This course will present the tools necessary to allow QuickBooks to be a complete tax information "hub". The course will primarily focus on how to setup QuickBooks from scratch for owner's of small businesses who use Schedule C for tax reporting purposes. This is not a tax preparation course or is this a complete QuickBooks course , but it will focus on how to setup QuickBooks Desktop and QuickBooks Online to provide the relevant to information needed to accurately and efficiently prepare Schedule C tax returns.
What's inside
Learning objectives
- Understand quickbooks tax reporting features.
- Understand how to link the chart of accounts to the schedule c tax form.
- Understand how to setup the fixed asset and items list for tax purposes.
- Understand how to generate tax reports.
- Importing tax information from quickbooks into turbotax.
- Understand quickbooks tax reporting features.
- Understand how to link the chart of accounts to the schedule c tax form.
- Understand how to setup the fixed asset and items list for tax purposes.
- Understand how to generate tax reports.
- Importing tax information from quickbooks into turbotax.
Syllabus
Introduction
Course Introduction
In this lecture, I will be discussing how both QuickBooks Desktop and QuickBooks Online can be used as a "tax hub" to prepare accurate and efficient tax returns.
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Syllabus
In this lecture, I will be discussing how both QuickBooks Desktop and QuickBooks Online can be used as a "tax hub" to prepare accurate and efficient tax returns.
In this lecture, I will demonstrate how to establish a new QuickBooks Desktop company file using the Express Setup. Emphasis will be placed on how the chart of accounts are associated with the proper tax forms for your small business.
This lecture focuses on how to link the proper tax forms for Sole Proprietorships and Single Member LLC's to income and expense accounts in the chart of accounts. This is known as tax mapping.
This lecture focuses on managing of all fixed assets (property, plant, equipment, vehicles, etc) in QuickBooks Desktop. This will allow business owner's to take advantage of Section 179 depreciation deduction. Clients should consult their CPA or Tax Accountant for the asset purchase limit to take advantage of this deduction.
In this lecture, I will be discussing how to set up your items in QuickBooks Desktop. The items that you service or sell in QuickBooks Desktop is essential for entering revenue and reporting revenue on the appropriate tax form.
In this lecture, I will discuss how to record sales transactions in QuickBooks Desktop. Sales transactions are the driving component for generating accurate information needed to process the gross revenue and sales section of the Schedule C.
This lecture focuses on how to enter expenses in QuickBooks desktop. Emphasis of this lecture is the importance of attaching scanned documents to the expenses for audit tracking purposes.
This lecture will focus on how to properly account for withdrawing funds from the business for personal use. As the owner of a sole proprietorship or single member llc, the owner will use the Owner's Drawing account to withdraw these funds.
This lecture will demonstrate how to download the QuickBooks Desktop sample company file. The sample file will be used as a demonstration for the remaining lectures in this section.
This lecture demonstrates how to generate reports needed for tax preparation. Please note, depending on the QuickBooks edition you are using, the layout of the reports may slightly differ. The QuickBooks Desktop version used in this course is QuickBooks Accountant Edition.
This is a sample lecture in which I demonstrate how Intuit tax software, such as Turbo Tax, has the ability to import tax information from QuickBooks Desktop. Emphasis of this lecture is the importance of the QuickBooks Desktop setup.
In this lecture, I demonstrate how to properly setup the chart of accounts for QuickBooks Online. The mapping of accounts to the appropriate tax item is also covered in this lecture.
This lecture focuses on how to setup items in QuickBooks Online and connect the items to the proper revenue account.
In this lecture, I will demonstrate the importance of adding an Accountant User. Accountant users are beneficial for keeping the books in order as well as tax preparation.
This lecture focuses on how to enter bills in QuickBooks Online. Bills are categorized according to the appropriate expense.
This lecture focuses on how to generate the Profit and Loss report in QuickBooks Online. The Profit and Loss report is essential for preparing accurate small business tax returns.
All relevant applications that are compatible with QuickBooks Online or discussed in this lecture. The applications discussed in this lecture has the ability to be synced with QuickBooks Online.
This appendix exercise will walk you through the detailed setup of QuickBooks desktop. This exercise focuses on the tax implications.
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Reviews summary
Quickbooks for schedule c tax reporting setup
Useful demonstrations for QBD and QBO setup.
Mapping accounts to tax forms is well explained.
Directly relevant for Schedule C tax data.
Activities
Review Schedule C Basics
Show steps
Reviewing the fundamentals of Schedule C will help you better understand how QuickBooks can be used to generate the necessary information for tax preparation.
Browse courses on
Schedule C
Show steps
-
Download a blank Schedule C form from the IRS website.
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Read the instructions for Schedule C.
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Identify the main sections of the form.
Read 'QuickBooks for Dummies'
Show steps
Reading 'QuickBooks for Dummies' will provide a solid foundation in using QuickBooks, which is essential for leveraging its tax reporting features.
View
Putting Knowledge to Work
on Amazon
Show steps
-
Obtain a copy of 'QuickBooks for Dummies'.
