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Brian Michels
Brian Michels, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 160
Experience:  Partner at Michels & Hanley CPAs, LLP
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I trying to find out what my tax deductions are to send a

Customer Question

I trying to find out what my tax deductions are to send a payment to IRS and File extension. I am in a business partnership (50-50) and have several checking accounts. How do I separate personal deductions from business deductions within my personal checking accounts?
Submitted: 3 months ago.
Category: Finance
Expert:  Brian Michels replied 3 months ago.

Hello. My name is ***** ***** I'll be the Expert assisting you today. I look forward to helping you with your issue today. The first step would be to determine what the net income for the business is. This would include all business gross receipts and expenses. Since you are a 50/50 owner 50% of the allocable share of the income would be associated with you. Did you prepare bank reconciliations for all of your business checking accounts?

Expert:  Brian Michels replied 3 months ago.

I wanted to follow up and see if you had any further questions. If you have questions I am happy to assist. If you have no further questions I would greatly appreciate your 5 star rating so I receive credit for my responses. Thank you.