Schedule M-1 Book/Tax Differences Bizzer Professional Training


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2. Book Expense Not Deducted for Tax
Ordinarily this category would include items that are not deductible for tax purposes or items that are temporarily deferred until some future event occurs. Examples of book expenses that may not be deducted on the tax return are:

  1. Penalties
  2. Officer's life insurance premiums
  3. 50% of business meals and entertainment
  4. Bad debts deducted under the reserve method
  5. Accruals for which economic performance hasn't yet occurred
  6. Expenses (e.g., accrued bonuses) disallowed under §267
  7. Federal income taxes

Are Schedule M-1 adjustments for these types of items added to or subtracted from book income to arrive at taxable income?

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