QuickBooks Online: Streamline US Tax Deductions

Name: QuickBooks Online: Streamline US Tax Deductions
Rating: 4.7 (21 reviews)

Unlock Efficient Tax Management: Mileage Tracking, Home Office Deductions, and Receipts Management with QuickBooks

Highest Rated

Created byRobert (Bob) Steele

Last updated 6/2023

English

English [Auto],

What you'll learn

Master Mileage Tracking: Learn to log miles for tax deductions and understand relevant laws.
Master Home Office Deductions: Learn to track home office expenses for tax benefits.
Efficient Receipt Management: Learn to capture, upload, and manage receipts in QuickBooks.
Optimize US Income Tax: Leverage QuickBooks to manage and optimize tax obligations.
Hands-on Experience: Get practical QuickBooks experience with real-world examples.
Understand US Tax Law: Gain an understanding of U.S. income tax law as it relates to automobile deductions & home office deductions

Course content

4 sections • 19 lectures • 6h 14m total length

1010 Access Software to Practice With - Options10:12
Explore two sandboxes for QuickBooks Online 2023: the test drive with preloaded data for quick drill-down of balances and reports, or a 30-day free trial for longer practice sessions.
1020 New Company Test File - Free 30 Trial21:30
Explore how to set up a free 30-day QuickBooks Online trial with a test company file, and compare online options from simple start to plus for inventory and payroll.

3010 Mileage Tracking for Taxes Overview13:30
Learn how QuickBooks Online mileage tracking supports tax preparation by auto and manual inputs, using the standard mileage rate, and integrating with a mobile app for business and personal trips.
3020 Taxes - Business Car & Truck Expenses Deduction19:56
Learn to track auto expenses in QuickBooks Online 2023, choose the mileage method or actual expenses, and apply local transportation deductions for sole proprietors.
3030 Car, Truck, Auto Expense Tracking for Taxes17:50
Track auto expenses in QuickBooks Online 2023, compare actual costs to the mileage method, and set up a detailed chart of accounts to optimize tax deductions for a sole proprietor.
3040 Milage Tracking - Enter Vehicles, Favorite Locations, Trips, & Run Reports27:09
Learn how to track mileage in QuickBooks Online 2023 by entering vehicles, managing trips and favorites, and running reports to separate business and personal miles for tax purposes.
3050 Milage Tracking – Reports by Month Using Excel & Adjusting Entry17:33
Learn to track business mileage in QuickBooks Online 2023, generate monthly reports using Excel, and use class tracking to create tax adjustment journal entries for mileage method versus actual deductions.
3060 Milage Tracking – Reports by Month Using Excel & Adjusting Entry29:33
Learn how to track mileage by month in QuickBooks Online 2023, export reports to Excel, and apply monthly adjusting entries for tax purposes.

3070 Tax Tracking for Home Office12:06
Master home office deductions in QuickBooks Online 2023 by recording data input, applying tax adjustments, and reconciling to Schedule C with class tracking and square footage.
3080 Tax Law Business Use of Your Home16:20
Understand home office deduction rules for sole proprietors, including exclusive, regular, and principal place of business tests, with exceptions, and learn to allocate expenses in QuickBooks using class tracking.
3090 Home Office Expense Tracking Method One - Adjusting Entry23:07
Master home office expense tracking in QuickBooks Online 2023 using method one, including creating expense forms, adjusting entries, class tracking, and a dedicated home office tax adjustment for Schedule C.
3100 Home Office Expense Tracking Method Two - Tax Adjusting Class With Bank Fee24:57
Learn to track home office expenses with method two in QuickBooks Online 2023, using bank feeds, rules, and class tracking to automate business versus personal deductions and reconcile for taxes.
3110 Home Office Expense Tracking Method Three - Track Business & Personal Expen24:57
Automate home office expense tracking using method three with bank feeds and bank rules, classify costs with tracking and adjustments, and reconcile business versus personal amounts for tax preparation.
3120 Home Office Expense Tracking Method 4 - Track Business & Personal Using Dra18:05
Learn how to track home office expenses in QuickBooks Online 2023 using a draws (owner's equity) balance sheet method to separate business and personal costs, with or without class tracking.

