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Experienced Member

Long term care insurance premiums are partially deductible. How do I categorize these transactions?

 
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Best answer 4 weeks ago

Accepted Solutions
Established Community Backer ***

Since QBSE is very limited you can not create an expense...

Since QBSE is very limited you can not create an expense account for that as you should be able to. you will have to use other expenses and split that out when you file taxes on schedule C.

If you are paying the LTC premium from the company, write the check and split the amount between other expenses-LTC and equity drawing

If you are paying the LTC premium from personal funds, then enter a transaction which debits other expenses-LTC and credit equity investment

QBSE does not allow for any new accounts (categories) to be created
QBSE does not have sales receipts, only invoices
QBSE does not have the class function
QBSE does not do recurring transactions
QBSE does not keep a customer or job listing
QBSE does not have a balance sheet so you can not enter the cost or the depreciation for a car/equipment
QBSE does not do inventory or cost of goods sold
QBSE can not do payroll
QBSE does not do any associated IRS forms, like home office deductions or depreciation
QBSE will not accept a banking file formatted as .qbo (a standard intuit type of file)

QBSE does not do sales tax either (not schedule C related but critical to a business)


1 Comment
Established Community Backer ***

Since QBSE is very limited you can not create an expense...

Since QBSE is very limited you can not create an expense account for that as you should be able to. you will have to use other expenses and split that out when you file taxes on schedule C.

If you are paying the LTC premium from the company, write the check and split the amount between other expenses-LTC and equity drawing

If you are paying the LTC premium from personal funds, then enter a transaction which debits other expenses-LTC and credit equity investment

QBSE does not allow for any new accounts (categories) to be created
QBSE does not have sales receipts, only invoices
QBSE does not have the class function
QBSE does not do recurring transactions
QBSE does not keep a customer or job listing
QBSE does not have a balance sheet so you can not enter the cost or the depreciation for a car/equipment
QBSE does not do inventory or cost of goods sold
QBSE can not do payroll
QBSE does not do any associated IRS forms, like home office deductions or depreciation
QBSE will not accept a banking file formatted as .qbo (a standard intuit type of file)

QBSE does not do sales tax either (not schedule C related but critical to a business)


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