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How Can Quickbooks Help Your Business in the 2020 Tax Season

11/23/2021
|
10 mins read
written by
Dhoof Mohamed

With tax season just around the corner, businesses of all kinds are preparing to file taxes while utilizing the best tools they can to save money and account for their expenses. With all the business activities that occurred in 2019, it’s often difficult to remember what forms you need to file with employees, contractors and any other third parties that did business with you; this may include W-2 forms, W-9 forms and more. Doing this work manually is very counterproductive because you should be focusing on Q1 of this year. Out of all the tools available on the market today, Quickbooks stands as one of the most comprehensive tools to meet all of your tax needs while saving you the most money. Here are some ways Quickbooks can help you during this tax season:

 

Insights/Reports:

One of the first benefits you’ll see when you use Quickbooks is insights on how your business is performing. When you insert information on your accounts, documents, etc. Quickbooks organizes all your information and displays it in several ways so you can take a deeper look at different segments of your business. This is very helpful when you’re gathering information for filing taxes because you’ll notice all of the tax-deductible expenses you may have missed. Quickbooks reports provide you with profit and loss statements, balance sheet reports and snapshots of your company to compare your progress over time.

 

Bookkeeping:

Another great benefit of Quickbooks is their extensive bookkeeping features. As soon as you start using Quickbooks, you can file for an extension which allows you up to 6 months of extra time to file your taxes. In this period, you can go over all your expenses to make sure you’ve included everything you need to. Filing for an extension protects you from penalties and fees that are associated with filing late. Next, Quickbooks automatically files your records based on categories; these include payroll, independent contractors, business travel, utilities and more. Your income and expenses from all avenues are covered in this to make sure you file correctly. Once you’ve put in all your expenses and income, Quickbooks reviews for expenses and checks all methods that provide deductions for your business. This is done with their continuously update tax software that encompasses any new tax codes for each tax season.

 

Data Migration:

Additionally, data migration comes for free whenever you switch to Quickbooks. Many businesses already use some sort of program or application to keep track of their tax information and expenses. When you switch to Quickbooks, migration experts help you transfer your data onto Quickbooks and all your data is automatically saved on the cloud. This provides you with additional security and gives you access to your data anywhere as long as you have an internet connection.

 

Quickbooks is one of the few comprehensive tools that allows you to integrate all of your business activities. With their dashboard and easy to use interface, you are provided with a complete view of your business expenses, taxes and every other important aspect of running your business. During this tax season, Quickbooks can serve as a platform to integrate all of your business activities while maximizing your tax returns . If you’d like to learn how Quickbooks can help you during this tax season, talk to one of our representatives today for a free consultation.