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Here’s how to easily calculate sales tax in QuickBooks Self-Employed: First, open the QuickBooks Self-Employed app on your phone. The app asks you if you need to file GST, PST, or HST on the home screen. Select “Yes.” This takes you to the Sales Tax screen. Select the province ...
If the cash that MyCorp received was equal to or less than the elected amount (i.e. the agreed upon transfer price on form T2057), then there won’t be a capital gain. In this case, the cash received by MyCorp is treated as a reduction of the ACB and PUC of the shares in ...
Products like QuickBooks Online make it easier to find appropriate incentives and tax deductions that you can take advantage of. Once you understand how to navigate the tax code, QuickBooks allows you to keep a record of all your expenses, inventory, payroll, and payments all in one place. ...
However, you may claim an input tax credit for the GST/HST you pay on business expenses. The input tax occurs when your business pays sales taxes on goods or services you need to run your business, such as supplies. Your net tax is the difference between these two amounts. ...
Enter the Tax name as 'HST 7.5% Liability.' Select the I pay this on purchases box. Enter the Tax on purchases rate as 7.5%. Select Liability from the Account drop-down. Select Input tax credits (ITCs) from the Show tax amount on return line drop-down. Select Add. N...
There's a possibility that the Automation feature is turned on, that's why you're able to see a reduction to the receivables reports in QuickBooks Online. It would be my pleasure to help walk you through the steps on how to check the settings. Here's ...
Business owners in a partnership combine financial resources to pay for operational expenses. The partners have a contractual agreement which breaks down the percentage of ownership and distribution of revenue. There are three types of partnerships: In a general partnership, each partner is liable for...
There's a possibility that the Automation feature is turned on, that's why you're able to see a reduction to the receivables reports in QuickBooks Online. It would be my pleasure to help walk you through the steps on how to check the settings. Here's...