Where to add state and federal income
onthebooks
Member Posts: 9
Where in COA would you code state and federal income tax payments in wave?
0
onthebooks
Member Posts: 9
Where in COA would you code state and federal income tax payments in wave?
Comments
@onthebooks,
Depends on the type of entity you are for federal purposes. The only one that would have federal and state taxes on the COA would be a C-Corporation. The federal and state taxes for the other types of entities, proprietor, single member LLC, partnerships and S-Corp are paid for by the individual so they are not a business expense. With the exception of any nominal state tax/fees.