QuickBooks and Tax Preparation

In this lecture, I will demonstrate how to establish a new QuickBooks Desktop company file using the Express Setup. Emphasis will be placed on how the chart of accounts are associated with the proper tax forms for your small business.

This lecture focuses on how to link the proper tax forms for Sole Proprietorships and Single Member LLC's to income and expense accounts in the chart of accounts. This is known as tax mapping.

This lecture focuses on managing of all fixed assets (property, plant, equipment, vehicles, etc) in QuickBooks Desktop. This will allow business owner's to take advantage of Section 179 depreciation deduction. Clients should consult their CPA or Tax Accountant for the asset purchase limit to take advantage of this deduction.

In this lecture, I will be discussing how to set up your items in QuickBooks Desktop. The items that you service or sell in QuickBooks Desktop is essential for entering revenue and reporting revenue on the appropriate tax form.

In this lecture, I will discuss how to record sales transactions in QuickBooks Desktop. Sales transactions are the driving component for generating accurate information needed to process the gross revenue and sales section of the Schedule C.

This lecture focuses on how to enter expenses in QuickBooks desktop. Emphasis of this lecture is the importance of attaching scanned documents to the expenses for audit tracking purposes.

This lecture will focus on how to properly account for withdrawing funds from the business for personal use. As the owner of a sole proprietorship or single member llc, the owner will use the Owner's Drawing account to withdraw these funds.

This lecture will demonstrate how to download the QuickBooks Desktop sample company file. The sample file will be used as a demonstration for the remaining lectures in this section.

This lecture demonstrates how to generate reports needed for tax preparation. Please note, depending on the QuickBooks edition you are using, the layout of the reports may slightly differ. The QuickBooks Desktop version used in this course is QuickBooks Accountant Edition.

This is a sample lecture in which I demonstrate how Intuit tax software, such as Turbo Tax, has the ability to import tax information from QuickBooks Desktop. Emphasis of this lecture is the importance of the QuickBooks Desktop setup.

In this lecture, I demonstrate how to properly setup the chart of accounts for QuickBooks Online. The mapping of accounts to the appropriate tax item is also covered in this lecture.

This lecture focuses on how to setup items in QuickBooks Online and connect the items to the proper revenue account.

In this lecture, I will demonstrate the importance of adding an Accountant User. Accountant users are beneficial for keeping the books in order as well as tax preparation.

In this lecture, I will discuss how to record sales transactions in QuickBooks Desktop. Sales transactions are the driving component for generating accurate information needed to process the gross revenue and sales section of the Schedule C.

This lecture focuses on how to enter bills in QuickBooks Online. Bills are categorized according to the appropriate expense.

This lecture focuses on how to generate the Profit and Loss report in QuickBooks Online. The Profit and Loss report is essential for preparing accurate small business tax returns.

All relevant applications that are compatible with QuickBooks Online or discussed in this lecture. The applications discussed in this lecture has the ability to be synced with QuickBooks Online.

This appendix exercise will walk you through the detailed setup of QuickBooks desktop. This exercise focuses on the tax implications.