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Business Tax Categories

eck61

For my Incorporated Business, I am currently using the category, "Tax:Income Tax", for the following transactions.

- Payroll & Source Deductions
- GST Amount Owing
- Corporate Tax Owing

I'm also assigning the tax item "T1 General:Income Deducted from Slips" for all 3. This is making it challenging for my accountant.

Any suggestions on what category and/or tax item would be more appropriate for each of these?

I appreciate any guidance with this. Thank you.

Regards,
Chris

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eck61

Thank you Kristina.

Chris

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eck61

Forgot to include 1 more transaction. I also use the same category and tax item for "Alberta Corporate Tax Owing".

Chris

Quicken Kristina

Hello @eck61,

Thank you for reaching out to the Community and telling us about this issue. I'm sorry to hear you're running into this problem. This Quicken Help page provides some general information. We're not able to give tax advice. Have you asked your accountant what line items you should be assigning?

Thank you.

eck61

Thanks for the response Kristina.

Can new tax items be created?

Regards,
Chris

Quicken Kristina

Thank you for your reply,

You can create new categories and assign tax line items to those new categories, and you can change which tax line item is assigned to a category, but you are not able to add new tax line items to the existing list. If you have items that don't really fit any of the existing line items, then perhaps you could create new categories or tags to fill in the extra information and select the tax line item that comes closest (or use the "unspecified" option)? It may be best to consult your accountant to find out what would make it the easiest for them.

Thank you.

eck61

Thank you Kristina.

Chris