Taxes are frequently hard to determine, however your accounting software doesn’t need to be. Quickbooks Online is a straightforward-to-use accounting solution having a beautiful interface. And most importantly off, the program provides a couple of serious time savers come tax season. Listed here are the very best ten good reasons to use QuickBooks Online that will help you together with your taxes.
QuickBooks Online can help you prepare and distribute 1099’s. The organization offers step-by-step guides for you to get this
If you’re a QuickBooks Online Payroll customer, you will see and print W-2 forms for the employees. The program will keep an eye on your payroll taxes all year round to create completing tax forms simpler.
QuickBooks Online Payroll users possess the options of e-filing their federal and condition earnings taxes. You may also join e-pay, making finishing your taxes much simpler. Find out more about this selection here.
4. Florida Sales Tax
Unlike its competitor, Xero, QuickBooks Online does not have Florida Sales Tax Returns support. However, there’s an available report known as Florida Sales Tax Liability. This report shows all collected florida sales tax all year round and calculates your debts to tax agencies. You just need to take proper care of really filing and having to pay your Florida Sales Tax Return.
Regardless of whether you do your personal taxes or hire a cpa, you will need certain accounting reports (for more information see our recent publish, Ways to get the most from Your Accounting Software This Tax Season). QuickBooks Online offers key reports for example Profit and Loss and Balance Sheets. Reports could be emailed, printed, or downloaded as .xls files.
Whenever you file taxes as a small company owner who manufactures or resells products, you need to value your inventory at the start and finish of every tax year. Besides QuickBooks Online present an inventory feature (for Plus plan users only), however the software offers a listing Valuation Detail report. This report shows your company’s assets helping calculate your COGs for that year, which you should know for several tax forms.
7. Bank Reconciliation
Before you even file taxes, you need to make certain your books are current (all expenses have been in, all earnings is recorded correctly, and things are categorized properly). QuickBooks Online makes this method fast and simple with automatic transaction matching and duplicate transaction recognition.
8. Audit Log
Hopefully you won’t ever suffer from an audit, however if you simply do, QuickBooks Online offers an audit log. This log completely recounts “everything which has happened inside your company file,” so nobody is left questioning the validity of the company’s records.
9. Accountant Access
Among the coolest parts about QuickBooks Online is you can invite as much as two accountants to see your computer data free of charge. Within the reports feature, there’s even a cpa Reports section. Happy accountant, happy existence. That’s the old saying, right?
10. Resource Center
The ultimate plug for QuickBooks On the internet is their Resource Center. This selection offers a large number of tax articles. A few of these articles include “Calculating Florida Sales Tax for Online Companies,” “An Highlighted Help guide to Tax Deductions,” and much more.
Is QuickBooks Online Suitable For Me?
While QuickBooks Online’s tax tools aren’t as extensive as QuickBooks Pro or Xero, the program still offers wonderful time-saving tax solutions.
If you’re a current QuickBooks Online user, hopefully these ten features function as guidelines to help you take full advantage of your software. For non-QuickBooks Internet surfers, maybe it’s time for you to give QuickBooks Online a try. If you are not convinced, read our full QuickBooks Online Review for more details or take a look at our 10 Need to Use Xero This Tax Season article to have an alternative.
Whoever you hire, remember accounting software should really help make your existence simpler, not harder— especially where taxes are worried.
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