Deductions for S Corporation on Personal Tax Return

Forum|Forum|3 years ago
June 17, 2023
1 reply
9 views

Good day. I am working to file my taxes using Turbo Tax Deluxe 2022. My wife and I opened a small business (mobile beverage truck) late last year.

I filed my business taxes as an S Corpration for myself and my other partners. We all received Schedule K-1 and I have entered the information on my personal tax return.

I am trying to figure out where to enter expenses for the business that my wife and I had from the business? Would they go under Schedule C or somewhere else?

Best answer by Critter-3

Sorry, but unlike a partnership, the home office expenses are not deductible on the personal return. If the corp doesn't own the home you can "rent" space to the company and the rent would be a deduction on the corp return but the income would have to be reported on the Sch E or Sch C on the personal return along with the correlating expenses. Hopefully you and anyone else working the business are on the payroll and filing proper payroll tax reports and issuing yourself W-2 forms. From 2018 thru 2025 an employee cannot deduct employee business expenses on a personal tax return Sch A.

Mike9241

Level 15

it is not clear whether the S-corp is the same as beverage truck business. please clarify this.

also, what was the nature of the expenses you and your spouse incurred?

Mike9241

Mig1980Author

Level 3

Yes, the beverage truck business is an S Corp. We are looking to deduct home office expenses for managing the business and vehicle expenses (are cars used to manage the business)