100% owner of an S-corp for a few years. S-corp has always been profitable. I have lent the company from personal money, let's say $3,000. Now that the company is in good standing, I would like to have it repay the loan. The loan was in the form of payments I had taken care of on behalf of the company in year 1 for various expenses from money out of my personal finances. How do I deal with this and how do I record it? Using Quickbooks for bookkeeping as well if that helps or makes a difference. What are the tax implications? I'm assuming that because this is money the s-corp owes me that this is not a taxable event but I'm unsure how to reflect that in my books and subsequently tax filing for this year.
Thanks
