As the tax deadline draws closer, your business may be in the middle of (or just starting) that annual process we all face – taxes. No one enjoys the process, but keeping organized can make the task smoother and less painful. Here are some tips about using QuickBooks to pay taxes.Overwhelmed by tax season deadlines? Let this #FinancialAccountingSoftware do the work for you. Click To Tweet
Here are some general tips to prepare for tax season:
- Plan ahead.
- Check in with your tax accountant 2-3 months before the year end.
- Record expenses.
- Properly record expenses based on cash basis or accrual basis.
- Account for all your expenses.
- Consider prepaying some of your expenses (if on a cash basis).
- Close books.
- Close your books as soon as possible, so you can turn accounts over to your tax accountant.
- Expense equipment.
- Discuss with your accountant about expensing your equipment and software in the year you purchased it by using Section 179 tax deduction.
- Plan charity.
- Plan your charitable contributions before the end of the year and get proper tax receipts for each of them.
Our company – IT Hands – has been using QuickBooks Online (QB) for many years. Having all our accounts in one place has made the tax season easier to manage and less stressful. In the early days, we used the QB Desktop Edition, but later transferred to the Online Edition. After 16 years of working with QB, I can honestly say partnering with them was the best decision we made. They have an excellent product and outstanding customer support.
Along with QB Online, we signed up for their payroll feature through Intuit. We found this product to be exceptional and easy to use, with great customer service. When it comes to taxes, we love the fact that Intuit handles all of our payroll tax deduction and seamlessly files all the required monthly, quarterly and yearly reports to the various government agencies. This is the best part of using QuickBooks to pay taxes.
Whenever someone asks my advice on financial software, without hesitating, I encourage them to use Quickbooks Online and the payroll program through Intuit. By using these programs, we let Intuit do what it does best, while we focus on what we do best – serving our customers.
IT Hands has provided quality, custom web development services to web companies and ad agencies for more than 15 years. Our globally-dispersed team is a tight-knit community focused on delivering excellent results. Our agile web development company has served over 350 clients, bringing trustworthy consultation, increased capacity and cost effectiveness to every project. Contact us today at firstname.lastname@example.org.