Insurance payment for the fishing boat is taxable or exempt?

Hi there happylobsterfish,

It's important that all your transactions be entered correctly so that your tax totals can be accurate. QuickBooks Online is a great tool able to help you keep track of taxes on transactions for you to be able to declare the total to the government. I can point you in the right direction for assistance with the tax on your transactions.

In order to know how this transaction should be taxed, I recommend reaching out to your accountant. They'll be able to provide insight into which tax code needs to be used for this insurance transaction. You can add your accountant to your QuickBooks account for them to have access to your books by going to the My Accountant tab. You can also find an accounting professional near you that has experience using QuickBooks by clicking on the Find a pro to help option located in that section.

If you have any other questions, feel free to reach out here.