Thank you TurbokTaxPhillip and SweetieJean! I just have a follow up question if I may, and the home office reimbursement is the only part I'm struggling with in completing my S Corp tax filing. This first year in business, my LLC (taxed as an S Corp), had revenue of $7,101, but an NOL that included the home office reimbursement to myself. I'm doing all of this in quickbooks and I've had two conflicting answers from accountant friends that provide tax preparation. I'm told that the home office reimbursement is not allowed as a deductible expense for my business we had an NOL. Is that correct? Is there anything else you think I'm missing or doing incorrectly? Is there a scenario, especially in year one of operating, that it would be more beneficial for me to not be reimbursed by my company and take the deduction on my personal taxes? I will deduct the mortgage interest, real estate taxes, and hazard insurance on my personal taxes by the amount I submitted on the reimbursement. Thank you all so much for your help, I really appreciate it!
