MaryGraceS
Moderator

Taxes

Hello there, @Anonymous.

 

I appreciate you providing me with that clarification. Allow me to help share some information about recording income tax paid in QuickBooks.

 

Yes, you need to record your income tax payments in QuickBooks. For your second question, it depends on how you want to account the payment.

 

As mentioned by Rustler, if you choose to put it into the business, then the source account for the deposit would be owner/partner equity investment. But if not, you can enter it as a personal expense. For more information on how to account the tax payments in your tax reporting, I’d recommend consulting an accountant to make sure it's recorded correctly.

 

If you're using QuickBooks Online Self-Employed, it tracks your tax payments automatically if you pay it online. If you're using QBO, you need to record it manually. The following article contains the step-by-step process: Write checks

 

That should get you back in track. I'm just a post away if you should have any other questions about income tax payments. Have a great rest of your week.