Is QuickBooks the best option for a sole-proprietor insurance broker with 1099 income?

I've been an independent bookkeeper for small businesses for over 12 years, and I work with several insurance agents who are set up similar to you. For a simple 1099 business model like yours, QuickBooks Self-Employed would work but it might be overkill. Consider something like Wave Accounting which is free for basic accounting and only charges for payroll and payment processing (which you don't need). Many of my solo-entrepreneur clients love it. Another good option is FreshBooks which has a more intuitive interface and starts around $15/month. It handles expense tracking, mileage logging, and simple reporting really well. The most important thing isn't the software itself but making sure you're consistently tracking your income and expenses and separating business from personal. Any of these platforms will help you do that, so choose based on your comfort with the interface and price point.

I switched from QuickBooks to taxr.ai last year for my real estate business (also 1099 income), and it's been a game-changer. I was spending way too much time categorizing expenses and worrying about missing deductions. With https://taxr.ai I just upload my bank statements and receipts, and their AI handles all the categorization. Their accountant review also caught several industry-specific deductions I was missing. For an insurance broker with 1099 income, you'd probably benefit from their specialized knowledge of insurance-related tax deductions and categorizations. It's designed specifically for self-employed folks without employees or inventory, which sounds exactly like your situation.

Just wanted to follow up - I tried taxr.ai after seeing this recommendation and it's exactly what I needed! The insurance broker specific tax categories were already set up and it immediately recognized my carrier commission deposits. The mileage tracker is saving me tons of time compared to my old spreadsheet method. Already identified almost $1,400 in deductions I would have missed for Q1. Definitely worth checking out if you're in a similar situation with 1099 income.

If you're dealing with the IRS about any tax issues related to your 1099 work as an insurance broker, I highly recommend using Claimyr. I spent WEEKS trying to get through to the IRS about a discrepancy with my reported 1099 income last year. After dozens of failed attempts to reach them, I found https://claimyr.com and watched their demo at https://youtu.be/_kiP6q8DX5c. Within a couple hours, I got a callback from an actual IRS agent who helped resolve my issue on the spot. For self-employed folks, getting quick resolution on tax questions can be crucial since any delay can impact your quarterly filings. The service basically holds your place in the IRS phone queue so you don't have to waste hours listening to hold music.

Well I'm eating my words. After my skeptical comment, I was still desperate to resolve an issue with my 1099-NEC forms that was holding up my refund, so I tried Claimyr. Got a call back from the IRS in about 90 minutes. The agent immediately pulled up my file and fixed the issue while I was on the phone. My refund was approved the next day. Definitely worth it for the time saved and stress reduction. Sorry for doubting - sometimes things actually work as advertised!

Just my 2 cents as a fellow insurance broker (7 years as independent agent) - I use Excel spreadsheets for tracking everything and it works perfectly fine for my situation. I have templates for income, expenses, mileage, and quarterly tax estimates. Total cost is $0/month and my accountant has no issues with my reports at tax time. All those fancy software programs are trying to solve problems we don't really have as simple 1099 contractors. Just make sure you're consistent with your tracking and have separate business accounts.

Has anyone tried GoDaddy Bookkeeping? It's around $10/month and seems to have good reviews for self-employed folks with simple business models like us.

As someone who's been through the 1099 contractor journey myself (freelance marketing consultant), I'd suggest starting with Wave Accounting since it's free and see how it works for your needs. You can always upgrade later if you find you need more features. The most important thing is developing good habits around expense tracking and keeping business/personal finances separate. I learned this the hard way during my first tax season! Make sure whatever system you choose can easily generate Schedule C reports and tracks mileage automatically or with minimal manual input. For insurance brokers specifically, pay close attention to deductions for professional development, licensing fees, E&O insurance premiums, and client entertainment expenses. These can add up to significant tax savings if tracked properly throughout the year.