We are an LLC taxed as a partnership. This year we have started giving credit memos to some customers (we use QuickBooks Payments). I have successfully applied the credit memos to the invoices.
I wanted to make sure I know where the applied credits should be reported on Form 1065 before taxes next year.
I thought it might be under "Discounts" (Other Common Business Expenses).
Thank you in advance.
lime 1b returns and allowances (which include discounts).
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