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Get your taxes done using TurboTax
Sorry but the program is correct ... if you are a cashed based accounting business ... all profits on the books at the end of the year are taxed on the personal return thru the K-1 form even if the money is earmarked for supplies in the next tax year. Next year the expense for the materials purchased will be reported on the 2022 return. If you still have questions on how the 1120S is computed and/or bookkeeping concepts please seek local professional assistance or do some reading on your own.
‎September 4, 2022
9:31 AM