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After you file
I'm not sure what you mean by a "dull income statement", can you clarify please?
You can use the forms method in TurboTax to make entries directly on the LLC income statement. Just compare the entries in TurboTax with the entries on your QuickBooks income statement and adjust as necessary. Depreciation expense will be part of your net income, and as such it should close out to retained earnings after the end of the year. Accumulated depreciation is a contra-asset account and as such it is not closed out to retained earnings, as it is a balance sheet account.
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‎February 11, 2025
11:22 AM