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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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.
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.
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