Hi, I have to pay a penalty for payroll deductions, I realize this is not a write-off expense, Do I have to create a new expense account, and under what expense heading would I put this Administration?
ADMIN RESPONSE
Feb 10, 2025
Hi Deb!
Yes, I would keep this in the Administration section. Call the account "Non Deductible Interest". This will let your accountant know that this is interest that can't be deducted for income tax purposes.