3200 Track, Approve, Upload, & Attach Receipts - Overview15:11
Track, approve, upload, and attach receipts in QuickBooks Online 2023, using accountant view and reports to create transactions and strengthen audit trails.
3210 Create and Upload Receipts & Bank Feed Data21:29
Learn to create and upload receipts and bank feeds in QuickBooks Online 2023, toggle accountant and business views, and import via CSV or PDF to match receipts with bank transactions.
3220 Match Receipts to Bank Feeds & Bank Feed to Receipts14:50
Learn how to match receipts to bank feeds and bank feeds to receipts in QuickBooks Online 2023, attach receipts for audit trails, and manage expense entries and reconciliations.
3230 Receipts Used to Reimburse Worker our Owner Paid Expenses32:37
Learn to use receipts to reimburse workers or owners in QuickBooks Online, including creating bills, paying bills, and handling personal expenses with draws and clearing accounts.
3240 Receipts - Set Up Forward E-mail13:58
Set up QuickBooks Online 2023 receipts and a forward email to bring receipts from employees and contractors, switch between accountant and business views, and upload PDFs from computer or phone.

Requirements

None

Description

Welcome to "Mastering QuickBooks Online for US Income Tax Optimization" - your one-stop course for leveraging QuickBooks Online to efficiently manage and optimize your income tax obligations. Designed for freelancers, small business owners, and anyone seeking a robust understanding of QuickBooks Online in the context of U.S. income tax law, this comprehensive course offers practical insights and hands-on exercises to help you become proficient in using QuickBooks for your tax needs.

Key Learning Objectives:

1. Master Mileage Tracking Tool: QuickBooks Online's Mileage Tracking tool can significantly simplify your automobile-related tax deductions. We'll break down the process of logging and categorizing miles, while also explaining the intricacies of tax law related to automobile deductions. This practical understanding can be crucial for maximizing your automobile deductions and ensuring tax compliance.

2. Explore Home Office Deductions: Learn how to accurately track home office expenses for income tax deductions. The course includes a comparison of different methods, along with a comprehensive review of the relevant tax laws. By the end of this section, you'll be able to select and implement the most beneficial method for your specific situation.

3. Track and Upload Receipts: Discover how to capture, upload, and manage your receipts in QuickBooks Online. We'll also demonstrate how to use these receipts to record transactions or attach them to existing transactions. This module will significantly enhance your record-keeping skills, making tax season less daunting.

Who this course is for:

Freelancers: Those who manage their own taxes and are looking for ways to maximize deductions.
Small Business Owners: Those who need to navigate U.S. income tax law and manage their financial records efficiently.
Accountants and Bookkeepers: Professionals who work with freelancers and small businesses, and want to enhance their skills in QuickBooks Online.
Tax Consultants: Those wanting to offer their clients more value by understanding how to optimize income taxes using QuickBooks Online.
Individuals Planning to Start a Business: Those who want to understand income tax optimization before starting their own venture.
Students in Finance or Accounting: Those wanting to augment their studies with practical knowledge and understanding of a commonly used financial tool.
Anyone Handling Personal Finances: Individuals seeking better ways to manage and track their expenses for tax purposes.

QuickBooks Online: Streamline US Tax Deductions

What you'll learn

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Course content

Introduction2 lectures • 32min

Mileage Tracking & Automobile Deduction Tax Law6 lectures • 2hr 6min

Home Office Expense Tracking Methods & Tax Law6 lectures • 2hr

Receipts - Upload, Track, and Attach to Transactions5 lectures • 1hr 38min

Requirements

Description

Who this course is for: