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Tax? for an s-corporation?

fyi: i got incorporated about a year ago but as of 1/1/08 i am an s-corp. if i had taxable income (after right offs, expenses) of say 180,000.00 but i put 80,000.00 from my personal account into the corporation would i pay taxes on 180,000.00 or 100,000.00? my accountant says i have to pay it on 180 but next year in 08 i will not have to pay taxes on the 80k. why is this? if i didn't make 180 why do i pay taxes on it?

If your taxable income is $180k, that's what you pay tax on. Your investment has nothing to do with the income; it's a balance sheet item, not an income statement item.

There has to be a communications disconnect between you and your accountant. Your investment in the business isn't taxable income.

Sounds like a plan. Find one who can explain things clearly to you, to your satisfaction. TFTP. Report It

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