Tax Line Assignment Instructions

by Bob Zedwick
(Corvallis, OR)

I am a contractor trying to do my own taxes as an LLC, on TurboTax. Obviously, QB tax line assignments have to be set up properly for an accurate return. The tax line assignments are sometimes not very clear as to which one I should select for my application. Also the item list for COGs is very confusing with an expense account and income account assignment requirements.

Jennifer replies:

It seems like a reasonable request, doesn't it? "Intuit, just tell us where to assign the tax lines in QuickBooks!"

From a business stantdpoint, however, I think I understand why Intuit doesn't do it.

If Intuit gave instructions on where to assign a tax line, it would be like providing tax advice. Then, if your return was audited and the IRS didn't agree with how things were assigned on the tax return, and you had to pay penalties and/or interest on unpaid tax, you could turn around and go after Intuit for bad advice.

I think this is the reason people can't find tax line assignment advice on the internet. A lot of people search for the terms "tax line assignments" or "tax line mapping." Because of this, I seriously considered writing a page to help people, but once I realized the potential tax liability implications, I decided not to do it.

If you are in doubt about tax line assignments, pay a CPA to show you how to do them the first year you do your own taxes. Then, in subsequent years, you can follow how that first year was done, sort of like following a "template."

This is just too important of an area to guess or take chances. Get paid advice from a trusted tax professional. It will be worth it in the long run.

Comments for Tax Line Assignment Instructions

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Feb 27, 2015
Well Worth the Investment NEW
by: College Student

I started my college career as an accounting major. Please spend the time and money to invest in a computerized accounting class. For under $1000(go to a community college), you will be a Quick Books master. Not only will you learn all about appropriate tax line mapping, but the class can be written off as a business expense. There is also valuable knowledge about point of sale systems and computer security. Please take the time as a small business owner to invest in this valuable life skill.

Sep 10, 2014
Knowlege Suppression NEW
by: Sentient

Disclaimers absolving any liability posted all before and after the advice would prevent the liability issues. The problem is: that by there being no guide many of us will just guess and will likely be far more wrong then if we had some pointers to guide our path. Please reconsider!

Apr 15, 2014
Default QB->Turbotax tax line mapping? NEW
by: Jerry

I use QB and Turbotax for Home and Business. Like others, I would like Intuit to provide a more logical default tax line mapping. Specifically, Turbotax has 15 expense categories that are used to map expenses to the proper placement on Schedule C. Why not include those exact same 15 tax line mapping options in QB? For example, Turbotax includes "Communication" as an expense category. Why not have "Communication" as a tax line choice in QB?

May 19, 2013
Someone should still make a tax line assignments chart! NEW
by: Business Owner

There is no reason someone should not make a list to help others as a guide, not everyone who owns a business has money to spend for a CPA or a service. No one is going to take a person to court for a help guide, one could put it as a reference only . This at least would give everyone like me a at least a guid. All it needs to be is the IRS from number and section number with what the IRS says can be exspenced or credited to the account, assets and so on, its not rocket science, its just a help guide. I feel no one does it because it helps accounts stay in the market for making money.

Apr 07, 2011
list of tax lines
by: Anonymous

Advice comes from a CPA. What would be interesting to have is a simple list of QB tax line mappings.

Dec 21, 2009
tax line mapping
by: Anonymous

Thank you for your honesty--you would indeed get sued for bad "advice" (no good deed goes unpunished).

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