Federal Tax Refunds
How does one handle tax refunds?
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11/19/09 10:03am PST
Viewed by asker 08/15/11 1:17pm PDT
Viewed by asker 08/15/11 1:17pm PDT
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ljkbooks
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11/20/09 2:42pm PST
The solution
Hi jgreenwell,
You should have Taxes showing sub-account as Expense. In the Make Deposit screen show the Vendor and select Taxes: Federal. In the Description amke a note of the refund.
If this helped you, please mark this Solved so Intuit can close this thread. Thank you,
jgreenwell.
Laura Kaniuk
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11/22/09 11:34am PST
Latest post
If you are a sole proprietor, LLC, or S-Corp taxes are not run through the company, they are a personal expense. They should not be recorded on the company books. If you are a C- Corp, there should have been a year end adjustment to record the tax refund and there should be a receivable for it on the books.
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