In 2016 I created an LLC (sole individual) and elected it to be S-Corp tax status. I didn't generate any revenue but incurred expenses. Do I need to file an 1128s form?
Also, since I funded the business from a personal savings?, can I claim the expenses on my personal taxes too?
Lastly, I'm in Illinois - do I need to file local S-Corp taxes to the state? Any impact on personal state taxes?
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The funding that you note is considered a capital contribution to the S corporation. All expenses are then recorded on the S corporation return.
You also need to begin tracking your basis in your S corporation. This is very important as it determines the deductibility of any losses, tax impact of any distributions and ultimately gain or loss upon disposition.
Attached is a link that should provide some basic understanding of basis:
https://www.irs.gov/businesses/small-businesses-self-employed/s-corporation-stock-and-debt-basis
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