I am connecting my bank feeds to quickbooks and it's asking me to choose a tax line. What tax line should I choose?

Answer

The ability to assign a tax line to an account is a provision for Importing the QB data into TurboTax or one of the professional Intuit tax preparation programs. Otherwise, it is meaningless. Also, unless you selected the specific Entity Tax Type for that data file, it is meaningless. And, if your business entity is a Sole Proprietorship or disregarded entity as single-member LLC, it is meaningless. All of these are meaningless because Bank is part of the Balance Sheet and your Sched C has no Balance Sheet reporting for tax preparation purposes.

So, if you don't Import to TT and your accountant hasn't asked you to Map Accounts and/or if you file on Sched C, that is a meaningless step. It's not Required. Not everything you are presented with is also Required.

Skip it.

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