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by LeeAnn Reed |
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Designer, Certified
QuickBooks Pro-Advisor, and author of
The Designer’s Survival Guide to QuickBooks,
published by Evan Marsh Designs |
Tax season
is rapidly approaching, which can cause anxiety for many
business owners. Not to worry, DreamDraper to the rescue! Did you
know that using DreamDraper Quick Quote with your QuickBooks
accounting program
can streamline your year end tax preparation and reduce accounting fees throughout the entire year?
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With
The Designer's Survival Guide to QuickBooks reference
book by your side, just follow
a few simple steps, and this year’s tax preparation will be a
breeze!
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Define
your Income Tax Form
- On the QuickBooks Company Information screen, select the Income tax
form you file for your business.
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Define
Tax Lines for your Chart of Accounts
– Add
the appropriate Tax Line designation to each of the accounts
in your Chart of Accounts.
Pro-Advisor Tip:
Quick Quote
has
already already done this work for you, defining tax line definition for
Sole Proprietorship, Partnership, S-Corp, and C-Corp tax forms.
This is an exclusive feature only available to you only from the
DreamDraper product line.
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Tax
Preparation Reporting
– After your tax lines are correctly defined and your Chart
of Accounts properly designated, all QuickBooks financial
transactions (Sales, Cost of Goods, Expenses, etc.) are
automatically posted to the designated tax line. In addition,
you can review your tax return status anytime
throughout the year by simply printing the Income Tax
Summary Report (Reports, Accountant & Taxes, Income Tax
Summary). Now you can make corrections at anytime and prior
to year end.
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Filing
Your Taxes
– This is the exciting part! To file your taxes, you have
two fast and easy options:
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Print the Income Tax Summary report and give it to your
accountant for filing, or;
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Electronically import the Tax Summary data into a tax
software program, such as TurboTax for Home and Business
or TurboTax for Business. This can be done by yourself
or by your accountant. Even if you don't feel
comfortable importing tax data directly into a tax
program, you can still save a tremendous amount of time
and money by simply printing the Income Tax Summary
report and forwarding it to your accountant. I
recommend discussing all options and tax-related matters
with your accountant.
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Save Time and Money — this is
my story!
For the past two years, I prepared my own tax return importing
the Tax Summary information into TurboTax. I spent just one day
preparing year end financial statements, verifying and
correcting any postings, importing the data into TurboTax, and
printing my return. I spent only ONE HOUR with my accountant to
verify the return, and then filed my return electronically!
You can do the same with the assistance of
The
Survival Guide.
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So what are
you waiting for? Key ingredients for your success are:
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QuickBooks®
accounting software by Intuit - you can purchase this
through DreamDraper. |
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DreamDraper® Quick Quote™
–
the only quoting program that integrates with QuickBooks
and posts entries directly to the appropriate tax
line to reduce errors and save you time and money.
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The Designer’s Survival Guide to QuickBooks
– THE complete and authoritative reference guide for our
industry. |
Click
here or visit
www.dreamdraper.com to learn more about these and other
exclusive products from DreamDraper to streamline your business
and save you time and money.
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LeeAnn
Reed, Designer, Certified QuickBooks Pro-Advisor, and author of
The Designer’s Survival Guide to QuickBooks.
LeeAnn holds degrees in Apparel Design and Merchandising,
Business Management, and Computer Science.
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