Taxes is one of the products of FinanceBase and includes Finances. It is used by the Quotes and Daycare. it provides a means of recording all activities of a financial nature for a household and an at-home business. It uses transactions to fill out the Business tax form.
Explore the features described below and try as a Demo for 31 days. If it suits your needs, order a License for $35.00 (add Lifetime Finances for a total of $55.00.
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As with all FinanceBase products, the features and capabilities given in FinanceBase – Overview are available. Each of the features is discussed in detail in the Taxes Menu section later. As Taxes also includes Finances and Accounts, please click on the links to view these features and capabilities as well.
Business Income Tax Forms
- • Uses The Standard Form A copy of the form is superimposed with variables that can be entered. Canada and USA forms are included.
- • Uses Transaction Category Totals Category Totals can be assigned to each of the form’s variable.
- • Assignments Reused Each Year The past year’s form and assignments can be reused without any additional work and the year’s data is automatically used.
- • Documentation Printouts and Exports of all Transactions and other records provided for documentation and auditing.
Allocate Parts of a Home
- • Multi-Year Can be changed each year.
- • Flexible Allocation Can be done by room and time.
- • Multi-Year Keep track of any property over the years.
- • Depreciation Each year the depreciation claimed for one or more businesses can be changed. Canada and USA forms are included.
- • Use in Business Income Tax Forms Once depreciation is assigned, it can be used in the business form.
Business Use of Vehicles
- • Document Trips Assign a distance and purpose to trips when there is personal use of the vehicle.
- • Easily Allocate Business Use Use Transaction expenses and trip assignments to set the business use.
Meals and Entertainment
- • Use Transactions Define a category for meals and entertainment.
- • Enter Directly Bypass using Transactions and enter the amount.
The Taxes menu is to the right of the Finances menu (which is to the right of the File menu). The Taxes menu is divided into two areas. Within each area the menu items are in alphabetic order. Each item has its own more detailed description.
All of the items are available during a demo. The items are sorted alphabetically and when any item is clicked it will open a window.
Company Registration – Before any business tax information can be entered, one or more companies must be defined. The company name can only be created by using this menu item and it is used in a number of places.
Taxpayer Registration – Each Taxpayer must be registered with a name and SIN (Social Insurance Number) for Canada or a SSN (Social Security Number) for the USA before the tax forms and other expense items can be entered. Spouses can be linked so that business forms can be created for each person.
Business Forms – The Business Forms is enabled only when a taxpayer is registered and selected. When this menu item is selected the window that opens is similar to that provided by the respective tax authority of the Canada and the USA. The forms can be filled in using the categories assigned to Transaction records and the menu items given below.
GST or HST Returns – This is only enabled when the default country is Canada. When selected, a window opens that permits the searching of GST or HST Return records or, if a default has been set, a list of records. The Input window contains a form that is similar to the form provided by the Canada Customs and Revenue Agency. It can be filled in using the categories assigned to Transaction records.
Home Expenses Personal Use – The portion of the home that is used for business must be assigned before the Business form is finalized. This window shows how a home is entered and parts allocated to a business.
Meals and Entertainment – Meals and entertainment incurred by a business can be claimed as an expense on the Business form. However, for some expenses only a portion can be claimed. A percent of the total amount and a percent of a Category (from Transaction records) are provided.
Property – Any property (e.g. car, computer, tool) can be entered as a way of recording what is owned using the window to the right. A list of all properties is provided and can be printed and exported.
Canada and the USA have different rules for claiming depreciation and different rates for each class of asset and both are included. In Canada depreciation used is referred to as a Capital Cost Allowance.
Vehicle Business Ratio – The amount of depreciation and expenses for a vehicle used for business purposes on the tax forms is a function of the distance traveled on business compared to the total distance traveled in a year. The tax agency requires details on the trips and distances. These can be provided using either or both of the two Vehicle trips methods given below.
Vehicle Trips – Vehicle Trips provides a means of recording the distance traveled on Business for later use in the Business form. It is used as the basis for depreciation and Vehicle Business Ratio on the Taxes menu. An Input window and the resulting List window are show. When the List window is open, an add-on Vehicle Trips menu is shown after the Taxes menu. It permits changes to the trip records, to set destination values and to show totals for a year.
Vehicle Trips Using Transactions – For some businesses, Vehicle trips are related to the buying of supplies that are recorded as Transactions. If a daily log of Vehicle trips has been kept, they can be entered using the Vehicle Trips menu item and the Vehicle Trips-Input window. However, if a log has not been kept, or there are some gaps in the log, the Vehicle Trips Using Transactions is provided to make adding Vehicle Trips faster.