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How to prepare your business Taxes using QuickBooks?

 Posted by quickbook Support on Sep 26, 2018

QuickBooks is a versatile accounting application with an emphasis on precision while generating end of year reports. This attribute of this accounting application allows the users to prepare accurate business taxes. Therefore, in order to fill the taxes, you need to properly prepare the end-of-year repots and create a copy of the books for the accountant.

To perform these two processes in a streamlined fashion, confer to the below steps presented to you by the expert of QuickBooks Support USA

Preparing an end-Of-The-Year report

  • Launch the accounting application from your system and then click on the “reports” button.
  • Now, select “Profit & Loss Standard” followed by “Company and Financials”.
  • In this step, you will need to select the financial year of which you want to generate the report, Do this by selecting “Last Fiscal Year” from the dropdown list provided by the “Transaction Date”.
  • Now, click on the “Run report” to generate the report. Click on print to take a printout of this paperwork.
  • Generate a Tax report by clicking on the “Report” button and following it by selecting “Accountant & Taxes”. Now choose “Tax Last Year” by clicking on the “Transaction Year” and selecting the date from the drop down list provided.
  • Now, click on the “Run report” to generate the report. Click on print to take a printout of this tax report.
  • Generate a Vendors and payables report by clicking on the “reports” button again and following it by selecting the “Vendors and Payables” option and clicking on “1099 summary”. Take a printout of this information as well.

Creating a Copy for the accountant

  • Launch QuickBooks. From the menu bar, select “Accounts Copy” and then click on Save File to proceed.
  • Now, select the” Accountants Copy” option and follow it by clicking on the “next” button. In the resultant window, input the last day of the tax year “Dividing Date” box and again click on “next”.
  • Now, save this copy by clicking on the “Save In” button and selecting the appropriate saves location.
  • Your accountant would want a substantial and portable copy of this file. To that end, save the copy in an external hard drive. This file is going to be used to prepare your taxes.

These steps are a little atypical. To that end, they might be a little hard to understand if you are a novice at using QuickBooks. Therefore, you should get in touch with the experts via the toll-free QuickBooks customer service number +1-855-253-4222 so that the details are precise and there are no chances or errors.

Read More: How to easily update QuickBooks Online?

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