pedz
Level 3

Deductions & credits

I have been filing tax returns and state returns and sales tax the whole time.  The reason is the corp had debt that needed to be paid off and so I moved money from my personal income into the corp as a loan to pay off the debt.  I also deduced a few expenses.  To rephrase, the corp has been showing a loss for quite some time but I hope will start to show income in 2022.

 

The "things" (sorry to be vague) are tools, equipment, supplies.