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Tax Reports only show Unspecified Business Expense Category

FlyerFran

When entering transactions for my business into Q' I use multiple Tax Line categories, like Schedule C:Meals and entertainment, Schedule C:Other business expenses, etc.

When I create a Tax Schedule, Tax Summary, or other similar reports, all my business transactions are listed under the Schedule C portion of the report, but the only total shown is for **Unspecified Business Expense**.

Not only does this prevent importing these transactions into TurboTax, I'd like to see subtotals for each category under Schedule C in the report.

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UKR

Are these transactions tagged to the appropriate Business Tag which you set up for your business?
If not tagged, is the business marked as the "Default Business" in Business / Manage Business Information?

FlyerFran

Eureka!!! Thanks to @UKR I now have my Tax Reports working like they're supposed to. Although I had set up Business Tags, I never used them when entering transactions in Q'. I also had left all my businesses unchecked in the Business/Manage Business Information setup.

BTW, I used the Find/Replace option to add the appropriate Business Tag to all my transactions. Now I have the Schedule C report for Taxes.

I now know why @UKR is a SuperUser.

Tim Strigenz

I am having the same problem, but I'm not as savvy as FlyerFan or @UKR Maybe @UKR can help.

I have a rental property. Under the category list, I have "Rental Property Expenses" and all the appropriate subcategories.

I would like to have, for example, the water bill (which I pay for) be a Schedule E: Utilties, but rather they keep coming up as Schedule E: Unspecified Rental Expenses, instead of Schedule E: Utilities. How do I fix this? BTW, I am not savvy! So if you could dumb down the process, I would be most appreciative!

Tim Strigenz

@UKR, I think I figured it out. I had tagged the water bill transaction under the LLC that owned the property. Once I changed the tab to the rental property itself, it switched over to Schedule E: Utilities. Is this the correct way to report this for tax purposes and ease end-of-the-year reporting?

UKR

Tim Strigenz said:

@UKR, I think I figured it out. I had tagged the water bill transaction under the LLC that owned the property. Once I changed the tab to the rental property itself, it switched over to Schedule E: Utilities. Is this the correct way to report this for tax purposes and ease end-of-the-year reporting?

I would say so, yes. Keep an eye on it, to be on the safe side.