S Corporation Tax


T

Terry

I am runnng a S Corporation as the only shareholder and
owner. I work out of my home and use my car for business.
I am not sure where I should put in the deduction for the
use of home and vehicle. Which forms to be exact? On
1120S, it doesn't seem to have the lines for these 2
deductions.

Thanks in advance for your help!

Terry
 
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L

L K Williams

Terry said:
I am runnng a S Corporation as the only shareholder and
owner. I work out of my home and use my car for business.
I am not sure where I should put in the deduction for the
use of home and vehicle. Which forms to be exact? On
1120S, it doesn't seem to have the lines for these 2
deductions.
There is no place on the 1120S for these items because they
are not corporate expenditures. You need to establish a
reimbursement plan whereby the company pays you for these
things. That way, the reimbursement becomes a corporate
expense and can be deducted on the 1120S. Both these should
probably be listed as other miscellaneous expenses.

Lanny K. Williams, CPA
Nawarat, Williams & Co., Ltd.
Income Tax Services for Expatriate Americans
 
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J

JMc

There is no place on the 1120S for these items because they
are not corporate expenditures. You need to establish a
reimbursement plan whereby the company pays you for these
things. That way, the reimbursement becomes a corporate
expense and can be deducted on the 1120S. Both these should
probably be listed as other miscellaneous expenses.
Couldn't the expenses be taken on the SBE and offset the
S-Corp income?
 
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T

togo

Hello. I am in a similar situation. Not certain as to where
the deductions are to be taken. I think (but want to
confirm) that the scehdule E (form 1040) Part II is for
Income/Loss from S Corps (from Schedule K-1) which is then
reported on the 1040 Form line 17. Does this sound right,
can someone confirm this?

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B

Benjamin Yazersky CPA

togo said:
Hello. I am in a similar situation. Not certain as to where
the deductions are to be taken. I think (but want to
confirm) that the scehdule E (form 1040) Part II is for
Income/Loss from S Corps (from Schedule K-1) which is then
reported on the 1040 Form line 17. Does this sound right,
can someone confirm this?
The S corp reports its income to the shareholder(s) on form
k1 as do partnerships. The various items reported on form k1
can go to about 20 or so different places on form 1040.

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
 
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H

Harlan Lunsford

togo said:
Hello. I am in a similar situation. Not certain as to where
the deductions are to be taken. I think (but want to
confirm) that the scehdule E (form 1040) Part II is for
Income/Loss from S Corps (from Schedule K-1) which is then
reported on the 1040 Form line 17. Does this sound right,
can someone confirm this?
Okay, so far, so good! Now, what you have to make sure of,
is that the K1 itself is correct. This is not a job for
most people. I would recommend using the services of a
professional, either a Certified Public Accountant (CPA) or
Enrolled Agent (EA). (next time I'll mention EA first, in
the interest of fair play! (grin))

ChEAr$,
Harlan Lunsford, EA n LA

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
 

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