How to Prepare and File Tax Returns on QuickBooks

QuickBooks is helpful to save your valuable time and efforts at tax time by allowing you to create accurate annual reports on your business profit and loss, revenue, payables and more. If you’re a business professional and want to prepare and file taxes on your own, then you can make QuickBooks online tax preparation with the TurboTax, which is a tax preparation program provided by the Intuit. It saves the data in an accessible format and makes sure that all your included credits and deductions information is accurate. Check the given steps to prepare and file business taxes.

Company Settings

While you first set up QuickBooks, the instructions wizard prompts you to choose the tax filing status where each status uses a separate form. Organizations can use the Form 1120, a Sole Proprietor can use Form 1040, and small corporations can use Form 1120S. The selection you make in the tax preparation affects the method QuickBooks accomplishes your tax lines. As well, by choosing the correct tax filing status in the setup menu, other accounts that you want for different kinds of businesses get added to the Accounts Charts.

Chart of Accounts

The Charts of Accounts includes all of your incomes and expenses of accounts and offers quick access to get registered. Ensure you set up each account to apply the exact tax line. You should contact with an accountant to make sure you choose the correct lines. The tax lines let you make reports that make it quicker to export the data into an external tax preparation program or offer to the accountant.

Payroll Tax Forms

Submitting the payroll tax returns to the correct state or federal organization gives you an important part of the tax management plan. You can submit a payroll tax form when you type your expenses, paychecks and individual contractor details in the Employees Center. Access the Process Payrolls option under the Payroll Center and then choose the kind of form you need to process. QuickBooks checks for the errors automatically and warns you before you try to send the details to the right tax agency.

Create Tax Reports

The Reports Center offers all necessary forms that let you make reports for the account or help you enter the information manually into the tax forms of your business. The Sales Tax Liability Report lets you see how much tax you owe before you complete the process. By accessing reports, you can analysis the transactions in the account and fix any omissions or errors before trying to complete your taxes with the help of tax software or an accountant.

Tax Software

TurboTax, Pro-Series, or TurboTax Business, programs all offer import options for the tax filing with QuickBooks. When you have verified your reports and submitted the payroll details with it, you can use any of the tax programs to import a file and decrease the workload while inputting your financial info. Intuit offers these programs along with the QuickBooks program to deliver a tax solution that runs in the business. TurboTax is the best-fit program for those who don’t have much tax preparation experience.

Note that if you get any difficulties in filing tax or import your business data into the tax software, then you can get the quick resolution by just calling at the Intuit customer care number.