How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Mark Taylor Your Own Question
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2277
Experience:  Certified Public Accountant
93680669
Type Your Tax Question Here...
Mark Taylor is online now
A new question is answered every 9 seconds

Stupid question, can you file a company in your personal

Customer Question

hi there stupid question
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: can you file a company in your personal return schedule c
JA: Is there anything else important you think the Accountant should know?
Customer: yes does this effect your return us far as your personal income going up or down? line 22
Submitted: 1 year ago.
Category: Tax
Expert:  Mark Taylor replied 1 year ago.

Hi, my name is Mark. I will be happy to help you with your questions.

Expert:  Mark Taylor replied 1 year ago.

I am having a little trouble understanding your question. Could you please restate your question? You have a question regarding Schedule C.

Customer: replied 1 year ago.
in schedule c I think you can list your company as a sole proprietor on your personal taxes is this correct just verifying
Expert:  Mark Taylor replied 1 year ago.

A Schedule C would be used to report Sole proprietor activities. If you owned 100% of an LLC that was being treated as a partnership, this would also be reported on Schedule C.

Customer: replied 1 year ago.
or I have a company....I want to know if I can claim its profits or losses through schedule c on my personal return
Expert:  Mark Taylor replied 1 year ago.

You have a company. Did you form a corporation?

Customer: replied 1 year ago.
Thanks so you are saying list the profits or losses in schedule c and this will make my total income go up or down on my personal return line 22 correct
Customer: replied 1 year ago.
I formed a corporation
Expert:  Mark Taylor replied 1 year ago.

If it is a corporation you would need to file a separate return. Is this the first year that you had the corporation?

Customer: replied 1 year ago.
no checking accounts
Customer: replied 1 year ago.
this is the first year no checking accounts
Expert:  Mark Taylor replied 1 year ago.

Did the corporation have any activity?

Customer: replied 1 year ago.
a loss only
Customer: replied 1 year ago.
not worth paying for return for the corp
Expert:  Mark Taylor replied 1 year ago.

What kind of business? Did you use your personal account?

Customer: replied 1 year ago.
I did use my personal account
Expert:  Mark Taylor replied 1 year ago.

Did you make a S-Election?

Customer: replied 1 year ago.
not sure
Expert:  Mark Taylor replied 1 year ago.

An S-Corporation would be made on Form 2553. This will treat the corporation as a flow through entity. This means any income that the corporation generates will flow to you personally and be reported on your 1040. You could still file for late S-Election. The form that you would need to file is 1120S. Form 1120S would produce a K-1 with your share of the income, loss, deductions, and credits.

Expert:  Mark Taylor replied 1 year ago.

I hope you found this information to be beneficial. If this answered your question please take a few moments to rate my response. A rating is needed in order for me to receive credit for helping you today. The rating bar is located at the top of the page – ranging from 1 to 5 stars. If you need me to clarify aspect of my response or if there are additional areas of the question that you would like me to consider please let me know. I would be happy to continue the discussion. It has been my pleasure helping you today.

Please let me know if you have any questions or need clarification. I am happy to help