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Level 4
February 13, 2020
Solved

penalty for sole prop

  • February 13, 2020
  • 2 replies
  • 37 views

Hi,

Does anybody know where should I enter the penalty expense(Schedule C) for sole prop in lacerte? Thank you.

This topic has been closed for replies.
Best answer by George4Tacks

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. 

 

2 replies

Just-Lisa-Now-
Intuit Community Champion
February 13, 2020

what kind of penalty?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
misskeikoAuthor
Level 4
February 13, 2020

it is late fee for insurance

George4Tacks
Level 15
February 13, 2020

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. 

 

Answers are easy. Questions are hard!
sjrcpa
Level 15
February 13, 2020

Penalties are not deductible.

The more I know the more I don’t know.