Hello,
Created a S-Corp in 2019 (should have gone another route but that's the advice I got at the time) .
First year net profit was 6000 approx. But I had laptop purchase of $500 approx and meals expenses of $320 approx.
Now bidding on a small project but am asked to provide a balance sheet. Cash in bank at the end of each month is only $100 (that is my equity) as I take excess as distributions (per advice given to me). But I see a K-1 that has profit of 6160, and something that says 160 affects shareholder basis.
How do I handle laptop in assets and should I account for 160 that is i think meals not deductible.
I took 179 deduction for laptop
Created a S-Corp in 2019 (should have gone another route but that's the advice I got at the time) .
First year net profit was 6000 approx. But I had laptop purchase of $500 approx and meals expenses of $320 approx.
Now bidding on a small project but am asked to provide a balance sheet. Cash in bank at the end of each month is only $100 (that is my equity) as I take excess as distributions (per advice given to me). But I see a K-1 that has profit of 6160, and something that says 160 affects shareholder basis.
How do I handle laptop in assets and should I account for 160 that is i think meals not deductible.
I took 179 deduction for laptop
Last edited:
