QuickBooks allows you to keep track of your business activities and ensures that your business is running financially smoothly. You can not only view your financial statement but also help you record federal tax payments in Quickbooks. Yes, you heard right, accounting software comes with the task of filing federal tax payments. Federal taxes are used to build and maintain county infrastructure, education, utilities, and disaster relief. It is taken from your annual income like cash donation, salary, wages, business income, tips, bonus, etc. Now let’s see how to file federal tax payments in QuickBooks using this blog.
Read: How to Update QuickBooks to Latest Release 2021?
How do I Enter Federal Tax Payments in QuickBooks?
To make it simpler, the steps for filing tax payment in QB are given below. You can follow the instructions given to keep track of your tax in one place:
1. First of all, you need to go to taxes.
2. Second, you need to determine the year.
3. Third, you have to click on the quarterly tab.
4. Now you have to click on the quarter for which you will have to mark the tax payment.
5. You need to research estimated tax payments.
6. Then you have to check the tax payment.
7. Finally, click on the mark as tax paid.
How to Enter Tax Payments in QuickBooks Online?
Recording tax payments in QuickBooks Online can be easy using the steps given:
- First, you have to click on tax.
- You must click on any of the following options. On the other hand, you have to click on the right or left arrow to select it.
- GST
- service tax
- VAT
- CST
- Swachh Bharat Cess
- Agricultural Welfare Cess
- Then you have to enter the period for which you want to add the payment.
- You have to click on the record payout or you can hit the record payout by clicking on the drop-down button
- Now, depending on the agency for which you want to save the payment, the following payment window message will appear asking you to add payment information. Record GST Payment, Service Tax Payment, VAT Payment, CST Payment, Swachh Bharat Cess Payment, and Agricultural Welfare Cess Payment.
- You have to add a memorandum for a payment account, payment date, IGST amount, CGST amount and SGST amount, and GST.
- Add payment account, payment date, payment amount, and memo for Service Tax, CST, VAT, Swachh Bharat Cess, and Agricultural Welfare Cess
- In the end, you have to click on save.
Finally, you should have a clear idea of recording federal taxes paid in QuickBooks and QuickBooks Online with the steps outlined above.
Conclusion
You must have understood how to file federal tax payments in QuickBooks with the steps given in the blog. Federal taxes are used by the government for the benefit of American individuals. Users of accounting software will benefit from the company’s financial position and federal tax overview. If you want to know more about federal tax payments, you are free to contact the experts at QuickBooks. Therefore, we ensure that users of the software receive timely satisfactory accounting support.
If you are not sure how to file federal tax payments in QuickBooks, call the QuickBooks Experts at +1-800-242-0792. (free).