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Old 03-01-2010, 12:12 AM
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Join Date: Mar 2010
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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.



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