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Deductions as a single member LLC - cash base accounting

Can I just show a single line item for total expenses versus shoing categories like travel, meals, capital, legal fees etc.

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3 Replies
AnnetteB6
Expert Alumni

Deductions as a single member LLC - cash base accounting

You could, but in my opinion, your return would be more likely to be audited if you lumped all of the expenses together into a single entry.  

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Deductions as a single member LLC - cash base accounting

I'm using the cash method of accounting.  I'm assuming everything purchase in 2019  'capital' is expensed in 2019.  Where do I enter this type of expense in TurboTax business?

Deductions as a single member LLC - cash base accounting

Unless you incorporated the single member LLC is filed on a Sch C with the personal tax return ... you will not use the TT Business version for that ...  you use one of the personal tax programs.

 

"Everything purchased" may not be a "Capital" item  that can be expensed, some may need to be depreciated.  I highly recommended you seek local professional assistance to get this business started off correctly.  Mistakes can be costly down the road. 

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