@brotherrolf3212 wrote:
Thanks for the input. No income, no expenses, but hope to get it going in the future.
Hope to get it going? A startup?
There are special rules for startup expenses. Start by reading here,
https://www.irs.gov/newsroom/heres-how-businesses-can-deduct-startup-costs-from-their-federal-taxes
https://www.irs.gov/publications/p583
https://www.irs.gov/publications/p535
You should probably hire an accountant or other tax expert to help you set up the business, accounting rules that apply to you, advise you on the law, and so on. Owning an s-corp (even if there is only 1 shareholder) can be very different than running a single member LLC or sole proprietorship. You would probably benefit from expert professional advice to get you started on the right track.
