Hi,
Does anybody know where should I enter the penalty expense(Schedule C) for sole prop in lacerte? Thank you.
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To be deductible the expense must be ordinary and necessary. It is not necessary to be late in making ordinary expenses. Late fees are not deductible.
what kind of penalty?
Penalties are not deductible.
it is late fee for insurance
To be deductible the expense must be ordinary and necessary. It is not necessary to be late in making ordinary expenses. Late fees are not deductible.
That's why there are book-tax differences that need to be reconciled.
Yes, I understand it now. But do i need to enter the penalty anywhere on schedule C? I ask this question because I find the right place to enter nondeductible expenses for corporations. I did not see where to enter for individuals on schedule C. Thanks.
Yes, I understand we need to reconcile. But I do not find the place to put the nondeductible expense on schedule C. Do i need to put the penalty number at somewhere?
No, not on the return for Sch C. That belongs to the books.
Thank you!
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