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Easy Tax Preparation for the Self-Employed With QuickBooks Payroll Support

https://www.quickbookpayrollsupports.com/

Any business is bound to face ups and downs for the first year and need to learn easy tax preparation with QuickBooks Payroll Support within the business cycle. The entrepreneur has to consider the taxes. So, regardless of situation, here are some tips you need to follow as you prepare yourself in filing the first tax return. Contact the QuickBooks Payroll Support squad to know how to use the bookkeeping software depending on the requirements.

Know What You Are Entitled For

If you have been running a small-scale business, then it’s important to know the tax breaks and what you are entitled for. This would actually assist with certain deductions as per the Law. Here’s a list of deductions you can surely obtain.

Start-up costs –When you are setting up the business, you have to pay for the start-up costs. This may in include equipment or systems to be set up across the network. Usually, you need to deduct the total amount by one-fifth every year. In such a scenario, a time span of five years is always considered.

Health InsuranceAccording to the section 80D of the Income Tax Act, you are entitled to deduct some money on health insurance premiums. As you claim the deduction, the premium should not only be for yourself but also for your spouse and children.

Home-office setupIf you plan to set up the workplace at your home, then you can subtract utility bills and property taxes from the revenue. Most of the time, a house can help you accommodate a staff comprising of 5 individuals. If you have recruited your friends, then the tax exemption would be only on how much you pay every year.

Keep a Track of the Necessary Documents

As the year passes by, documents like receipts, invoices, cancelled checks, and deposit slips should organized in the file. In case you don’t want to clutter the space, then it’s better to use a document management system or accounting software like QuickBooks. Once you make sure that you have maintained the files properly, you would be assuring the government of the way in which you are managing the business. If you can’t spend much for the software, then it’s better to scan the documents and store it on the hard drive.

Speak with the CPA

It’s always a good practice to seek professional help for filing the returns. Apart from helping you to exploit legal tax loopholes, the CPA would ensure that you haven’t missed any important documents. As the audit is conducted, he would also check if the money has been reinvested or rerouted somewhere else.

Plan Well to Pay the Taxes

As the tax season approaches, you can think about paying tax online through the self-service options offered by the accounting software. You can assign the job to an employee and explain him how he should practice thesoftware. For any queries related to the software, you should contact the technical support team by dialing the QuickBooks Technical Support Number, 1-800-593-0163.

Finally, you shouldn’t forget to fill forms and register for an EVC. If your business is registered under your name as the proprietor, then you have to fill out the ITR 4 form. Even if you don’t have an EVC, you still have to file the ITR 5 for verifying the returns.

Tips for Optimizing Reporting As You Contact the QuickBooks Technical Support Team

https://www.quickbookpayrollsupports.com

If you are seeking to get the most out of QuickBooks when financial reporting is concerned, then here are some tips you need to go through to make the accounting software far more capable.

Generating and printing a collection of reports

In order to streamline the process of printing reports, QuickBooks helps to group reports together and print in just one step. To use this feature, you need to go to ‘Reports >> Process Multiple Reports’ and then select the desired group and hit the ‘Print’ option. The tips mentioned below would guide you through the essential steps for using such a kind of feature. Avail QuickBooks Support in case it’s tough to generate custom reports.

Creating multiple groups

In order to use the ‘Process Multiple Reports’ feature, you need to create reports depending on the time span. For instance, if you need to roll out reports as soon as the month ends, then you must create a group with the name ‘Month End Reports’. Alternatively, you can select groups depending on the job profiles. If the reports are to be presented to the CFO, then the name of the group should be ‘CFO’s reports’. In order to accomplish the task, you first have to select ‘Reports’ and go to ‘Memorized Reports List’ under the ‘Memorized Reports’ section. Once a menu pops-up on the screen, you can select ‘New Group’ and enter the name accordingly. Finally, you should click ‘OK’ for confirming the action.

Post creating the group, you need to decide which reports you need to add to the group. In case the need arises, then you should move with essential customizations and finally click the ‘Memorize’ button. But, before confirming, make sure that you select the ‘Save in Memorized Report Group’ option and select the right option from the adjacent drop-down list. Feel free to contact the support team in case you are unable to use the options available with the accounting tool.

Using the Report Center

QuickBooks offers a visual Report Center that gives a summary of reports. Once you have used the feature, you can get an overview of Contributed, Recent, Favorite and Memorized reports. To be more specific, the ‘Contributed’ tab facilitates users to access numerous custom-defined reports which have been created by many QuickBooks users. Once you know the number of times the report has been downloaded, it’s not necessary to re-create reports right from scratch. This is because there might be someone who might have already done the work on your behalf.

Suppressing account numbers

Many accountants prefer to enable the ‘Use Account Number’ option so that data entry becomes easier with a keypad. But, whenever the user is about to do so, he may have face undesired consequences. So, in order to suppress the account number, you should select ‘Reports & Graphs’ under ‘Edit >> Preferences’. Once you switch to the ‘Company Preferences’ tab, you should select ‘Description Only’.

 Using Excel to change the chart of accounts

The process of editing a long list of accounts can be tedious and time consuming. But, with QuickBooks, you can find a quick way to make changes. Get in touch with the professionals on the QuickBooks Technical Support phone number in case you can’t format reports properly. Instead of editing the accounts one by one, you could export the chart of accounts into an Excel sheet, make the necessary changes, and import the data back into QuickBooks. In order to carry out the task, you need to select ‘File >> Utilities >> Export >> Lists to IIF Files’. After you observe the Export dialog box, you should select ‘Charts of Accounts’ and confirm by clicking ‘OK’.

In case you find it uneasy to generate reports as per your preferences, then don’t hesitate to contact an expert on the help desk number 1-800-593-0163.