Hello
I just started an S corp (with an accepted 2553) at the end of 2012. I only had about $100 come in (deposited in s corp. bank account) but had about $500 in advertsing cost and $300 in start up costs as it is just a small web based company. I am the sole stockholder and lent the S corp the $ for the expenses from a personal bank account. I am working on the S corp taxes and individual taxes and don't want to hire an accountant this year with so little in income/expenses. I have read forum posts but still have some questions as i am confused on some parts of 1120S and Schedule E of individual 1040.
1. The S corp lost $700 of what is essentially my $. Can that loss be deducted off my personal taxes (Schedule E)
2. With only $100 coming in and being used to pay for co. advertising, I don't have to report a salary with so little income correct? It looks like that from other forum posts. Thus I will have no taxes for the S corp
3. Can I get mileage reinversement for my travel related to the business (this would be with the 1120S not E?)
4. From other posts lending the S corp $ from personal checking account when needed doesn't look like a tax issue but is there a better way or something I need to file (how is the $ coming from personal account labeled on 1120S - income, loan, not reported)?
Thanks
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