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Level 2
posted Oct 15, 2023 11:06:11 AM

Can I claim home office expenses that I did not already have on my s corp tax filing?

I have a s corp with valid dedicated home office expenses but I didn't add these when I did my s corp filing earlier this year.  My net profit of my scorp is already added to my taxes as a k1 entry.  Can I still add these expenses to my personal tax as a schedule c entry?

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1 Replies
Level 15
Oct 15, 2023 11:14:29 AM

S corporations are cash basis taxpayers and, as such, report income in the tax year the income is received and deductions in the tax year the expenses are paid.

 

As a result, your S corporation could reimburse you for your expenses this year (in 2023) that you incurred in the previous year and deduct the reimbursement on the next return (1120-S) it files.