Tax time can be a four-letter word for self-employed workers – whether you’re a real estate professional, drive for Uber or Lyft, sell your creations on Etsy or Stella & Dot, work freelance or part-time – especially when it comes to calculating sales tax.
With the Sales Tax feature in QuickBooks Self-Employed, you can now track and account for the collection and payment of GST, PST, and HST so that you always know exactly where you stand and how much you’ll owe come tax time.
Ready to say goodbye to unwanted tax time surprises? Here’s how to set up Sales Tax in QuickBooks Self-Employed:
First, open the QuickBooks Self-Employed app on your phone. You’ll be asked if you need to file GST, PST or HST on the home screen. Select ‘Yes’.
From here, you’ll be taken to the Sales Tax screen. Select the province where your business is registered, as well as how you’d like to charge sales tax. We’ve done the math for you on tax rates around the country, so you can know exactly what you owe based on your province.
We’ll share a suggestion of what other business in your area use, but for more information on exclusive and inclusive sales tax, click on the information icon. That way you can select what’s best for your business.
Once you’ve filled out all the required information, hit “Set up sales tax” and you’re ready to go!
QuickBooks Self-Employed, it’s never been easier to keep a close pulse on the health of your business and understand exactly how much money is going in and coming out – every kilometre driven, every buck expensed, every tax dollar owed.
Now that’s a complete picture of your finances.
To learn more about QuickBooks Self-Employed: https://quickbooks.intuit.com/ca/self-employed/