Summary
We learned a lot in this chapter about tax matters.
Specifically, we covered:
Creating mapping between GnuCash accounts and Schedule C: You will set up GnuCash accounts to help run your business on a day-to-day basis effectively. However, at tax time, you need to be able to create the tax returns quickly. This mapping is a convenient way to get that output.
Manual or electronic transfer of data into your tax return software: We saw how to get the numbers needed for the tax return in a report that can be entered into your tax return software manually. We can also export this data in a standard format and import into the tax return software.
Setting up sales tax tables: We saw different ways of setting up tax tables to follow the law in different jurisdictions.
Applying sales tax to invoices and submitting sales tax returns: We saw how the sales tax can be applied on the invoice. We also saw how to create reports to attach to our sales tax returns.
Now that we've covered the stressful tax...
