How Can I Use Quickbooks To Fill Out Tax Form 1120s Or What Reports Can I Use To Give Me The Info I Need?
December 4th, 2009 | 
Author: I’m using Quickbooks Premier: Contractor Edition 2005 and filing as an S-Corp (I’m a LLC in Mississippi). It seems like the program is set up to make you pay someone else to do something I should be able to do. Is there a way to make the two compatable, or at least, can someone tell me what reports will give me what I need?
Posted in QuickBooks Training | 
Tags: 1120s, Compatable, Fill, Form, Give, Info, Llc, Mississippi, Need, QuickBooks, Quickbooks Premier, Reports, S Corp, Tax Form 1120s
For starters, you will need a “Balance Sheet” at 12/31/06 and a “Profit and Loss” statement for the year ending 12/31/06.
However, these reports can be printed on the ‘cash’ basis or ‘accrual’ basis, depending on what accounting method you’re on. There are book to tax differences too, like depreciation. Some expenses you may have paid for on your books may not be deductible for tax purposes, like penalties. Some items have to be reported individually to the shareholders’ K-1s, like charitable contributions, health insurance, etc.
If you do not have experience preparing corp. tax returns, I would suggest that you go to a professional.
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