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05/24/2012 at 04:51PM PDT
Important Announcement! A planned system-wide upgrade will take place over the Memorial Day Weekend in the US (From Thurs, May 24, 2012 at 6 pm PDT thru Tues, May 29, 2012 at 5 am PDT). This includes QuickBooks, QuickBooks Payroll, Point of Sale, & Salesforce.com. This is only for US based products. This does not affect QuickBooks Online customers! During this time, you can shop, but can’t place orders online, activate products or update account info. We apologize for the inconvenience & thank you for patience while we improve our infrastructure to better serve you. International versions are unaffected. For more info, see our community discussion.
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lxdep
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07/23/09 1:47pm PDT
Viewed by asker 11/12/09 11:19am PST

determining which expense falls under the tax lines for s-corp

is there a list of expenses whcih determines which tax line to use for an S-Corp filing?
 

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I would let you CPA worry about this unless you  are one doing your own tax returns... But if you are a S-Corp I would just let a CPA or and EA do your taxes for you... I also haven't seen a list of expenses that are tied to the 1120-s return... as one year might use this line the next year some other line...

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08/08/09 12:19pm PDT

I would like an answer to this question, as well (not just advice on whether or not to use a CPA).  Does anybody have an answer?

 

 

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08/09/09 1:02am PDT

the correct answer for the best outcome is to have the qualified accountant deal wih the tax

if you want an alternative best answer, the correct alternative answer is to first attend accountancy school for 7 years to learn and qualify as an accountant

i suppose a third answer is to guess at tax matters and probably have an IRS audit, but that seems the worst of the three choices

 

it is difficult to answer questions which ask things similar to: " i have a good sharp knife already. i would like simple instructions on how to perform organ replacement surgery. I do not want to be advised to go to a organ replacement surgeon".

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08/09/09 12:57pm PDT

Hello I asked this quesiton and the only result for me was to ask my tax person which would be the different tax lines per expense , although she said she only needed the P&L nbot to worry about. My response to this was that I would prefer to do it so that I would understand a little more and to take advantage of the different reports the program gives you and by puttin gthe tax line fo r your acct then in return you will provide them with better information as well as reports that will enable them to make their job easier and faster, out come would be less costly to you. Hope this helps you amke a decission

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from what you said that the accountant said, it seems that your accountant made it clear that her advice was that your allocations in this way would not make the accountant's job any easier 

from an accountant's perspective, if a businessperson doesnt do what the qualified  accountant advises, the businessperson is usually simply making it more expensive for him/herself

whatever he/she advises, the qualified accountant will be making sense which will be to the benefit of the businessperson - not much point on insisting to do the opposite of what the expert says

 

 

 

 

 

 

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