Betty R. asked
I use QuickBooks Online for my partnership LLC and am categorizing transactions for a partner's accountable reimbursement plan. The LLC covers car expenses like payments, oil changes, insurance, and repairs, but only the business portion since the car is used for both personal and business purposes. We prorate these expenses using the ratio of business miles to total miles driven to determine the deductible percentage of the LLC's taxable business profit. My question is: Since there will be a percentage of expenses not eligible for reducing taxable business profit, will this amount be considered a guaranteed payment to the partner in question?
July 5th, 2023
Lisa C. answered
The amount that is not eligible for reducing taxable business profit due to the prorated business us...
July 5th, 2023
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