Tax Return Summary
First prepayment options get selected in Entity Configuration for Prepayments, and then prepayment amounts are entered in the annual Prepayment Worksheet. The third step's a final review and editing, if necessary, in Prepayments within the binder prior to the prepayments being transferred into the returns. After your processing is complete for the reporting cycle, you should complete the final step in Prepayments. The final step's the refreshing of your Tax Return Summary.
The prepayment amount shown in the current tax period tax return summary for prepayment amount due will be the amount used in the next tax period on the return for prepayment from last month.
The tax return summary's more than a tool for prepayments and displays summary data for each return. This data's available for each tax return:
- Tax Liability
- Prepayment Due
- Prepayment Used
- Credit / Adjustment
- Discount, Penalty, and Interest
- Net Tax Due