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Our Finance experts answer questions on Financial Softwares such as:

  • For my S-corporation i am using TuboTax business financial software. In my 1120S form Under Federal Taxes/Deductions/Vehicle Expenses I have entered the respective amount. I have calculated this amont on the basis of miles driven by me for busniess purpose, the vechiles in which the fuel is used is my personal vechile and there are other vechiles also which are owned by the S corporation. In Tubo Tax there is a form 4562 part V of which talks about the automobiles, but the form when printed out was completely empty, no fields have entries, which I find somewhat strange. Is this normal as TurboTax didn't even ask me much about the vehicles...
  • I am trying to use a new software called as quickbooks this is a financial software being used by many organizations. What is the best way to set it up so that i we can recognize received payments as income once they are deposited into bank, while still using quickbooks A/R account? For tax return purpose we are reporting on cash basis and this is the only reason why i want to set it up on cash basis.
  • Quickbooks 2012(Financial software) - due to an accident I lost data from 2012 and now I need to re-enter the paychecks in 2012 using the old tax tables. I am totally lost and have no clue how to do that
  • My client has Quickbooks Pro 2011 (Financial software). I have installed Quickbooks Pro 2012 on my system. For more effeciency in operations I need to upgrade my client's Quickbooks pro 2011 to a newer version i.e. Quickbooks Pro 2012. Upgrading the client's software would help me to use the portable company file option to work from home if required. Please advise what I have to do to upgrade my clients 2011 Quickbooks Pro to 2012 version.
  • My organization is using quickbooks financial software which has multiple companies set up. We hired Mr. Boob a book keeper who is responsible for entering information through June 30, 2012. I am trying to finish off the year and it looks like he entered the check register on one company through June 31 - so I continued on with the check register through December 31. Now I am trying to update the general journal entries but they are not being entered in the same company. How can i transfer the entries from one company to another avoiding the duplication of entries. is ther a way out?
  • I want to left a trust for the benefit of my son, If I transfer mutual fund shares to such trust created for my son and I am the trustee of the trust, is the value of such shares be counted out of my estate for estate tax purposes on my later death or not?


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