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Get your taxes done using TurboTax
@globalking1 wrote:is this deductible as company expanses ?
You can deduct ordinary and necessary expenses incurred by your business, including reasonable rent and employee compensation that is both reasonable and paid for services that are actually performed.
See https://www.irs.gov/pub/irs-pdf/p535.pdf
Note that, as already mentioned, you should seek professional guidance for your particular case, particularly since your S corporation return (1120-S) was due on March 16th (unless you filed an extension - Form 7004) and there are penalties for late filing.
See https://www.irs.gov/instructions/i1120s#idm139641016311168
May 11, 2020
10:38 AM
837 Views