Your Answer

How do I export QuickBooks tax information?

If you have set up QuickBooks to collect tax-related income and expense information, you can export your tax data to a tax preparation tool such as TurboTax .

To set up QuickBooks to track tax-related information:
  1. Select the tax form that your company will file in the Company Information window:

    • Use the T1 General form for individuals, unincorporated businesses, and partnerships.

    • Use the T2 form for incorporated businesses.

  2. Confirm that all your tax-related (usually, income and expense) accounts in your Chart of Accounts are mapped to the correct tax lines on the tax form you chose:

    • When you set up your company, if you selected a tax form for your company to file and let QuickBooks set up your Chart of Accounts for you, most of your accounts should already be mapped correctly.

      QuickBooks uses Canada Revenue Agency (CRA) standards to map your starting accounts to the best line on your tax return. If you select the T2 tax form, QuickBooks uses the General Index of Financial Information (GIFI). GIFI is a standardized financial statement that allows the CRA to compare industries more easily.

    • If you set up your Chart of Accounts before selecting a tax form for your company or you added any new accounts to your Chart of Accounts, you will have to assign tax lines manually.

After your accounts are mapped to the correct tax lines, QuickBooks tracks tax-related transactions as you enter them. When the time comes to file your return, you can start your tax software and import your tax data into it.

To start the TaxLink wizard:
It's necessary to follow the steps below in the order in which they appear.
  1. Install QuickBooks.

  2. Install TurboTax .

  3. Open the QuickBooks company file that you want to read tax information from.

  4. Open TurboTax .

  5. Search for TaxLink in your tax software's help system for information about starting the process of importing tax information from QuickBooks.

  6. Import your QuickBooks company file.

After you transfer your tax data:

Importing your QuickBooks data into your tax software transfers the vast majority of your tax-related information, but you'll need to enter some details yourself, such as

  • Inventory

  • Information in the Identification Area of form T2125

  • Information in the Motor Vehicle Expenses Area of form T2125

  • Home office expenses

Did this article help you?
Your Feedback
Cancel Submit