Level 3

Solved

What can I deduct for LLC Franchise

Forum|Forum|4 years ago
April 11, 2022
3 replies
21 views

JaniKing Franchise LLC

What deductions

ProSeries Basic

This topic has been closed for replies.

Best answer by Marchell

Just-Lisa-Now,

Customer has regular deductions such as royalty, business support fee, FF IB Projected Payment and Finders Fee.

They also have Business protection plan, Client sales tax, etc.

This is my first Franchise customer. I use ProSeries Basic and am not sure where to find information regarding JaniKing Franchises.

Marchell

Just-Lisa-Now-

Intuit Community Champion

what expenses did the business have?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

M

MarchellAuthorAnswer

Level 3

Just-Lisa-Now,

Customer has regular deductions such as royalty, business support fee, FF IB Projected Payment and Finders Fee.

They also have Business protection plan, Client sales tax, etc.

This is my first Franchise customer. I use ProSeries Basic and am not sure where to find information regarding JaniKing Franchises.

Marchell

M

MarchellAuthor

Level 3

Can client claim regular deductions such as Finders Fees, Royalty?

Can client claim special deductions such as advertising fee, client sales tax and business protection plan?

Just-Lisa-Now-

Intuit Community Champion

I dont know what JaniKing is or does, you keep referring to it like its something special.

Is there something that makes it different than any other business? What type of entity is it?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

qbteachmt

Level 15

It's a janitorial franchise. Geez, one of the fees is for Technology and one is for Accounting. That means they should be presenting some financial reports to the tax preparer.

You have to know how some of these fees apply (translate their name into real business tax return terminology), such as is "business protection plan" an Insurance policy? Someone signed the paperwork and should have an idea. Finders Fee might be a Commission for every client sent to your taxpayer, so you would need to watch for 1099-Misc requirements, for example.

https://www.franchisedirect.com/cleaningfranchises/jani-king-commercial-cleaning-services-franchise-07073/ufoc/

Other than being Franchise, a business is just a business

Don't yell at us; we're volunteers

qbteachmt

Level 15

Have you ever done a Business Tax Return? Do you know the entity type? What are these: "business support fee, FF IB Projected Payment and Finders Fee. They also have Business protection plan"

And, because you mention: "Client sales tax"

That is not a business deduction, if you mean the sales tax charged to customers, then paid to the sales tax agency by your client.

Don't yell at us; we're volunteers

M

MarchellAuthor

Level 3

I have completed many Schedule Cs but this is my first franchise and my customer is not sure of the categories. I've been looking around to see where I can find information regarding franchises.

Thanks. It's just nice to have someone out here to discuss.

I'm a mom and pop tax service. And this is one of those last minute customers.

Jim-from-Ohio

Intuit Community Champion

I have a Jani-King client.. they should be able to provide you a one page summary of each month's activity.

Sign up

Login with SSO

Let's get you signed in

Login with SSO