Have Tax Questions? Ask a Tax Expert for Answers ASAP
An S Corp files its own information tax return and in most cases does not owe any tax. Any profit or loss from S Corp flows to your personal tax return and is reported and taxed on your Form 1040.
For items bought to be used by the S Corp, you can record those assets in the S Corp and get a reimbursement from the S Corp for the payment made by you or increase your loan or your equity in the S Corp. There is no tax relieft for investments made from personal accounts. It increases your basis in the S Corp.
Since S Corp is a separate entity, I would suggest you open a Bank account for the S Corp ASAP.
Let me know if you have any question. Bonus and Feedback will be highly appreciated!!!
Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases.