If you import your QuickBooks data into Intuit's TurboTax Business tax
preparation product, or your accountant imports your data to Intuit's
ProSeries tax preparation product, the Income Tax reports will help with the
preliminary tasks of verifying your tax line assignments and the amounts
QuickBooks tracked for each tax line.
To track income tax-related transactions in QuickBooks, each tax-related
account must have a tax line assignment. The accuracy of the tax reports
depends on whether each tax-related account has the right tax line assignment.
Tax line assignments include Balance Sheet accounts for
business tax products. When you create a new Balance Sheet account, the tax
line assignment will be prefilled for you based on the type of Balance Sheet
account you're creating.
This report shows the tax line assigned to each account in your chart of
accounts. Be sure to review these tax line assignments, and edit if necessary,
before generating the income tax summary or income tax detail report. More ...
This report helps you gather data for your federal income tax forms. The
report shows the amount QuickBooks tracked for each tax line on the tax forms
that your company files with the federal government. The tax lines are assigned
to individual accounts in your chart of accounts. Initially, the report covers
the current tax year. You can change the period covered by choosing a different
date range from the Dates list. To see how QuickBooks calculated an amount,
double-click the amount. More ...
To do this task
Go to the Company menu and click Chart of Accounts.
Right-click the account and choose Edit Account.
Click the Tax Line drop-down list and choose the tax line.
What if the list of tax lines is missing?