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Corporate Tax On My P&l

Corporate Law Discussions

Corporate Tax On My P&l

Postby Lenno » Sun Dec 04, 2016 2:09 am

s About Taxes)/corporate tax on my P&l Advertisement Expert: ABRAHAM ITANI, CPA - 12/11/2011 Hello, and thank you for taking my question.

I have an S-Corp, and I am wondering how to factor in my tax payments on my profit and loss statement.

I am using quickbooks, and currently they are listed as a deduction.  Some of these payments are for my estimated corporate tax, and some are federal taxes.  

I assume that I cannot deduct estimated payments.  Am I correct?  Are there any tax payments that I can deduct?  Should I change this on my p&l in quickbooks, so that my tax payments do not effect my bottom line on my profit and loss statement?

Thank you

ted
Lenno
 
Posts: 37
Joined: Sun Feb 09, 2014 12:42 am

Corporate Tax On My P&l

Postby Adamko » Sun Dec 04, 2016 5:04 am

Hello Ted,

If I understood your question, you have made Estimated tax payments and you are wondering if you can deduct these Estimated tax payments from the P&L of your S-Corp.

This simple answer to this is yes, you can and should deduct Estimated tax payments from your P&L. If that was your answer, my answer is yes you can deduct these Estimated tax. If I did not get your question please reply back.

Regards,

Abraham Itani,CPA

www.itanitax.com
Adamko
 
Posts: 49
Joined: Sat Jan 11, 2014 3:54 pm

Corporate Tax On My P&l

Postby Frans » Sat Dec 10, 2016 1:52 pm

s About Taxes)/corporate tax on my P&l Advertisement Expert: ABRAHAM ITANI, CPA - 12/11/2011 Hello, and thank you for taking my question.

I have an S-Corp, and I am wondering how to factor in my tax payments on my profit and loss statement.

I am using quickbooks, and currently they are listed as a deduction.  Some of these payments are for my estimated corporate tax, and some are federal taxes.  

I assume that I cannot deduct estimated payments.  Am I correct?  Are there any tax payments that I can deduct?  Should I change this on my p&l in quickbooks, so that my tax payments do not effect my bottom line on my profit and loss statement?

Thank you

ted
Frans
 
Posts: 50
Joined: Wed Jan 29, 2014 2:29 am


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