QuickBooks Can Help

Whether you prepare your own tax returns or simply gather information for a professional, QuickBooks can help you save time and minimize your tax bill. When it is time to file your return, QuickBooks data can be imported directly into our TurboTax business or ProSeries tax preparation products-improving accuracy and reducing data entry. Good record keeping is essential to the long-term viability of your business. With QuickBooks you can pull together your tax information quickly and easily to help make sure you don't underpay or overpay your taxes.

To track income tax-related transactions in QuickBooks, each tax-related account must have a tax line assignment. The accuracy of the tax reports depends on whether each tax-related account has the right tax line assignment. Most of your accounts will automatically have tax line assignments if you went through the EasyStep Interview to set up your company file. The default tax line assignments have been expanded to include Balance Sheet accounts for business tax products. The Income Tax Preparation Report shows the tax line associated with each account in your chart of accounts. Be sure to review these tax line assignments, and edit if necessary, before generating the income tax summary or income tax detail report.