As a self-employed business owner (my wife and I run the business as a 50/50 partnership), I was paying for our health insurance from our personal bank account for the first 4 months of 2024. My tax preparer told me in April that I need to pay it through our business in order to avoid paying a penalty. I need to know how to make the entry for the months of January through April to show that I paid through the business, even though I paid with my personal account. Do I need to create a journal entry for those months? What account should that money come from? Owners draw? Or do I need to create a payment to the business checking account from a personal check? I have already reconciled the account for the year. I need specific instructions, not a link to a QuickBooks article please. Thank you.
