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Does anyone know what category a donation to the local food bank would be? This is for IRS small business tax deduction
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Employees and payroll
Our accountant has a Charitable Contributions account set up for us. It is under Expense.
Hope this helps.
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Employees and payroll
Hi there zooeysmith5.
I appreciate the effort in sharing those details. I'll share some insights into what category a donation to the local food bank would be for IRS small business tax deduction in QuickBooks Online.
I recommend consulting with your accounting professional for this one. Your accountant can review your books and advise the best way to record the transfer based on your business needs. If you don't have an accountant, don't sweat it. You can find one here in our Resource Center.
Moreover, for self-employed users, you use a Schedule C form to report your self-employed income and expenses. It's also known as Form 1040.
Please let me know if you have any other questions or concerns regarding small business tax deductions in QuickBooks Online. Take care!