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| *The Commerce Journal>>>Other Taxes |
S Corporation taxes, no sales, one bank account, Google AdSense profit only...what to report? |
I have an S Corporation with one bank account in which I deposited a few thousand dollars. Some of that money has been used as startup costs. A few hundred dollars have been added to the bank account as revenue from Google AdSense ads. Can anyone tell me what lines I need to fill out for the S Corp return? And should the rest all be -0-? Page 1 - Line 1a - revenue from Google Adsense ads. Page 1 - Line 19 - Other Deductions - start up costs Page 1 - Line 21 - Would be the net of 1a and 19. Page 2 - Schedule K - Line 1 - same amount as Page 1 - Line 21. Page 2 - Schedule K - Line 4 - Interest income - any interest that the bank account earns. Don't need to bother with any other pages. And then there is the K-1 which will be given to all the shareholders. And a state s-corp return as well, but I can't help with that, since I don't know what state you are in. Report all of your income and business expenses. Plain and simple! You must be another one of those that purchased an S-Corp package for some sharp sales person who promised that you would save money on your taxes. Now it is going to cost you about $800 to have someone properly file a tax return that you could have done on turbo tax as a sole proprietorship. Don't forget to pay the state S-Corp minimum tax ($800 in some states) even if you have a loss. |
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