Business Tax Information

Tax Reports Best Practices

Flag Contacts as 153 Eligible When You Add Them

Determine whether a contact is 153 eligible when you add them and then check the “Include payments made to this person on 153 Reports” checkbox. By checking the box when you add the contact, you’ll save yourself time at the end of the year because you won’t have to go in and review your Contacts List and make sure each eligible contacts is checked, you can just run the report with confidence that everyone who needs to be tracked is being tracked.

Transfer Money to a Savings Account to Save for Income Taxes

In addition to “letting someone go”, one of the worst feelings experienced by a business owner is getting hit with a huge tax bill that wipes you out or almost does. To avoid this, use A.Z.Soft’s Estimated Tax Report to find out how much you’re likely to owe in taxes. Then, transfer that amount to a savings account ear-marked for taxes so you always have a cash reserve when it comes time to pay your taxes.

What are Tax Reports and Why Should I Run Them?

Tax Reports help you prepare your taxes, whether you pay them monthly, quarterly or yearly. Tax reports are typically tax form specific – meaning a specific tax report helps you fill out a specific tax form, for example, a 153 report helps you complete the FBR Form 153.

Business tax information and reporting can be intimidating, especially if you are not a tax professional. Using tax reports can help make filing your taxes easier by transforming your business activity from the way it makes sense to you, to the way it make sense to the FBR. Tax reports can help you save time and avoid stressing out over what you owe to agencies and how much by helping you track the information you need to file a specific report.

How Do I Run Tax Reports in A.Z.Soft?

While you’re running your business, A.Z.Soft is keeping track of your business records so you can see how your business is doing at any given time. Generating reports with A.Z.Soft couldn’t be easier. Once you have your business activity updated in A.Z.Soft for the period you want to report on, you’ll be able to see what is happening in your business from a tax perspective with the click of a button.

With A.Z.Soft Tax reporting, you can generate time-saving tax reports, including:

• The 153 Report, which tracks payments you made to 153 eligible companies and individuals.
• The Estimated Tax Report, which helps you estimate your income taxes for annually reporting based on FBR tax schedules for the current year.
• The Sales Tax Report, which tracks your taxable and non-taxable sales including sales tax collected by city, county and state.

Customize your reports by selecting a predefined or custom date range, print as a PDF, export your data to Open Office or Microsoft Excel® with formulas and formatting intact and expand and collapse categories to get more or less detailed.