-
Read the chapters relevant to setting up a company file and managing accounts.
-
Pay special attention to sections on reporting and customization.
Set Up a Sample QuickBooks Company File
Show steps
Practicing setting up a sample company file in QuickBooks will reinforce your understanding of the chart of accounts and tax mapping process.
Show steps
-
Create a new company file in QuickBooks using the Express Setup.
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Customize the chart of accounts to match a typical Schedule C business.
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Link the accounts to the appropriate tax forms.
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Enter sample transactions and generate tax reports.
Four other activities
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Show all seven activities
Create a Tax Mapping Guide
Show steps
Creating a tax mapping guide will solidify your understanding of how to link QuickBooks accounts to Schedule C tax form lines.
Show steps
-
Research the common income and expense categories for Schedule C businesses.
-
Create a table that maps each category to a corresponding QuickBooks account.
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Add notes explaining the rationale behind each mapping.
Practice Generating Tax Reports
Show steps
Repeatedly generating tax reports will help you become familiar with the different report options and how to interpret the results.
Show steps
-
Enter sample transactions into your QuickBooks company file.
-
Generate a Profit and Loss report.
-
Generate a Balance Sheet report.
-
Analyze the reports to ensure the information is accurate.
Read 'Tax Guide for Small Business'
Show steps
Reading the IRS Tax Guide for Small Business will provide a comprehensive understanding of the tax laws and regulations relevant to Schedule C businesses.
View
Tax Guide 2016 for Individuals: Publication 17
on Amazon
Show steps
-
Download the IRS Tax Guide for Small Business from the IRS website.
-
Read the sections relevant to Schedule C businesses.
-
Pay special attention to sections on deductions, expenses, and recordkeeping.
Prepare a Mock Schedule C Tax Return
Show steps
Preparing a mock Schedule C tax return using QuickBooks data will test your ability to apply your knowledge and skills.
Show steps
-
Gather the tax reports generated from your QuickBooks company file.
-
Transfer the information from the reports to a blank Schedule C form.
-
Review the completed form for accuracy.
Review Schedule C Basics
Show steps
Reviewing the fundamentals of Schedule C will help you better understand how QuickBooks can be used to generate the necessary information for tax preparation.
Browse courses on
Schedule C
Show steps
- Download a blank Schedule C form from the IRS website.
- Read the instructions for Schedule C.
- Identify the main sections of the form.
Read 'QuickBooks for Dummies'
Show steps
Reading 'QuickBooks for Dummies' will provide a solid foundation in using QuickBooks, which is essential for leveraging its tax reporting features.
View
Putting Knowledge to Work
on Amazon
Show steps
- Obtain a copy of 'QuickBooks for Dummies'.
- Read the chapters relevant to setting up a company file and managing accounts.
- Pay special attention to sections on reporting and customization.
Set Up a Sample QuickBooks Company File
Show steps
Practicing setting up a sample company file in QuickBooks will reinforce your understanding of the chart of accounts and tax mapping process.
Show steps
- Create a new company file in QuickBooks using the Express Setup.
- Customize the chart of accounts to match a typical Schedule C business.
- Link the accounts to the appropriate tax forms.
- Enter sample transactions and generate tax reports.
Create a Tax Mapping Guide
Show steps
Creating a tax mapping guide will solidify your understanding of how to link QuickBooks accounts to Schedule C tax form lines.
Show steps
- Research the common income and expense categories for Schedule C businesses.
- Create a table that maps each category to a corresponding QuickBooks account.
- Add notes explaining the rationale behind each mapping.
Practice Generating Tax Reports
Show steps
Repeatedly generating tax reports will help you become familiar with the different report options and how to interpret the results.
Show steps
- Enter sample transactions into your QuickBooks company file.
- Generate a Profit and Loss report.
- Generate a Balance Sheet report.
- Analyze the reports to ensure the information is accurate.
Read 'Tax Guide for Small Business'
Show steps
Reading the IRS Tax Guide for Small Business will provide a comprehensive understanding of the tax laws and regulations relevant to Schedule C businesses.
View
Tax Guide 2016 for Individuals: Publication 17
on Amazon
Show steps
- Download the IRS Tax Guide for Small Business from the IRS website.
- Read the sections relevant to Schedule C businesses.
- Pay special attention to sections on deductions, expenses, and recordkeeping.
Prepare a Mock Schedule C Tax Return
Show steps
Preparing a mock Schedule C tax return using QuickBooks data will test your ability to apply your knowledge and skills.
Show steps
- Gather the tax reports generated from your QuickBooks company file.
- Transfer the information from the reports to a blank Schedule C form.
- Review the completed form for accuracy.
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Business Owner
Bookkeeper
Tax Preparer
Accounting Assistant
Tax Advisor
Tax Accountant
Auditor
Revenue Agent
Small Business Consultant
Financial Analyst
Financial Controller
Payroll Specialist
Management Accountant
Financial Planner
Estate Planner
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