- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
the S-corp gets the eduction in the year it reimburses you.
depending on what you bought, some "expenses" may need to be capitalized. when did the S_corp open for business - attempt to acquire clients/customers by advertising or doing other things that would allow some one to buy the S-Corp goods or services. expenses incurred before then would be start-up expenses subject to IRC code section 195. https://www.law.cornell.edu/uscode/text/26/195
certain expenditures may need to be capitalized.
also, the IRS likes to see S-Corp officers/employees - (ie you) take a salary. there are many other things taxwise and other with a new business - sales tax returns, payroll tax returns, workmen's comp insurance, other insurance, etc. . it's advisable for you to consult with a pro to advise you of your responsibilities.