Ask Experts Questions for FREE Help !
Ask
    bam2000's Avatar
    bam2000 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Jul 8, 2012, 07:27 PM
    Accounting questions and answers
    Im new to this so I didn't ask my question very clearly. The company pays for medical insurance for owners. I have had it on the expense side of P & L but was told by CPA that I need to classify it as a non-deductible expense. I don't know how to do that. Im using Quickbooks. Do I keep it on the expense side and there a non-deductible option - or does it go to the balance sheet and additional salary?
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
    		  
    #2

    Jul 8, 2012, 08:38 PM
    Quote Originally Posted by bam2000 View Post
    Im new to this so I didnt ask my question very clearly. The company pays for medical insurance for owners. I have had it on the expense side of P & L but was told by CPA that I need to classify it as a non-deductible expense. I dont know how to do that. Im using Quickbooks. Do I keep it on the expense side and there a non-deductible option - or does it go to the balance sheet and additional salary?
    In Quickbooks you set it up as a Current Liability and an expense. Non deductable means you are going to adjust your P&L when it comes time to lodge your return
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Accounting questions and answers [ 1 Answers ]

Where do I put medical insurance costs on my financial report

Answers to Accounting Questions [ 1 Answers ]

Corporation: Board of Directors, Stockholers. Can a member of the Board of Directors pay for his children's private school out of corporate funds - where would you post these transactions. Can this be considered Officer's Compensation or would it be an advance and then paid back by that person...

Answers to accounting questions? [ 0 Answers ]

u09a1 Budget Variance Analysis For the second quarter in a row, profits are down at Waterfall division. - Division Management budgeted $250,000 in profits for the 2nd quarter - but actual results were only $197,000 in profits. - The division management insists that the budgets were...

Answers to Accounting Questions? [ 1 Answers ]

What describes modified Cash basis

Accounting questions and answers? [ 0 Answers ]

I want to sell a business that I bought for $100,000 and sell it for $100,000 what if any taxes do I have to pay

View more questions Search