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Zoe Stavros
There's one thing nobody mentioned yet - the tax basis of your business for eventual sale. Make sure you're tracking your adjusted basis correctly! Even though you didn't claim the amortization expense on Schedule C, if you reported it on Form 4562, your basis in the goodwill is still being reduced each year. When you sell, your gain calculation will use this reduced basis. If you don't fix this issue with amended returns/Form 3115, you could end up paying tax on a larger gain than you should - effectively getting taxed twice!
Jamal Harris
ā¢This is an excellent point! So if the business cost $300,000 with $150,000 of that being goodwill, and they've been amortizing $10,000 per year for 10 years, their basis in the goodwill is now $50,000 even though they never got the tax benefit of the $100,000 in deductions?
Zoe Stavros
ā¢Exactly right! The basis reduction happens based on the amounts reported on Form 4562, regardless of whether those amounts made it to Schedule C as deductions. This is precisely why this situation needs to be fixed - otherwise, you effectively get taxed twice on the same income. If they sell without fixing this, they'll have a basis that's reduced by $100,000 in amortization they never benefited from. Filing amended returns for open years plus Form 3115 for the "catch-up" adjustment is critical to avoid this double taxation scenario.
Ryder Ross
This is a really thorough discussion! I'm dealing with something similar but with equipment depreciation on my Schedule C business. Reading through all these responses, it sounds like the key is having that Form 4562 documentation to show the IRS that you were tracking the depreciation properly, even if it didn't make it to the expense line. One question I haven't seen addressed - when you file the amended returns for the open years, does the IRS typically process those refunds quickly? I'm worried about cash flow since we're talking about potentially significant refund amounts. Also, has anyone had experience with the IRS questioning why these deductions were missed in the first place during the refund process? The taxr.ai tool mentioned earlier sounds interesting for identifying these issues systematically. I'm wondering if anyone has used it specifically for equipment vs. intangible asset depreciation issues?
Great questions! From my experience with amended returns, the IRS typically processes refunds within 8-16 weeks, though it can take longer if they have questions. For equipment depreciation vs intangible assets, the process is essentially the same - the key is having that Form 4562 documentation showing you were properly tracking the depreciation schedule. Regarding the IRS questioning missed deductions - in most cases, if your Form 4562 clearly shows the depreciation and your explanation on the amended return is straightforward (software didn't transfer the amounts, accounting error, etc.), they process it without much scrutiny. The fact that you have proper documentation actually works in your favor. I haven't personally used taxr.ai for equipment depreciation, but based on what others described, it should work the same way for any Form 4562 to Schedule C disconnect issues. The underlying problem is identical whether it's goodwill, equipment, or other depreciable assets - the depreciation gets calculated but doesn't flow through to reduce your taxable income. One tip: when you file the amended returns, include a brief explanation statement describing the error to make the examiner's job easier. Something like "Correcting missed equipment depreciation - amounts were properly calculated on Form 4562 but inadvertently omitted from Schedule C due to software error.
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I'm a little confused by some of the responses. I own an S-Corp too and take both salary and distributions. Aren't S-Corp owners REQUIRED to take reasonable compensation as W-2 income? That's what my accountant always told me - that you can't just take K-1 distributions and no salary if you're actively working in the business.
You're absolutely right - S-Corp owners who are active in the business are supposed to take "reasonable compensation" as W-2 wages before taking distributions. It's a common mistake (or sometimes intentional tax strategy) to skip payroll and just take distributions to avoid FICA taxes. The IRS has been cracking down on this for years. If they audit and find an S-Corp owner working in the business but taking no salary, they can reclassify distributions as wages retroactively and assess penalties and interest on the unpaid payroll taxes.
I'm really sorry to hear about your husband's business struggles. Unfortunately, the other commenters are correct - since your husband only took K-1 distributions and wasn't on W-2 payroll, he likely won't qualify for traditional unemployment benefits in most states. However, don't give up hope! There are a few things worth exploring: 1. **State-specific programs**: Some states have created their own assistance programs for business owners. Contact your state's economic development office or small business administration office. 2. **SBA disaster loans**: If the business decline was related to economic conditions, you might qualify for an Economic Injury Disaster Loan (EIDL) if any programs are still available. 3. **Local assistance**: Many cities and counties have emergency assistance programs for residents facing financial hardship. Also, as others mentioned, your husband should have been taking reasonable compensation as W-2 wages according to IRS rules for active S-Corp owners. This is something to discuss with a tax professional - both for compliance going forward and to understand if there are any retroactive issues to address. I'd recommend contacting a local tax professional or small business development center (SBDC) for personalized guidance on both the unemployment question and proper S-Corp payroll structure moving forward.
This is really comprehensive advice, thank you! I had no idea about SBA disaster loans or that cities might have their own assistance programs. We've been so focused on unemployment benefits that we haven't looked at other options. The point about reasonable compensation is concerning though - we definitely need to talk to a tax professional about whether we've been doing this wrong all along. If the IRS could reclassify his distributions as wages retroactively, that sounds like it could create even more problems for us financially. Do you happen to know how to find our local SBDC? That sounds like exactly the kind of guidance we need right now.
