- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
@Critter-3 has given you some good advice. You really need to see a local professional.
It appears that you want to claim the S Corp's expenses on Schedule C of your own tax return. That is not correct. Rather, the S Corp must file its own return (1120-S), and then issue a K-1 to the Shareholders (you), which they then report on their personal returns. See, for example:
S Corporations | Internal Revenue Service (irs.gov)
S Corporation Compensation and Medical Insurance Issues | Internal Revenue Service (irs.gov)
Also be aware of Federal, State and local labor laws, especially since you indicated that your children are under age 12.
May 22, 2021
8:05 AM