Home and Business for Mac
We have a very small photography business in our home, and have been using Quick Books but it has way too many bells and whistles for us. Since we have Macs, we have been waiting a long time for Quicken to develop a business side. Keeping it simple, we need it for tracking our accounting in and out, making invoices, writing checks and other banking functions and reports for tax purposes. We have read it is in the planning and just hoping it will be very soon. Thank you, Sharon Lewis
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I can't find information about whether or not the business for Mac supports S Corps, specifically generating K-1 forms. I currently have to do our business taxes on business for windows, just to generate K-1 forms and the 1120S. S Corps don't pay taxes since they're pass-through entities. Everything gets put on our personal taxes, but we HAVE to have form K-1 because it specifies the income/loss from the business. I don't care about invoicing because our POS does that.
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@mbsco I replied at length in your other thread about Business & Personal, so I'll just reply briefly here. Quicken isn't a tax program, and doesn't prepare any tax forms; it allows you to track your income and expenses and issue a report for preparing tax forms. It does allow you to categorize some K-1-specific data:
…but this appears to be for people who receive a K-1 from a partnership, as opposed to someone running a partnership who needs to prepare K-1s for the partners.
As I noted in the other post, Quicken Mac doesn't include a tax report or reporting lines specifically for an 1120S at this time…
…but I don't know if the line items to track for preparing an 1120S are any different than identifying business income and expenses for Schedule C?
Quicken Mac Subscription • Quicken user since 19930
