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Turbo Tax categories for Quicken/Quickbooks

Is there a place to get a list of the expense categories that Turbo Tax uses so that I can set up Quicken and/or Quickbooks to match and then easily have totals for completing tax questions? 

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2 Replies
LenaH
Employee Tax Expert

Turbo Tax categories for Quicken/Quickbooks

Here are some common Schedule C categories in QuickBooks that you will see when you set up your file and start with your chart of accounts. 

 

Assuming you are a sole proprietor, when you first set up your Schedule C, TurboTax will pick common expense categories based on your profile and line of work. At the bottom of the page, you will see less common expense categories as well. You can also easily search expenses so you can easily pick the ones relevant to your business. This will help streamline your QuickBooks expense categories with your TurboTax categories. 

 

You can also import QuickBooks data directly into TurboTax Desktop. Click here for more information. If you're looking to import QuickBooks into TurboTax Businesssee this article instead.

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Turbo Tax categories for Quicken/Quickbooks

Here is a blank Schedule C

http://www.irs.gov/pub/irs-pdf/f1040sc.pdf

 

And instructions http://www.irs.gov/pub/irs-pdf/i1040sc.pdf


Here's a list I made several years ago for answering questions.  

Advertising is the 1st item under Expenses - Click the Start or Update button

Business Travel is the 2nd item under Expenses - Click the Start or Update button

Commissions is the 3rd item under Expenses (it also includes Fees) - Click the Start or Update button

Communications is the 4th item under Expenses - Click the Start or Update button

 

Contract Labor is the 5th item under Expenses - Click the Start or Update button

If you paid any one person $600 or more for the year you need to give them a 1099Misc.

 

Insurance Payments is the 6th item under Expenses - Click the Start or Update button

Interest Payments is the 7th item under Expenses - Click the Start or Update button

Legal and Professional fees is the 8th item under Expenses - Click the Start or Update button

Meals and Entertainment is the 9th item under Expenses - Click the Start or Update button

Office Expenses is the 10th item under Expenses - Click the Start or Update button

Rental Expenses is the 11th item under Expenses - Click the Start or Update button

Repairs and Maintenance is the 12th item under Expenses - Click the Start or Update button

 

Supplies is the 13th item under Expenses - Click the Start or Update button

Taxes and Licenses is the 14th item under Expenses - Click the Start or Update button

Utilities (but not for home office) is the 15th item under Expenses - Click the Start or Update button

Other Miscellaneous Expenses is the 16th item under Expenses - Click the Start or Update button

 

Communication and Utilities go to schedule C line 25 even though they are split out separately in the Turbo Tax interview steps.   I enter $100 under Communications and $200 under Utilities and $300 showed up on Schedule C line 25 Utilities.

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