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Best way to categorize quarterly estimates (and accountant)

gabygaby Member Posts: 3

I have a single owner LLC (USA), and I pay taxes from my personal accounts since it's treated like a sole proprietorship and that gets filed on the personal income return. Also, I file joint returns with my wife, so everything just gets paid from the same account. I have a couple questions:

  1. How should I categorize the quarterly estimates (tax payments) and any taxes due in general?
  2. How should I categorize our personal accountant?

Thanks for any advice!

in Accounting Technical Support

Comments

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Hi @gaby.

    For the first question, we actually have an article on how to categorize your tax payments and tax returns. You can find it here. As for how that would interact with your business filing as part of your personal income return, that's beyond my own accounting knowledge and I'd really recommend consulting with a tax specialist or an accountant on that matter.

    As for categorizing the fees for your personal accountant, you would be categorizing it as an expense transaction under the category Accounting Fees.

    Let me know if you have more questions. I'd love to help!

  • gabygaby Member Posts: 3

    Thank you, @Alexia !

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Happy to help!

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