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Sean Kelly
Great question! I've been doing taxes for about 8 years now and still see this confusion all the time. Here's how I explain it to clients: "We're currently in the 2023 tax filing season" - this is usually what they want to know. We're filing returns for income earned in 2023, with a deadline of April 15, 2024. But I always follow up with: "Is there something specific you're trying to figure out?" Because sometimes they're asking about: - Whether they missed a deadline (2023 returns) - What year to put on forms they're filling out now (2024) - When their next tax return will be due (2024 taxes due April 2025) The key is not assuming what they mean by "tax year." I've found that about half the time, they're really asking "Am I late filing something?" rather than wanting a technical explanation of tax years vs. filing seasons. One phrase that works well: "Right now we're filing 2023 tax returns, but if you're earning money today, that goes on next year's return." Keeps it simple but covers both scenarios!
Amina Toure
ā¢This is such a helpful explanation! I'm new to tax preparation and was getting really overwhelmed by all the different ways clients ask this question. Your approach of asking "Is there something specific you're trying to figure out?" is brilliant - it gets to the root of what they actually need instead of just giving them more confusing information. I've been making the mistake of launching into technical explanations about tax years vs filing seasons when most people just want to know if they're on time with their paperwork. The "Am I late filing something?" insight is spot on - that's probably what 80% of my confused callers are really worried about. Thanks for sharing your experience! This will definitely help me handle these calls better.
As someone who's been handling client calls for about 3 years, I've found that creating a simple "cheat sheet" for this exact question has been a lifesaver. I keep it right by my phone and it has saved me so much confusion. My go-to response is: "We're currently in the 2023 tax filing season, which means we're preparing returns for income you earned last year in 2023. Those returns are due April 15th, 2024. Any income you're earning right now in 2024 will go on next year's tax return." But honestly, the best advice I can give is what others have mentioned - always ask a follow-up question. I usually say "What specifically are you trying to figure out?" because 9 times out of 10, they're not actually asking for a technical explanation of tax years. They're usually wondering: - "Did I miss the deadline to file?" - "What year do I put on this form I'm filling out?" - "When is my next payment due?" Once you know what they're really asking, you can give them the exact information they need instead of a confusing lecture about tax terminology. It's made my job so much easier and clients seem way less frustrated after our calls!
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NeonNova
Just to add another perspective - I've done S-corp returns for 5 years now and have always included Schedules L and M-1 regardless of size. Why? Because they tell the story of your business financially. Even though not required, they show what assets/debts the business holds and reconcile book/tax differences. This has been super helpful documentation when getting business loans later. Plus, if you ever have an audit, having these already completed saves headaches. If you're using decent tax software, it really isn't much extra work to complete them. Better to have too much documentation than too little in my experience.
Do you think it creates any additional audit risk to file these when not required? I've heard conflicting things about "poking the bear" with extra schedules vs just filing the minimum required.
NeonNova
ā¢In my experience, filing these additional schedules doesn't increase audit risk - if anything, it may reduce it. The IRS is generally more interested in returns that appear to be hiding information rather than providing extra documentation. The audit selection process focuses primarily on income discrepancies, unusual deductions, and statistical anomalies compared to similar businesses. Simply providing a more complete financial picture with Schedules L and M-1 doesn't typically trigger additional scrutiny. In the rare case you do get selected for audit, having this documentation already prepared actually makes the process smoother since you've already organized and reported the information they'd likely request anyway.
Super practical advice for a one-person S-corp like yours: if you're using tax software like TaxAct Business or H&R Block Business, they'll walk you through these schedules pretty easily. The balance sheet info for Schedule L is basically just what you own and what you owe at beginning/end of year. M-1 reconciles book income vs tax income differences. Takes maybe 15 extra minutes but gives you better documentation. I keep a simple spreadsheet tracking my assets, liabilities and equity throughout the year which makes filling these out a breeze. Might be worth starting that practice even if you don't file the forms this year!
Jamal Carter
ā¢That's a great suggestion about tracking with a spreadsheet. Do you have a template or specific format you follow? I'm using QuickBooks but honestly not sure I've set it up correctly for tracking the balance sheet stuff properly.
I keep it pretty simple - just 4 columns: Date, Description, Asset/Liability/Equity, and Amount. I track things like equipment purchases, loan balances, cash in/out, etc. QuickBooks should actually give you most of this info if you run a Balance Sheet report at year-end, but having your own tracker helps you spot errors. For your situation with the business loan, you'd want to make sure QB is properly categorizing the loan as a liability and any equipment you bought with it as assets. The key is making sure your "books" (QuickBooks) match what you put on the tax forms. If there are differences, that's what goes on Schedule M-1.
Drake
Anyone know if FreeTaxUSA is good with Schedule C for self-employment? I'm a freelancer and TurboTax always upsells me to their expensive "self-employed" version. Wondering if FreeTaxUSA handles this better?
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Sarah Jones
ā¢I'm self-employed and switched to FreeTaxUSA last year. It handles Schedule C really well and doesn't charge extra for it like TurboTax does! All business expense categories are there, vehicle deductions, home office, everything. I saved about $120 compared to what TurboTax wanted to charge me.
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Keisha Taylor
I've been using FreeTaxUSA for three years now and can confirm it's absolutely legitimate - they're an IRS-authorized e-file provider with excellent security. Regarding your state return concern, you're right to check carefully at checkout. FreeTaxUSA's federal filing is free, but state returns typically cost around $14.99 each. Here's what to look for: after completing your federal return, you should see an option to "Add State Return" before finalizing. Make sure both federal AND state show "e-file" status before paying. If your state only shows "print and mail," that means e-filing isn't available for your specific state through their system. I've never had any issues with refund timing compared to when I used more expensive services. The IRS processes returns the same regardless of which software you use to file. You'll save significant money compared to TurboTax while getting the same result!
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