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FVH
October 16, 2018
Solved

How to handle the annual LLC fee

  • October 16, 2018
  • 1 reply
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How should the annual LLC fee of $800 and $6,000 to the FTB be categorized in QB?  Do these expenses affect the P & L and are they tax deductible?  

Best answer by IRMN

Code it to an account called "licenses and fees", or something along that line.  Yes, they do affect the P&L.  If they are an annual fee, yes they are tax deductible.

1 reply

IRMN
IRMNAnswer
October 16, 2018

Code it to an account called "licenses and fees", or something along that line.  Yes, they do affect the P&L.  If they are an annual fee, yes they are tax deductible.

    F
    FVHAuthor
    October 16, 2018
    Thank you very much for your reply!  Would a late fee to the FTB be handled/categorized the same way?  Also how would a personal tax payment to the IRS and the FTB for a single member LLC be handled that came out of the company account?
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