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Deductions & credits
I have an S corporation which is mostly dormant for the past 14 years.
Have you been filing tax returns for the S-Corp for the past 14 years? have you been filing annual reports to your state as required? If not, my bet is the state has your S-Corp status as inactive, and it's most likely also closed by "involuntary dissolution". So you need to check that first and foremost before going any further.
I'm now trying to get into a new line of business and in the 2021 tax year, I bought things on my personal credit card that I would now like to move into my S corp and expense them.
Depends on what "things" you're talking about. Assets? Inventory? Something else such as renting a store front?
‎January 20, 2022
6:50 AM