I'm the sole employee of my Scorp. I've been making employee and employer contributions to my solo 401k for the past 5 years.
This year I'm taking advantage of the California pass-through entity tax (PTET) to make some of my state taxes deductible (over the SALT threshold).
To calculate this my CPA wanted to see my P&L statement from Quickbooks.
He mentioned that I had $140k in payroll expenses but only $7k in payroll taxes which means something was off.
Of the $140k, $40k is solo 401k contributions, which are being categorized under Payroll Expenses.
Is this correct? Is there a better way to do this?
I use a company called Remote Books Online. I've reached out to them about this, but seeing as they are abroad, I don't have high expectations of fixing this.
(I used to have my CPA do the books but he's always late, takes forever to respond and the numbers still never aligned so I outsourced it to someone else).
Thanks!
This year I'm taking advantage of the California pass-through entity tax (PTET) to make some of my state taxes deductible (over the SALT threshold).
To calculate this my CPA wanted to see my P&L statement from Quickbooks.
He mentioned that I had $140k in payroll expenses but only $7k in payroll taxes which means something was off.
Of the $140k, $40k is solo 401k contributions, which are being categorized under Payroll Expenses.
Is this correct? Is there a better way to do this?
I use a company called Remote Books Online. I've reached out to them about this, but seeing as they are abroad, I don't have high expectations of fixing this.
(I used to have my CPA do the books but he's always late, takes forever to respond and the numbers still never aligned so I outsourced it to someone else).
Thanks!
Statistics: Posted by unclescrooge — Thu Dec 12, 2024 11:29 am — Replies 0 — Views 15