QuickBooks allows you to track your business activities and ensures your business is running well financially. Not only, you can review your financial statement but also helps you to record federal tax payments in QB. Yes, you heard right, the accounting software has come up with the feature of entering federal tax payment. The federal taxes used to build and maintain the county’s infrastructure, education, public welfares, and disaster relief. It is levied on your annual earnings like cash gift, wage, salary, business income, tips, bonuses, etc. Now, let’s understand how do I enter federal tax payments in QuickBooks with the help of this blog.
How do I Enter Federal Tax Payments in QuickBooks?
To be more simplified below-mentioned are the steps to enter tax payments in QB. You can take the help of the given instructions to keep a record of your tax in one place:
1. Firstly, you need to go to taxes.
2. Secondly, you have to set the year.
3. Thirdly, you are required to click on the quarterly tab.
4. Now, you need to click the quarter you have to mark the tax payment for.
5. You have to search for estimated tax payments.
6. Next, you need to mark check off the tax payment.
7. Finally, click on mark as a tax payment.
Also Read: How to Enter Inventory in QuickBooks?
How to Enter Tax Payments in QuickBooks Online?
Recording tax payments in QuickBooks Online can become easy with the help of the given steps:
- First, you have to click on taxes.
- You need to click on one of the following options. On the other hand, you have to click the right or left arrows to choose it.
- Service Tax
- Swachh Bharat Cess
- Krishi Kalyan Cess
- Next, you have to place the period for which you want to add the payment.
- You need to click on record payment or you can click the dropdown button and hit record payment
- Now, as per the agency for which the payment you are going to record, the following window payment window message will pop up asking you to add payment information. Record GST payment, Service Tax payment, VAT payment, CST payment, Swachh Bharat Cess payment and Krishi Kalyan Cess payment.
- You need to add the payment account, payment date, IGST amount, CGST amount, and SGST amount and memo for the GST.
- Add the payment account, payment date, payment amount and memo for services tax, CST, VAT, Swachh Bharat Cess, and Krishi Kalyan Cess
- Finally, you need to click on save.
Finally, you must have got a clear idea of how to record federal taxes paid in QuickBooks and QuickBooks Online with the above-mentioned steps.
You must have understood how do I enter federal tax payments in QuickBooks with the steps given in the blog. The federal taxes are used by the government for the benefits of U.S individuals. The user of the accounting software will get benefit to overview the company’s financial position and track the federal tax. If you want to know more about the federal tax payments, then you are free to get in touch with the QuickBooks experts. Therefore, we make sure that the software users get satisfying accounting support in a stipulated time.
If you have any doubts related to how do I enter federal tax payments in QuickBooks, then dial the QuickBooks Support Phone Number. (Toll- Free).