What You'll Do
Choose the Correct Income Tax Form
Assign Tax Lines
Use the Income Tax Summary Report
Use the Income Tax Detail Report
Make Estimated Tax Payments
Create a Tax Return
Whether your company is a corporation, partnership, proprietorship, or not-for-profit, you need to prepare income tax returns at the end of each year. The government requires that you report a summary of your income and expenses for the year, andalthough it doesn't produce income tax returnsQuickBooks does provide all the information you need to prepare the forms yourself or have someone else prepare your tax returns for you using QuickBooks data.
In this chapter you'll learn how to set up your accounts so the numbers feed into the proper place on tax reports. You'll see the tax reports that you can produce in QuickBooks, and you'll also learn how to record estimated tax payments and how QuickBooks ties in with TurboTax income tax software.