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Level 1

Can I use my own business expense categories?

I am using TurboTax for Business for the first time.  I have an S corp, and I am the sole shareholder and employee.  I have been categorizing my business expenses in a spreadsheet, but my categories are different than I see in TT.  If I change all my categories to match TT it will be a fair amount of time and effort.  Can I simply use the categories I have, which have been working for me for many years?  Will it raise a flag with the IRS if my categories are different than TT's?

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Level 1

Can I use my own business expense categories?

Yes.  You cannot change the categories on the Form 1120-S, but you can use your own categories for "Other Expenses".  To do, go to "All Other Expenses" at the bottom of the list of Business Expenses.  It will not raise a red flag with the IRS.

1 Reply
Level 1

Can I use my own business expense categories?

Yes.  You cannot change the categories on the Form 1120-S, but you can use your own categories for "Other Expenses".  To do, go to "All Other Expenses" at the bottom of the list of Business Expenses.  It will not raise a red flag with the IRS.