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    Gogo1959's Avatar
    Gogo1959 Posts: 1, Reputation: 1
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    #1

    Apr 13, 2013, 11:33 PM
    I am a sole proprietor and I receive Spousal Support does it go on the Profit and Los
    Accounting Sole Proprietor

    I am a sole proprietor and in addition I receive spousal support. Do I include this amount on the Balance Sheet or in the Proift and Loss
    joypulv's Avatar
    joypulv Posts: 21,591, Reputation: 2941
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    #2

    Apr 14, 2013, 04:00 AM
    It has nothing to do with your business accounting.

    It does go on your taxes. If you are using software, I'm not sure where you will be asked to enter it.

    As a sole proprietor you are filing as 'your name' d/b/a 'your business name', and include all income including the support, and all deductions, on the 1040. You need a Sch C for business expense breakdown, and a Sch SE for Social Security tax.
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