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Using Quickbooks to Prepare for Tax Season

Quickbooks software provides for end of year preparation of taxes. Simply scroll up to the Reports tab and click on Accountant & Taxes and print the Tax Preparation Report along with the end of year reports, the Profit and Loss Statements and the Adjusted Trial Balance Sheets.

Be aware that unless your Quickbooks software is set up correctly on day one, you could end up paying far too much in taxes, or worse (despite the immediate ‘positive’ result) paying too little. The services industry in Florida benefits from the non-taxable nature of services, however, the company may still be responsible for the collection of sales taxes if their services result in an alteration to property. i.e. A business which designs vehicle wrap advertising and attaches that advertising to the vehicle even if the actual attaching accounts for only 5% of the work involved must charge, collect and pay sales tax on 100% of the sale. Check with the Florida Department of Revenue and reverify the requirements to file quarterly returns for your sales tax and ask your accountant.

Are you incorporated? Then whether you are alone in the business or not, you have an employee! Yourself! And having an employee, you are responsible for filing for Federal and State Unemployment tax. If you haven’t, you may want to consider filing an amended FUTA and SUTA return to avoid penalties!

Why would any business owner pay into the hundreds of dollars to file their federal return, when it’s a simple matter of getting the right figures and plugging them into either the 1120 or 1120S forms? Homesoon Accounting does not charge more than $300 for a federal return for corporations and rarely more than $150 for a personal return. Ask about the discount for filing both!

(The exception occurs for day-traders with many trades, there will be extra charges for time.)

For a quote on your return please send a pdf of your PL statements and income tax summary via email and we will contact you for additional information needed.

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