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Super Contributor *

Tax-Line Mapping for business checking account

I'm adding a business checking account to my Chart of Accounts.
I don't know what to choose in the Tax-Line Mapping field.
This account receives payments (direct deposit (ACH), checks, etc.) and sends out money (payments to vendors, suppliers, partners, etc.)
The company is a SMLLC

2 Comments
Moderator

Re: Tax-Line Mapping for business checking account

Thanks for the details, EBFinancials.

 

Selecting the correct mappings is important. You can use QuickBooks without assigning any tax lines.

 

However, if you need to use it, we recommend consulting to an accountant or tax professional for the best advice.

 

Please visit the IRS Tax Map article for more information.

 

I'm glad to provide further assistance should you have any questions. I'm wishing you and your business continued success.

Established Community Backer ***

Re: Tax-Line Mapping for business checking account

A bank account for a SMLLC does not map to any tax form.  A bank account is just where you hold money.  You get paid that is income, and what you spend  is an expense, a liability payment, or an asset purchase, only expense goes to the tax form.

 

Tax line mapping in desktop is old and not complete, it has not been updated to the new IRS forms and using the export to turbo tax is rife with problems.  Best thing is to structure your chart of accounts to match the schedule C you file at tax time, and then just use the P&L and plug in the numbers