Benjamin Yazersky CPA wrote:
- quote -

Or an Enrolled Agent (EA) who specializes in business taxes.
(grin!)

ChEAr$,
Harlan Lunsford, EA n LA

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<plutoman000[at]yahoo.com> wrote:

- quote -

based on your questions, you need to seek a CPA

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] > > -----> real address on hobokeni or hobokenx <-----

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<plutoman000[at]yahoo.com> wrote:

- quote -

Please consult a local CPA or EA who specializes in small
business taxes for help with this.

You have a basic misunderstanding of the sub-chapter S
corporation tax forms (1120S).

Interest income, Section 179 depreciation deductions,
charitable contributions, and certain other items are NOT
included in the ordinary taxable business income (loss).

--
Charles M. Shanes, CPA
Charles M. Shanes CPA, LLC
Richmond, VA
QuickBooks ProAdvisor
Microsoft MPAN Member for SBA
www.shanescpa.com
cshanes[at]-Delete-This-Nospam-shanescpa.com

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plutoman000[at]yahoo.com wrote:

- quote -

No, it is not double counting, because those items
are/should not be accounted for before ordinary income on
page one. These are all separately stated items and are
not to be included on line.... oh... what, 26? Ordinary
income, anyway.

(Just filed my own 1120S electronically today matter of
fact.)

ChEAr$,
Harlan Lunsford, EA n LA

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

I am a little confused as to how to fill out schd K-1 along with
the 1120S form.

In particular, the first entry in the schd K-1 is the ordinary
business loss or income.

But the rest of the form asks for interest income, deductions,
sec 179, which are ALREADY included in the ordinary business
income or loss.

How come this double counting?

That's why I am confused.

Could someone please help?

How do I correctly fill out this form?

Thanks!

PM

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