I am using Quickbooks and paying my quarterly taxes as instructed in the software. This is my first full year of using this software and I am wondering if there is anything else that I need to be paying or need to take into consideration for the end of the year? I live in Massachusetts and that might make a difference on your answer.
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Can I add receipts to quicklook?
The application allows you to attach digital receipts to the transaction. I print them to PDF and then add to Quickbooks. I also store them locally on my computer in case I need them.
Thank you for contacting TurboTax Live! We see that you had a question - about your quarterly estimated taxes, that you paid during the 2021 tax year!
We thank you for your question! We also thank you for the opportunity to respond to your question!
We see that you are using QuickBooks Live! and paying your quarterly estimated taxes, as instructed in the software. (Please note that we took that to mean that you reviewed those instructions in the QuickBooks Live! software).
As you mentioned that this is the first full year of using the QuickBooks Live! software, and because this is your first year of using QuickBooks Live! - that you are wondering if there is anything else that you might need to be paying into the IRS, or that you may need to take into consideration, prior to the end of the 2021 tax year.
You also mentioned that you live in the Commonwealth of Massachusetts, and asked if being a resident of MA - might make a difference on your state tax return filings for the 2021 tax year.
If you’ve been keeping good records throughout the year, closing your books using QuickBooks Live! should just take a few hours.
Then you can take your QuickBooks Live! and use the books to prepare and file your TurboTax Live! Self-Employed tax return filings.
In using QuickBooks Live! - you should be off to a great start in preparing your tax return filings for the 2021 tax year, and with confidence.
(If you haven’t been keeping good records… well, we’ll talk about that in a little bit.. . . as that is another story!!!)
Here are eight (8) steps you can take to finish off your QuickBooks bookkeeping and be prepared for the new year (2022):
State Considerations - Commonwealth of Massachusetts:
In addition to income taxes, you may be required to collect and pay sales and use tax, a state-mandated surcharge that varies from state to state. Since we did not see the specific business product or service stated in your question - we are unsure if you have a product or service that would be subject to sales tax, within the Commonwealth of Massachusetts.
Business owners should check with their state government to see if they must charge customers sales tax for their products or services.
In reviewing our resources on Sales & Use Tax, and the materials of the Massachusetts Department of Revenue (DOR), the Massachusetts sales tax is 6.25% of the sales price or rental charge on tangible personal property, including certain telecommunication services sold or rented in Massachusetts.
Sales tax is generally collected by the seller.
If you should have collected sales taxes from your customers - and did not do that during the 2021 tax year, you could be held personally liable on the sales tax you should have collected but didn’t.
Individuals may also be held responsible for a use tax, which is applied to all the items a person buys for the business (even out-of-state purchases) and should have paid sales tax on but did not pay.
The Massachusetts use tax is 6.25% of the sales price or rental charge on tangible personal property, including property purchased by phone, mail order, and online where sales tax was not collected or was paid at a lower tax rate. Use tax is generally paid directly to Massachusetts by the purchaser.
If you have not already - you may want to consider registering your business with MassTaxConnect — this is the official MA DOR's web-based application for filing and paying taxes.
Through MassTaxConnect - You can also learn how to apply for an State Identification Number for your business, whether or not you need to remit sales and use taxes during the tax year, and also submit your annual certificate of tax filing status, as is required to transact business within the Commonwealth of Massachusetts.
We sincerely hope that the information provided herein is responsive to your question and posting in our Live! Event!! Should you have any questions or requests to clarify - please do not hesitate to reply to this post; otherwise you can feel free to set up a call back or Chat session with one of our Live! Tax Experts at TurboTax Live!
We wish you all the best in your business venture!! Cheers!
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