Yes, I am late in filing due to pandemic related issues, but I estimate I have paid more than what is due when I filed my extensions, so I'm not expecting too much of a penalty, if any. All the other aspects of the S-Corp are set in terms of reasonable salary, state filings, articles, WC, etc. And I apologize for mispeaking about the 179 deduction. I meant I took the bonus depreciation. I'm mainly trying to figure out this first year transfer, and whether some or all of those assets should be included when establishing basis in the S-Corp.
Yes, I should be going to a tax professional. It's just I've been doing my own taxes for the past 25 years (which included a full audit with no errors found), so old habits die hard. I guess I feel better about entering in every expense and income form myself rather than dropping off all my receipts and 1099s, and hoping they'll all be entered correctly. I've had a couple of friends who have had issues with errors on their taxes prepared by their professionals (and their taxes are relatively simple). I try to keep up with the tax code, and even had to manually enter in an HSA deduction manually when they were first introduced because Turbotax didn't include it in their interview at the time.
If you think it's too complicated and I'm in over my head, I will seek out a pro. Of course, I'll just be back to my old ways of doing it myself once this first year issue of establishing basis is taken care of. Thanks.
