IRS EXPENSE CATEGORIES THAT MATCH UP WITH INTUIT'S LIST

Forum|Forum|7 years ago
December 29, 2018
1 reply
13 views

I have set up only the following accounts becaUSe I believe they most closely match the IRS designations for a partnership return.

Advertising
Auto
Capitalized
Charitable Gift
Cleaning & Maintenance
Commissions
Computer Repair
Depreciation
Equipment Purchase
Insurance:Property
INTEREST
Legal & Professional
Management
Meals & Entertainment
Medical
Office Expenses
Paid to Owners
Phone
Postage
Rent or Lease
Repairs
Supplies
Taxes
Travel
Uncategorized Expenses
Utilities

Where do you SUGGEST I place 1099 employees, business gifts, education expenses?

Steve

Complete List of partnership Expenses and Tax Deductions

QuickBooks Desktop

Rustler

Level 15

You can create as many expense accounts as you wish, if they do not fit under one of the listed expenses, then you use Other expense, and list them in the section it refers to

there is no such thing as a 1099 employee, employees are on payroll
1099's are issued to vendors you do business with that qualify and on the tax form it is called non-employee compensation, create the expense account for it is my suggestion.

SteveIBrownAuthor

Thanks. I knew I could set up as many accounts as I wanted, and I misstated the word employee with 1099, I am trying to keep my expense account names within the few that the IRS uses just to make tax time prep easier.

So I am trying to figure out where my list of expenses would best fit.

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