Started an S Corp in May 2012 - Start up expenses Hello,
I started S Corp in May of 2012. I have put in a bit of money for software, computer, printing/marketing material, and educational expenses related to my business to get it up and running. However, I have not yet received any income as of yet. Since I am an S Corp what is the best way to code my expenses? Liability on company books as a loan payable to officer/owner? So as the company begins to bring in revenue the company can slowly pay me back through the liability account setup? Also, I am in the process of completing my MBA which is related to my business, can this be considered a tax deduction on the company books as well? If so, what type of account would I code this to? (Educational expenses % deductible). I am currently catching up on getting all my business expenses recorded into my company accounting system and want to make sure that I code and setup accounts and expenses in their respectful places. Would greatly appreciate any input on this.
Warmest Regards,
Renee |