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US Federal tax - Schedule C vs 1120S

Posted on 2014-04-05
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Until this year, I have filed a Schedule C.  2013 was my first year incorporated for the entire year.  So I'm filing an 1120S.

Quicken neatly gives me the figures to fill into my Schedule C, but I don't see the places for some of those expenses on the 1120S.  Where would I list:
* Commissions and Fees
* Office Expenses
* Meals and Entertainment
* Utilities
* Other expenses like dues and subscriptions?

Thanks!
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Question by:Daniel Wilson
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Expert Comment

by:Tony Giangreco
ID: 39980174
To make sure your taxes are properly completed and filed, you are probably better to consult with a CPA. You are asking someone to voluntarily provide tax information. You have no idea who the responder is or their qualifications to provide the information.

A CPA is qualified to provide that service. Spend a few bucks and get it done right or call Quicken tax support for qualified answers to your questions.
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n2fc earned 2000 total points
ID: 39980222
The instructions are available from the IRS web site:
http://www.irs.gov/pub/irs-pdf/i1120s.pdf

The answer to your question is on page 18 of the instruction booklet.  They go on a separate sheet you can attach; list each of those items and put the total on LINE 19.

Note: You will have to read the SPECIAL RULES concerning "Meals & Entertainment" as they are complex!  There is an ENTIRE separate publication (463) regarding that one topic alone!
That pub is available here: http://www.irs.gov/pub/irs-pdf/p463.pdf
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by:Experienced Member
ID: 39980396
An incorporated company is a different entity than a person and fills out a different tax return.

Generally, a company uses whatever accounts make sense for the company business. I make certain the accounts are obvious for assets, liabilities, equity, revenue and expense. I use QuickBooks for this, not Quicken (too lightweight for corporate accounting).

Your financial package should be able to create a general ledger in Excel which you can give to your Accountant. As noted above, you need an Accountant as corporate tax preparation is generally not do-it-yourself. The Accountant can use TaxPrep or whatever to read in the Excel data and create a corporate tax return.

One of the accounts in your corporation is Salary. This is what you pay yourself. You pay yourself and issue a W2 form (T4 in Canada) to yourself and pay personal taxes on the normal tax forms.

You should discuss all this with your Accountant before giving him or her your information to file.

The Accountant will know all the rules (such as meal allowance) and tax rules (income and sales taxes).

I run an independent business consultancy via my own corporation and it works like above.
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Author Closing Comment

by:Daniel Wilson
ID: 39980404
Thank you!
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