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May 22, 2024
Question

how separate

  • May 22, 2024
  • 2 replies
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how do i separate business taxes from personal.  I made worked in Canada also for a week, how to record that in my taxes. this was for the business.

2 replies

Jackstar221
May 22, 2024

I suggest having the personal expenses in your personal bank account, and the business expenses in your business bank account.

 

If there are any personal expenses in your business bank account, those should be treated as draws/distributions.

 

For any travel for Canada such as airfare,  hotels, internet, communication (cell phone), you can write off those business expenses.

 

If the business is a S corp or partnership, you'll receive a K-1 that goes on your 1040.

 

If the business is a sole proprietor LLC, all your business expenses will go on your schedule C of your 1040.

 

I suggest QuickBooks online for recording of expenses:

https://quickbooks.intuit.com/oa/get-quickbooks/?cid=ppc_G_e_US_.QBO_US_GGL_Brand_Core_Search_Desktop_WP._quickbooks%20online_txt&agid=58700008192086824&infinity=ict2~net~gaw~ar~638827855093~kw~quickbooks%20online~mt~e~cmp~QBO_US_GGL_Brand_Core_Search_Desktop_WP~ag~Core&gad_source=1&gclid=CjwKCAjwr7ayBhAPEiwA6EIGxK9TUPAoirmfdNfiGom9uo9TAKPtdGoFLtSK0nKoC5t7Hmg3iISeKxoCkkEQAvD_BwE&gclsrc=aw.ds