Hi,
I use an online accounting software for book keeping.
I have a small business and I paid my home rent $11000 from my business account and categorized it as miscellaneous expenses.. Now in the taxes returns I only claim a portion of the money $2400 as business expense for home office rent and rest I show as part of pass through. So in the books it still shows as $11000 miscellaneous. Is it OK or the books also need to match... if the books match with what I show on taxes then the bank transactions won't match with the books.
Please advise, thank you.
Sam.