How should the annual LLC fee of $800 and $6,000 to the FTB be categorized in QB? Do these expenses affect the P & L and are they tax deductible?
Best answer October 15, 2018Code it to an account called "licenses and fees", or something along that line. Yes, they do affect the P&L. If they are an annual fee, yes they are tax deductible.
Code it to an account called "licenses and fees", or something along that line. Yes, they do affect the P&L. If they are an annual fee, yes they are tax deductible.
Thank you very much for your reply! Would a late fee to the FTB be handled/categorized the same way? Also how would a personal tax payment to the IRS and the FTB for a single member LLC be handled that came out of the company account?