As published in the Winter Park/Maitland Observer, Thursday Jan. 3, 2012 Edition Offers... Read More »
Articles in category 'Tax Tools'
You Need Basis to Take Your S Corporation Losses
Because of the prolonged recession we expect to see many businesses report losses from their 2010 operations. Losses from S Corporations are deductible on a taxpayer’s Form 1040 only to the extent of the shareholder’s stock plus debt basis. Tax preparers should maintain the following two worksheets (courtesy Small Business Taxes and Management) for each…
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