Canada T2 Corporate Tax preparation with TURBOAX BUSINESS INCORPORATED - Canada

[cougar]

I just came across this board and I am hopeful there is someone out there who has used the Turbotax business Incorporated software and would be willing to answer a few of my questions.

Currently entering the GIFI Balance sheet and Income Statements for the current and the prior year.

Not too sure how to enter the taxes paid in the prior year. The software does not seem to figure it out by itself and leaves the prior year balance sheet not balanced (the difference being the amount of tax)

It has calculated the taxes payable for the current year though.

Asking here, because so far I have found the Turbotax support to be a big pain.

 

[clarkady12]

Question 1: Not too sure how to enter the taxes paid in the prior year. The software does not seem to figure it out by itself and leaves the prior year balance sheet not balanced (the difference being the amount of tax).
Answer 1: When using Turbotax Business Incorporated software, entering taxes paid in the prior year is essential for accurate financial reporting. To do this, follow these steps:

1. Go to the "Income" or "Tax" section of the software.
2. Look for a category or section labeled "Prior Year Taxes Paid" or something similar.
3. Input the total amount of taxes paid in the prior year. Make sure you enter this amount accurately to balance your prior year's balance sheet.

Example 1: Imagine you paid $10,000 in taxes for the previous fiscal year. Input this amount into the "Prior Year Taxes Paid" section in Turbotax Business Incorporated to ensure your balance sheet is balanced.