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you've been using your Quickbooks software diligently all year,[link widoczny dla zalogowanych], when tax time rolls around, it should be a no brainer. You are certain that you have recorded everything correctly and will sail through tax season. However,[link widoczny dla zalogowanych], are you sure that you have done everything possible to get the most tax benefits and avoid overpaying? The only way to be sure is to have a qualified consultant review your Quickbooks file for you to look for things you may have missed and help save you money.
First, business owners often make contributions to their own businesses. For small business owners, this is a common practice to use your own personal money for your business. The problem arises when this money is misclassified. If you show this contribution as income rather than an owner contribution, you will be paying taxes on it as if it is income. Who wants to pay taxes on their own money? These types of credits to your account must be classified in Quickbooks as an owner contribution to avoid being taxed on them.
Often, instead of giving money to use for your business, a business owner will loan money to their business. These are funds that will be paid back to the owner, possibly at a more stable financial time in the business. Remember, you only pay sales tax on income not on loans or contributions. Record this type of credit as loan so it will not be mistakenly taxed as income.
When using a credit card to make purchases for your business, is it important to correctly record every charge so that it is correctly classified within your Quickbooks file. Instead of classifying a charge as just a business expense, it is important to be specific as to what type of expense it is. For example, if you purchase paper, staples and printer ink,[link widoczny dla zalogowanych], this should be recorded as an office expense. Keeping track of expenses is an important part of bookkeeping in your business that will result in tax savings if recorded correctly.
Quickbooks also keeps track of how much sales tax you will need to pay to the state comptroller each year. However,[link widoczny dla zalogowanych], if you have not recorded each of your income and expense transactions correctly, the sales tax payment may be too high. For each sale to customer, the amount of the tax must be recorded separately from the cost of the item. The amount you will pay to the comptroller will also need to be correctly recorded through the 'Pay Sales Tax Liability' window.
Finally, a common mistake people make both in business and in personal finance is incorrect recording of ATM or debit card purchases. It's easy to swipe your card making a quick transaction and be on your way. It is crucial to record each debit or ATM use correctly. Think of it as each time you use a debit card, it's just like writing a check and must be recorded just like a check would be.
Anyone who uses Quickbooks knows the value of this software. It makes the business owner or bookkeepers job much easier. However, it is always a good idea to have an experienced Quickbooks help consultant review your file at tax time to make sure you are not paying too much in taxes.
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