Solved
C corp tax refund
I paid federal taxes for my C corp in 2021 when it turned out I didn't need to. Newbie mistake. I received that amount back as a refund in 2022. Let's say it's $5000. How does the refund affect my 2022 taxes? Does it reduce my deductions in 2022? For example, if my incurred expenses in 2022 were $50,000, would I only have $45,000 in expenses because of the $5000 refund from 2021? Where would I account for the $5000 refund in TurboTax business software?
Thank you in advance for your assistance.
