Did you know you can export your QuickBooks information into a tool such as Intuit’s TurboTax or TurboTax Business income tax preparation software, to calculate your taxes?
Go to Lists at the top of the window, Chart of Accounts, and right click on each account in your Chart of Accounts and choose Edit. In the edit window, you will see a tax mapping box towards the bottom of the window. Choose the tax line on your income tax return to map the account to. There is also a link to help you select the correct line.
Here is a link giving examples of tax line assignments: http://support.quickbooks.intuit.com/support/pages/inproducthelp/core/qb2k7/AtomCore/incometax_a/popup_tax_line_example.html
If you are still unsure where to map certain accounts, ask your accountant for help, or give us a call.
Two award winning Add-on Applications for QuickBooks, the Intuit Statement Writer and View My Paycheck.
Visit Us!