I'm doing a little advance tax planning for year end and am having a hard time understanding how i would account for the profit sharing contribution I will make to my SE 401k plan in 2024 for calendar year 2023.
I understand that I can deduct the contribution in 2023 as long as it is made before the tax return filing date.
Normally a cash basis 1065 would not have "liabilities" on the balance sheet, but it seems that the only correct way to record this would be to show it as a liability on 12/31/2023.
Any 1065 experts can give some guidance?
I understand that I can deduct the contribution in 2023 as long as it is made before the tax return filing date.
Normally a cash basis 1065 would not have "liabilities" on the balance sheet, but it seems that the only correct way to record this would be to show it as a liability on 12/31/2023.
Any 1065 experts can give some guidance?
Statistics: Posted by 69XR7 — Mon Dec 25, 2023 9:13 am — Replies 2 — Views 138