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.
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.
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?
You're welcome. Late fees/penalties to a government organization are not tax deductible so they would not be handled the same way. A personal tax payment would be recorded as an owner's draw.
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