Question

It looks like tax payments are included in Profit and Loss calculations. Why is that?

Forum|Forum|3 years ago
July 20, 2022
1 reply
0 views

These payments shouldn't count toward P/L. If I categorize them as Personal spending, they don't, but then the quarterly tax estimate is off.

QuickBooks Self-Employed

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Thanks for joining the Community, christopherjjust.

Tax payments are normally listed on Profit & Loss reports. They're subtracted from your income to determine what it comes out to after taxes.

If you're wanting to re-categorize tax payments, but aren't certain what to use as a category, I'd recommend working with an accounting professional. If you're in need of one, there's an awesome tool on our website called Find an Accountant. All ProAdvisors listed there are QuickBooks-certified and able to provide helpful insights for driving your business's success.

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