Income Taxes

Before using the MacNail construction accounting software for your income taxes, check all of your data entry for the year very carefully (see pages 97 and 190.

NOTE-- In 2000, MacNail was replaced by Goldenseal construction accounting software. Goldenseal is an integrated program that includes general accounting, job costing, payroll and project billing, plus estimating and other features. Goldenseal includes an Income Tax Report that gives you the numbers you need for tax payments.

You can then make a Financial Report, using All Files in Folder and Last Year. This report will list all of your financial transactions for the year, even if you used several Ledgers.

NOTE: Items listed on Quick Ledgers will not be included in the report. If you have income or expenses on a Quick Ledger, you will have to add them in manually.

To get a breakdown of tax costs, choose *Sort Special from the Cost Control DATA menu, and make a Tax Sort. All items in the Financial Report will be listed first by job number, and then by category.

Scan the list, and double-check each item. Make any changes, if necessary, then make a Tax Sort again.

All overhead expenses will be listed under job 99, arranged by cost category. You can use =sum() to get the total for each type of cost, for use on your Schedule C or corporate tax forms. Depreciable items will need to be transferred to a separate depreciation tracking worksheet, unless you are expensing them on your tax forms.

Use =sum() in the payout column for all non-office jobs, to get the total project expenses for the year. You may have to adjust this for inventory, on the tax form.

Use =sum() in the deposit column to get your total gross income.