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Incorporated Business Tax Related Categories

JoelC

I have Quicken Home and Business.

I am in the process of setting up my INCORPORATED business in Quicken but, because my business is INCOPRORATED, I cannot figure out which "Tax Line Item for this Category" to use (i.e., an INCOPRORATED business files a T2, not a T2125, yet I do not see any Tax Line Items for the use of a T2).

Would appreciate help with this.

Thank you.

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Comments

Greg_the_Geek

Quicken was never written to support incorporated businesses, only sole proprietorships.

JoelC

@Greg_the_Geek

I Appreciate your response but I am skeptical. Is there any OFFICIAL document from Quicken to support this as I can find no Quicken documentation that limits the use of Quicken Home & Business to sole proprietorships. Please point me in the right direction.

Thank you.

Greg_the_Geek

Which tax-schedule reports does Quicken Home & Business support?

Schedule B (interest & dividends)
Schedule D (capital gains & losses)
T1 Form
Tax Schedule
Tax summary

Quicken Home & Business

JoelC

I am open to different interpretations but a) I would have thought that tax schedules would include those for corporations and b) there are far more corporations than sole proprietorships. The other possibility / thinking is / was (when Quicken was Intuit) that corporations would go to Quikbooks.

Greg_the_Geek

Quicken is PERSONAL financial software not written to support corporations. QuickBooks has always been to software for corporations.

Arctic Hare

I believe the list of supported tax reports above is exhaustive. I agree with Greg_the_Greek; Quicken is not intended for use for incorporated businesses.

volvogirl

Unless the Canada version is different. Can you use QuickBooks for Canada?

Arctic Hare

volvogirl said:

Unless the Canada version is different. Can you use QuickBooks for Canada?

The reports listed above are for the Canadian version - which I run.

JoelC

I appreciate and thank all for their support.

I was playing around a bit more and while the tax treatment might not be perfectly accurate I believe I can use the T2515 tax line categories to create the property Business Income and Business Expense categories so that the "accounting" and the related reports are accurate.

I will check with my accountant and revert next week should there be interest on how best to use Quicken for an incorporated entity.

JoelC

In respect of the comment / suggestion of whether I can use QuikBooks the answer is yes. I am however trying to consolidate / do everything in Quicken and I can then consolidated net worth, tax reports, etc. which would not be more difficult using Quicken and QuikBooks (and yes, at least for me, QuikBooks is hard no for personal acconting)!

volvogirl

But you should not have the business and your personal accounts in the same data file. The Business should be in a separate file and you can't consolidate them. You would have to use something like Excel to combine them. You file a separate tax return for the business.

JoelC

> @volvogirl said:
> But you should not have the business and your personal accounts in the same data file. The Business should be in a separate file and you can't consolidate them. You would have to use something like Excel to combine them. You file a separate tax return for the business.

I appreciate your advice but prefer the workflow that I have as a) I am never jumping between data files b) I can perform reports that I could not otherwise do using two files or two apps (i.e., QuikBooks and Quicken).

I will also add that had Quicken leaned towards you workflow that a) they would ask whether you were setting up a personal workflow or business workflow and then only provided personal / business functionality for that data file and b) they would not show all the personal functionality and business functionality (i.e., categories, tabs, etc.) for the same data file.

Just my $0.02!