Estimated Tax Payments

Problem

Where to put estimated tax payments in Goldenseal accounting software

Diagnosis

They are paying IRS estimated taxes, where to put them?

Solution

This is actually a personal expense, not a biz expense.

If they are mixing personal and business in one file, set up an Overhead account for personal expenses and job cost to that.

HINT-- Version 3.0 adds an optional Non Business checkbox, so it is easier to identify personal expenses when they are mixed in a business account.

If they want the company file to be entirely business, they should write themselves a draw or a salary check, deposit it into a personal bank account and pay it from there.

NOTE-- If they want to pay direct from Goldenseal, they could also enter an owner draw check and pay it to IRS.

Comments

Entered 9/13/04