Have you ever attempted to file business taxes in QuickBooks but were struck with several questions before filing them? Having such queries is common, and to solve them only, we have brought you this comprehensive blog. The accuracy of business taxes is very crucial and must be maintained smoothly; otherwise, mistakes with tax calculations can lead to consequences like QuickBooks not withholding federal taxes, which can further create serious problems in your QuickBooks software.
Were you facing issues while filing business taxes in QuickBooks? Review this blog carefully about what you can try to do. If you think filing taxes on your own can be risky, You must consult with a professional advisor. Dial 1.855.738.2784 and connect with an expert now.
File Business Taxes in QuickBooks: 5 Easy Steps
Step 1: Gather your records for tax filing
Step 2: Know what IRS forms you need to file
Step 3: Fill out your small business tax forms
Step 4: Know the small business tax deadlines
Step 5: File small business taxes
Below down, all the steps have been described to help our users with filing taxes in QB. go through the steps mindfully:
Step 1: Gathering your records for tax filing
In order to find your business liabilities, you are required to file your tax return each year through the IRS. To do so, you may need to pay taxes that include:
- Estimated tax
- Self-employment tax
- Sales tax
- Property tax
- Excise tax
- Employment taxes
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Step 2: Learn the IRS forms you need to file
You have been given a list of IRS forms you might need to fill out to file business taxes in QuickBooks. Let’s walk through the list of forms:
- Sole proprietorship
- Partnerships
- S corporations
- C corporations
- Limited liability companies (LLCs) .
Step 3: Filling out the business tax forms
You must fill out the business tax form carefully and provide accurate data.
Follow the below-given tips to fill out the forms:
Reading the instructions carefully: Before you start filling out the tax form, you must read the instructions carefully.
Using tax software: You can use other software to fill your tax form in order to avoid mistakes and provide accurate data.
Double-check your work: You must review the data you are providing twice before you file your return.
Consider getting help: Filing tax forms can be a bit difficult, so you are recommended to get help from a professional.
Common Form Businesses Use to File Taxes
- Schedule C
- Form 1065
- Form 1120 and Form 1120S
Step 4: Business tax deadlines
The due date for sending income or business tax returns falls on a holiday or a weekend. In that case, the next business day becomes the new tax deadline.
Here, you have been given a list of tax deadline dates.
- March 17
- April 15
- 15th day of the 4th month after ending of the fiscal year
Step 5: File business taxes in QuickBooks
Now you have everything in series and know the prerequisites for filing business taxes; it’s time to file business tax. This can be done in two ways:
E-filing: This is the most relevant method for filing business taxes. It is faster, more safe, and increases accuracy.
Mailing a paper return: Filing taxes using mail can be proven to be a very lengthy process and increases the possibility of errors. If you are still willing to mail your return to the IRS, you must use certified mail with a return receipt for proof of delivery.
The Bottom Line
This blog is very informative and briefly describes the steps to file business taxes in QuickBooks. Read the blog carefully before you start filing business taxes. For such processes, we recommend you connect with experts to avoid mistakes.
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