Tax=544,375 But retained earnings = 2,408,975. Why are not the federal taxes subtracted from something? (fed tax deposits = 565,000)
If your business has more than 4 million in income you can afford to use a paid tax pro so the TT Business program has the option to upgrade for professional assistance ... please use that option since most users on this forum will not be able to help you with a Corporate return.
Ok ... I am confused. If you need to make an overriding entry in the forms mode then do so. If you don't know what you are doing employ a professional. This year the TT Business program has the option to upgrade to live help if you wish OR seek an outside professional to get the return completed.
It doesn't matter if I made $10.00 and paid $1.00 in income tax, the Turbo Tax balance sheet would still be off because it is not reducing the net income by the $1.00 before it adds the net income to the retained earnings. Since Turbo Tax calculates the income tax it should automatically reduce the net income by the amount of tax paid. Then the excess amount of taxes deposited should be put into an asset account of prepaid taxes for next year. Sure I can do a [Ctrl + D] and do an override to net income, but why should I have to do that?
Still have questions?Make a post