discuss whether it is possible to backdate income to count under your LLC for tax purposes.
How are my taxes calculated by ZenBusiness?
ZenBusiness’s tax engine calculates your estimated tax liability based on federal and state tax rates. These estimates are calculated from the income and expenses you track in Money Pro