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Tax Software Business - Picking the Right Tax Software For Your Business - QuickBooks, TurboTax

The Right Software Can Take the Stress Out of Doing Taxes

taxes accounts account information

Taxes are a necessary part of doing business. Some people choose to pay thousands of dollars to accountants to get their taxes done, but that is not necessary. Business tax software makes the tax process simple. If you want to do your own taxes, consider using QuickBooks in conjunction with Turbo Tax. These two programs work together to create tax returns.

QuickBooks

Once you install QuickBooks, you will be ready to organize your accounts. You can use QuickBooks year round. While it will eventually help you with filing your taxes, it is important that you keep QuickBooks up to date.

You will include your invoices, payments and accounts receivable information in QuickBooks. You will also record employee information, such as payments. Every time you spend or receive money, you must put it in QuickBooks and assign it to an account. You will choose an account based on the type of payment you send or receive. For instance, if you pay a subcontractor, you will put it in the subcontractor account. If you send a check for your electricity, you will put it in the utilities account. It is critical that you put your payments in the right accounts, as you will need to use those accounts for your taxes.

TurboTax

When tax season comes around, purchase Turbo Tax. You can import your QuickBooks data into turbo tax. That way, the tax software will have a record of how much money you made and how much you spent. That will save you from having to input a lot of data into your tax program.

After Turbo Tax receives the data, you will have to answer a series of questions. These straightforward questions will help Turbo Tax find deductions for your business. It will find all of your itemized deductions, and then compare them to the standard deductions. You will get whichever deduction type is larger.

Then, the system will check your return for errors and allow you to e-file it. You will find out how much you owe and receive information about mailing your payment to the IRS.

QuickBooks and Turbo Tax make tax season much easier for businesses. These programs work together to take the stress out of doing taxes. Start QuickBooks at the beginning of the year and then purchase Turbo Tax so your taxes will go smoothly.

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