QuickBooks Business Tax Tips For Home Service Businesses
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Dealing with Small Business Taxes Using Quickbooks
For small businesses, tax time can be daunting.
Accountant, QuickBooks expert, and Housecall Pro Certified Partner
will walk you through everything you need to do before turning over your paperwork to your CPA.
In the videos, James will be demoing his tax preparation and bookkeeping strategies using Intuit Quickbooks Online and Housecall Pro, but what James covers will work with other accounting software and job management systems.
Before you file your small business tax return, watch the webinar above to avoid costly errors and audits.
Reviewing Sales Data
Step one of accurate tax information is knowing your gross profit. To make sure you have the right number, you’ll want to compare information from Housecall Pro, Quickbooks, and your bank account to make sure everything is matched up correctly.
James will guide you through common issues that can skew your profit number, like unexpected outstanding invoices, payments or refunds, duplicate payments, undeposited funds, or jobs that weren’t closed properly.
Reviewing Business Expenses
James will cover what to look for when reconciling bank and credit card statements and individual transactions in Quickbooks. You can look for things like funds that didn’t get deposited in your bank account, uncleared checks, etc. He’ll also guide you through what to look for in your profit and loss statement and common errors that occur with expense write-offs.
Reviewing Wages
The wages and taxes in your payroll system should match those in your Profit and Loss report. In this video, James guides you through how to make sure you have an accurate W-3 (the tax form used to show what you’ve paid in employee wages, benefits, and taxes). He’ll talk about how to record bonuses and how to break out your taxes for employees and contract workers.
Making/Checking Adjustments
Small issues, such as personal owner withdrawals or having the incorrect interest rate of a loan in Quickbooks can lead to imbalances in your books.
In this video, James will cover your assets and liabilities, including things like loans and other debt, the amortization or depreciation of assets, as well as owner's draws and contributions