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Level 1

Due to the pandemic, I received a tax-free check from the IRS to cover my payroll. What account do I list that income under to avoid tax?

 
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Best answer April 24, 2020

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Level 15

Due to the pandemic, I received a tax-free check from the IRS to cover my payroll. What account do I list that income under to avoid tax?

If you are taxed as a sole proprietor or partnership, use owner/partner equity investment as the source account for the deposit

 

if you are taxed as a corp, create an other income account named un-taxable income and use that as the source account for the deposit

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Highlighted
Level 15

Due to the pandemic, I received a tax-free check from the IRS to cover my payroll. What account do I list that income under to avoid tax?

If you are taxed as a sole proprietor or partnership, use owner/partner equity investment as the source account for the deposit

 

if you are taxed as a corp, create an other income account named un-taxable income and use that as the source account for the deposit

View solution in original post

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