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M
mzadc
November 3, 2022
Question

How to best apply a tax credit in QBO

  • November 3, 2022
  • 1 reply
  • 0 views

Hello,

 

There is a tax credit program in PA called EITC where whatever one gives is credit towards PA State Taxes for 90% of that tax.

 

So, if I contributed $10,000, then $9,000 will be applied towards my taxes.

How do I best categorize and input this in QBO? Is it via the Split option?

1 reply

J
JamesM4
November 3, 2022

Hi mzadc,

 

It's great to have you connect with us here in  the Community. QuickBooks offers extensive accounting tools and resources that help you manage your work with peace of mind. I'll be glad to share more info so you're on the right track with your work.

 

Making sure you're recording your transactions properly is an essential step for maintaining clean books. To ensure accuracy in your books, I recommend reaching out to an accounting professional for expert advice on this. If you're not in contact with a professional, don't worry, you can search for one using this link here. 

 

I'll also leave this question open in the Community so other accountant users can share their advice. Otherwise, feel free to ask other questions, I've got your back.

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