Question

income/loss

Forum|Forum|6 years ago
April 21, 2020
1 reply
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I am off $2,178 between my quick books profit and loss statement and my income and loss amount on turbo tax. How do I find where the error is or where the difference is

VictoriaD75

You will want to review each expense line-by-line. Are you filing a Schedule C for your taxes, or other tax form? Remember, the tax treatment of some expenses is different than the deduction of your expense in financial accounting. For example, you may be deducting 100% of meals in QuickBooks, but only 50% is deductible for tax purposes. Depreciation methods may vary, as well. Deductions for gifts are limited to $25 per client, and this expense may be entered at 100% in QuickBooks.

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