I can understand being overwhelmed and knowing so is good.
However, at this point, I believe you need to stop......... and connect with a tax professional to get you started on the right path.
There are just too many questions at this point to really provide guidance:
- How are you maintaining your books and records
- Method of accounting
- Are there other items that you missed....you don't know what you don't know !!!
- @Critter-3 suggested one method for accounting for your errors in expenses, but is this really what you want to do? Is this a loan or really a contribution to capital? If it's a loan you need to go down the path of paying it back, what interest rate, etc. Don't know enough about your business to know which avenue should be used. A tax professional can explain the pros and cons of each and you can make a decision.
- Don't be penny wise and pound foolish at this point.
- Could your return be late at this point.....yep. Just make sure you have sufficient estimated taxes paid in and meet with a tax professional. This individual can also help you out should you receive a late filing penalty.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
