Even though your business has changed from sole-proprietor to S-Corp, you cannot rewind (re-start from the beginning of assets' useful life) taking depreciation...
Hello syndeyredlegs
In addition to making sure that it makes business sense to go for the S-Corp election, also keep in mind that an S-Corp has stricter eligib...
Hello wubeibei
Assuming you filed Form 2553 this year, and have received a letter from the IRS accepting your S-Corp election, then for the 2024 tax year, you ...
Hello yuzuCA
As long as the business expenses are ordinary and neccessary for your business, then they are deductlible to your business, which will reduce your...
Yes, you must report all the income you received from January through December 2024. Even though the money will just be sitting in your account, it is still inc...
