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jgallc
Level 1

Under "taxable expenses" the report is showing $0 spending for meals, but there are many expenses in that category; how do I fix this glitch/bug?

 
3 Comments 3
ChristineJoieR
QuickBooks Team

Under "taxable expenses" the report is showing $0 spending for meals, but there are many expenses in that category; how do I fix this glitch/bug?

I got your pointers, @jgallc. However, I would like to ask for more details on your concern to ensure we are looking on the same page.

 

May I ask what specific report in QuickBooks Online you tried to pull up that shows zero 0 balances? A screenshot is also helpful.

 

I will be waiting for your response. Have a great day.

jgallc
Level 1

Under "taxable expenses" the report is showing $0 spending for meals, but there are many expenses in that category; how do I fix this glitch/bug?

On the dashboard page there is a tile called "taxable profit." It doesn't include all of my deductible expenses under "deductions." When I click through, there is a full list of deductions, and meals are counted as $0, even though many of my expenses are categorized under "meals and entertainment" (the pre-set category in QB). 

I've attached a screenshot of the line item on that page. 

I'm wondering how to get the software to recognize that all expenses that I categorize under "meals and entertainment" are tax-deductible at 50%.

 

Thanks so much!

Kevin_C
Moderator

Under "taxable expenses" the report is showing $0 spending for meals, but there are many expenses in that category; how do I fix this glitch/bug?

Thanks for getting back into this thread and providing additional details regarding your concern, @jgallc.

 

The amount that will show up on the dashboard page is only an estimate of the program for your income and deductions from your business. You'll want to run the Profit and Loss Report instead to view the exact amounts for your taxable expenses account. Just make sure to categorize your bank transactions as they come into your account.

 

Here's how:

 

  1. Go to the Reports menu.
  2. Enter and choose Profit and Loss report in the search field.
  3. Set the date range for the Report period.
  4. Choose the correct Accounting method.
  5. Choose Run report.
  6. Review your expenses.

 

If the expense transactions aren't taxed, update the transactions if needed. However, if it has been appropriately taxed and still doesn't appear on your dashboard, I recommend contacting our Customer Care Team to investigate this further.

 

Furthermore, you can check out this reference to see details and recognize how your payroll taxes are calculated: Understand how your payroll taxes are calculated.

 

Also, here's an article for detailed steps to file your taxes on self-employed income in QuickBooks Online: Get ready to file taxes on self-employed income in QuickBooks Online.

 

Keep me posted if you still have questions or concerns about managing your reports in QBO. I'll be here to lend a helping hand.

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