Time came to assign tax lines to various accounts in my QuickBooks.
Income and Expense accounts are of course tax related, but what about "Balance Sheet Accounts"? (such as Accounts Receivable, Accounts Payable, Owner's Capital etc.)
Should I tag them as ? Or should I start looking for applicable tax lines?
Thanks! Rick
It depends on what tax entity your business is and what tax form you need to file. Corporations report balance sheet info on the 1120, for example, but the Schedule C does not.
So, look at your tax form.
If you have to ask then you should not be preparing your own tax returns. If you don't prepare them yourself then don't bother assigning them in the first place.
yes, no point in trying to learn something, now is there?
"Gil Faver" >>
I don't waste my time learning how to fill my own decayed teeth; some things are best left to the professionals like me.
What you do is nothing like what is done by the medical professionals. Get over yourself.
You have no idea what I do except for that vodoo that you know so well.
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