How to handle the annual LLC fee

5 replies
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How should the annual LLC fee of $800 and $6,000 to the FTB be categorized in QB? Do these expenses affect the P & L and are they tax deductible?

QuickBooks Online

IRMNAnswer

Code it to an account called "licenses and fees", or something along that line. Yes, they do affect the P&L. If they are an annual fee, yes they are tax deductible.

IRMNAnswer

Code it to an account called "licenses and fees", or something along that line. Yes, they do affect the P&L. If they are an annual fee, yes they are tax deductible.

FVHAuthor

Thank you very much for your reply! Would a late fee to the FTB be handled/categorized the same way? Also how would a personal tax payment to the IRS and the FTB for a single member LLC be handled that came out of the company account?

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