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Introduction

No matter what type of business entity your company is, whether it's a corporation, partnership, proprietorship, or not-for-profit, you need to prepare income tax returns at the end of each year. Your government requires that you report a summary of your income and expenses for the year, and—although it doesn't produce income tax returns—QuickBooks does provide all the information you need to prepare the forms yourself or have someone else prepare your tax returns for you.

In this chapter you'll learn how to set up your accounts so the numbers feed into the proper place on tax reports. You'll see the tax reports that you can produce in QuickBooks, and you'll also learn how to record estimated tax payments and how QuickBooks ties in with TurboTax income tax software.


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