Showing results for 
Search instead for 
Did you mean: 

Reply to message

View discussion in a popup

Replying to:
Level 1

Reply to message

Hi John, Thanks! 

This looks so easy. 

1) As a sole proprietor, state and federal taxes are personal?  I have them listed as a business expense so it shows up on the P+L although I know they aren't deductible.  Do I need to change this practice? 

2) When I deposit, it asks for the bank account to deposit too.  When there is actually  a positive amount,  it goes into the business account (of course) but when the total amount is offset for back taxes there really isn't any transaction with the bank.  I didn't know how to deal with this so I put the funds into the bank register and then took them out again and then reconciled the transaction so there wasn't a balance change.  This is the only way I could figure out how to categorize the income and then the tax payment but I am sure it's not accurate.  Can you help me with this problem?

Need to get in touch?

Contact us