GoBootstrap.com Eases Pain of Tax Time for Self-Employed People

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New features added to "dead simple" online bookkeeping software make it easy to prepare 1099s and categorize expenses for 2008 Schedule C tax forms.

GoBootstrap can tell you for whom to file a 1099, and by which date.

One business hassle that often gets overlooked right about now is the requirement to file 1099s for independent contractors to whom you've paid more than $600. It's especially hard to keep track of the three different filing deadlines

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GoBootstrap.com just added two new features designed to make like easier for entrepreneurs this tax season. First, users of its free and simple online bookkeeping software can now generate a Schedule C report that takes their categorized expenses for the year and generates a ready-to-go IRS form. Second, with the February 2 deadline for filing 1099 forms for independent contractors approaching, GoBootstrap customers can now see at a glance for whom they have to file a 1099, and by what date.

In these harsh economic times, more and more people are turning to self-employment as a means of supporting their families and gaining financial independence. But being self-employed adds the significant burden of personally managing the tax reporting and filing aspects of a business. Bootstrap is an extremely simple-to-use web service that helps self-employed people, work-at-home people, sole proprietors and micro-businesses track income and expenses, pay estimated taxes on time, and see how their business is doing.

"One business hassle that often gets overlooked right about now is the requirement to file 1099s for independent contractors to whom you've paid more than $600. It's especially hard to keep track of the three different filing deadlines," says Kevin Reeth, co-founder and CEO of GoBootstrap.com. "GoBootstrap.com helps you track those contractor payments and then tells you who should get a 1099, and by when.

"We've also automated more of the year-end tax crunch. Just track your income and expenses in our free online service and we'll provide you with a preview of your Schedule C tax form. Plus, if you're unsure whether an expense is deductible or not, simply choose the 'Not sure' category and leave it for your accountant or bookkeeper to review later so you don't miss out on any deductions."

Handy links:

Key features:

  • Easily track business income, invoices, payments. FreshBooks integration included.
  • Web-based: works equally well on all platforms. Even Mac.
  • Track expenses and never miss another business deduction. Match expenses with easy-to-understand expense categories. Flag expenses you're not sure about for discussion with your accountant or bookkeeper.
  • Get a detailed breakdown of income and expenses, by category.
  • See how much profit you're making: by month, quarter or year.
  • Stay on top of 1099 forms for contractors and freelancers.
  • Receive reminders for quarterly tax deadlines.
  • See how the quarterly tax estimates are calculated, including self-employment taxes.
  • Export your information at any level of detail into a spreadsheet.

About GoBootstrap.com
GoBootstrap is a very simple-to-use web service that helps you track income and expenses, pay estimated taxes on time, and see how your business is doing. It's perfect for self-employed individuals, work-at-home people, sole proprietors, micro-businesses and anyone that files a Schedule C tax return. GoBootstrap was designed by former Intuit employees who realized that existing personal finance and small-business finance applications simply don't address the needs of self-employed people. GoBootstrap is completely web-based, safe, and secure. Above all, it is designed expressly for people who have minimal computer skills and hate doing their taxes. On the web at http://gobootstrap.com/.

Contact:
Tim Cox | ZingPR
(650) 369-7784
tim @ zingpr.com

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Tim Cox
Zing PR
650-369-7784
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