Question

Non-deductible expense

Forum|Forum|6 years ago
May 14, 2020
2 replies
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My LLC made a donation to a scholarship fund that is a charity, it give you a state tax credit for up to 75% of the amount given which you cannot take the deduction on you Federal taxes. The other 25% you can take on your Federal taxes. $3000 was made by check I only can put in the Charitable contributions the $750 the other $2250 makes the Capital and balance sheet off. Is there a way of entering an off set in Turbo Tax that will correct the for the 2250 or will I just have to be off on my quickbooks accounts?

Thanks

E

ee-ea

Employee

Your question should be asked in the Quickbooks community.

https://quickbooks.intuit.com/learn-support/us-quickbooks-community/misc/03/community-us#

Rick19744

Employee

Is this a multi-member LLC or a single member LLC?

If this is a multi-member LLC, then you need to determine how to adjust for a book / tax difference (known as an M-1).

If a single member LLC, then you will just have this difference or make a decision on how you want your books and records to be maintained or maintain two balance sheets.

*A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.