What have I got myself into? S Corp taxes Okay, so here's the deal
Formed in Oct 2009
Brought in about $600 in revenue (VERY small business)
About $500 in incorporation fees (did it through a service)
Made a $600 loan to the company, paid back $200, though I did this through the ATM (the company really is JUST me, but I realized immediately afterward that I should have done this through a check, I'm most worried about this)
Cost of inventory: $315
Other expenses: $350
Anyway I'm worried about taxes because the bank accounts are low (I am owed some money currently also, about $100 out of the $600 in revenue.
I'm also worried about all the forms and such, I took accounting classes but the knowledge seems not to have stuck. |