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Multiple businesses on the same tax return, such as more than one Schedule C, E or F, should be in the same file, but with different classes designated for each. It is very easy to switch between files with the "Open" command. In fact, it saves a lot of time if you add the "Open" icon to your icon bar. This helps prevent any IRS accusations of commingling and allows a better picture of each tax return. Since C corporations are allowed to have a fiscal year ending at a different time than the December 31 year end which is required for individual, partnership & S corporation returns, combining them in one Quicken file makes a real mess. When you set up your Quicken file, the program does assume that your year ends on December 31. If it doesn’t, make sure you set up the proper fiscal year end in the "Settings" section of the "Options" selection under "Edit." This will speed up the production of reports for the current or past year. |
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