I recently filed articles of incorporation for a business of which I will be the sole shareholder. I intend to designate this business as an S-Corp.
I have two questions about what to expect when next year's taxes roll around:
(1) Do you know, or can you point me to resources explaining, the types of expenses that a corporation can deduct? I know that at a Sole Prop, my business expenses must be "necessary and ordinary." Is the same standard true for a corporation, or are its expenses business expenses by nature?
(2) When it comes time to tell the IRS about the company's business expenses, does the process look similar to that of a Sole Prop, in which I list out each individual line item along with the amount? Or will I use some other manner of reporting this?
Thank you!
