The S Corp took no assets in until the last month of the last quarter and once I filed the 1120S there was a loss for the year, therefore no taxes due. Zero FICA and Xero State and Fed income tax.
It was a big nothing burger. No reason to try and scare the bejesus out of me.
I wasn't terribly worried. It was a matter of whether my losses for the year were eligible as deductions and whether they would swamp out the $$$ I took in on the W2 contract and the disability SSDI checks which roll in for 9-months after you return to work (which wasn't until the third quarter.)
Now all I need to do is get the 2019 one finished and I'll be just fine.
I was actually hoping someone could answer my question if taking a loss in the first year might help with the next year's tax burden. I'll have to learn by going through the process I guess. It's better that way anyway. All of the work is getting your expenses all in the right buckets. This is a small, one-man business and with some experience, my organization skills will improve and the Excel spreadsheet I've worked so hard on will line up with data to be entered into TurboTax.
One thing for sure is that I won't be posting here for advice anymore. A link to the IRS 1120S instruction page, really??? You think I don't have that doc permanently open since I started this project last week? That's like asking a question about gravitation redshift and being handed a modern physics textbook.
