About mcwagner

Level 5

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About mcwagner

Certified Public Accountant (CPA)

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Re: Medical Expenses

Insurance premiums for an S-corp shareholder are deductible to the business (employee benefits OR insurance expense) and should be added to the W-2 as compensat...

mcwagner

Updated Jul 04, 2020
Re: I think most setup the property as the customer and the t...

Use the class feature for properties. this gets you the profit/loss by class (property) report, which is very useful.Units (if any) are "customers" and then ten...

mcwagner

2

Updated Jun 14, 2021
Solved Re: Best way to set up multiple rental properties?

If you have multiple LLC's, then you will have multiple bank accounts, multiple tax ID numbers, etc. The problem is not with the income/expense side, which can ...

mcwagner

9

Updated Jun 23, 2023
Solved Re: Rental Property expense entries

It sounds like you set up a separate G/L Account for each property.then you also set up a class for each property.If yes, then I would suggest that you merge th...

mcwagner

4

Updated Apr 26, 2021
Solved Re: How to handle distributions in excess of retained earning in qui...

You should never take distributions in excess of basis. And you (or your CPA) should be tracking basis carefully.Generally if a shareholder takes dist in excess...

mcwagner

1

Updated Jul 18, 2020

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