Tax Returns Prepared from QuickBooks Online : Lester Bahr CPA Accounting Blog
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Lester Bahr CPA, LLC
(484) 707-5934
Allentown, Pennsylvania
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Tax Returns Prepared from QuickBooks Online

by Lester Bahr, CPA on 09/02/17

So whether you are located in the Lehigh Valley or somewhere on the other end of the country, now that you've got your QuickBooks Online all setup correctly lets talk about those tax returns. (and you do have QuickBooks setup correctly - right? Because that step is most crucial before you get to the point where you need to prepare tax returns. You can read my other blog posts, articles and watch my videos for information about the QuickBooks setup process if you are not sure).

But come the end of your calendar or fiscal year, it will be time to file those tax returns for your business. Depending on your entity structure will determine whether the necessary tax returns to file are for a partnership, a C corporation, an S corporation, a non-profit, sole proprietorship, or a single-member LLC filing as a disregarded entity.

Regardless of whatever taxing entity type you are, the financial data to populate the line items on those tax returns will need to come from your QuickBooks Online company data. Hence the reason why it is so important that you've setup and reconciled the accuracy of all your Quickbooks account balances so that the financial data you will be reporting on all the federal, state and local tax returns will be accurate, which of course also means that the calculation of all tax liabilities will be accurate as well.

This is where I also do the integrated process for you in working with your QuickBooks Online data at the end of your year to determine what tax forms must be filed, including all the states where you have nexus filing compliance responsibilities - with final delivery of all those tax returns in electronic format followed by e-file submissions to the various tax agencies and monitoring for acceptance.

For further information, please feel free to contact me here.

Lester Bahr
Certified Public Accountant
QuickBooks Advanced Certified ProAdvisor - since 1999

 

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