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Community Contributor **

how i can setup business income tax with Quickbooks online?

Hello,

i did the sales tax part and it works well, but I could not find how to setup business income tax that will be calculated on annual basis based on the net earnings. is it something i can do it with QBO or it's done manually? I am using the international version of QBO.

 

your help would be highly appreciated. thank you

Solved
Best answer 06-08-2019

Accepted Solutions
Moderator

Re: how i can setup business income tax with Quickbooks online?

Hi there, qaissami.

 

QuickBooks calculates taxes for goods and services. Other tax calculations like business income tax are entered manually. Let me show you how to record it. 

 

Create an expense account for business income tax. 

  1. Go go to Accounting and choose Chart of Accounts.
  2. Click on New.
  3. Choose an expense account from the Category Type.
  4. Choose an expense account from the Detail Type.
  5. Enter the description and click on Save and Close.

Make an expense transaction once paying for business income tax. 

 

We'll definitely guide you in your success. Just let us know if you have more questions. 

3 Comments
Moderator

Re: how i can setup business income tax with Quickbooks online?

Hi there, qaissami.

 

QuickBooks calculates taxes for goods and services. Other tax calculations like business income tax are entered manually. Let me show you how to record it. 

 

Create an expense account for business income tax. 

  1. Go go to Accounting and choose Chart of Accounts.
  2. Click on New.
  3. Choose an expense account from the Category Type.
  4. Choose an expense account from the Detail Type.
  5. Enter the description and click on Save and Close.

Make an expense transaction once paying for business income tax. 

 

We'll definitely guide you in your success. Just let us know if you have more questions. 

Community Contributor **

Re: how i can setup business income tax with Quickbooks online?

thank you Garlyn for your prompt support, I will consider you solution. thank you :-)

Moderator

Re: how i can setup business income tax with Quickbooks online?

It is my pleasure, qaissami. Have a great day!