Today TaxMama hears from Guy from New Jersey who says, “I am trying to close out a Subchapter S Corporation. How do I deal with the loans I have made to the corporation, and the negative retained earnings? If you could just direct me to the proper IRS publication, I do not mind researching.”
Tag Archives: S.Corp
Today TaxMama hears from Ken in the TaxParlor who says, “My wife is part of a Subchapter S corporation for a craft store. If the corporation does not declare a dividend can we still write off all of her business expenses on our tax return? How many years can we deduct expenses before the corporation […]
Today TaxMama hears from Dawn in North Carolina, who is puzzled. “My husband and I recently opened a business as a S-Corp. We each own 50% of the stock. My question is this, if we have a profit at the end of the year of $30,000 and we take cash of $10,000 from the company […]
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