i am a single owner-employee of an s-corp. my s-corp does business with another company (let’s call it X). i have to travel frequently for X. X reimburses my s-corp for these travel expenses and i issue a reimbursement from my s-corp to myself for these expenses. how do i declare these reimbursement amounts from X to my s-corp from a tax return perspective so there is no tax for the same?
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on your 1040 I would report nothing. and as for the S-Corp you could report the reimbursement as misc income and take a deduction for the expenses. you could even net on S-Corp. but why not make things simple. have the S-Corp pay the expenses
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