Re: Where do travel expenses go on 1120-S?


<jswimr3@xxxxxxx> wrote
>I run a consulting firm which is registered as an S Corporation. As
> part of my business, I've attended several conferences this year. How
> do I account for these on form 1120-S? Do they go in as other
> deductions on Line 19?


Yup.


> If so, what does the statement I'm supposed to
> attach look like? Is there a form for it, or can I just write it out?


Most everyone uses a blank page. Head it with your company name, address,
FEIN, and tax year ending.

Also be sure to indicate the line that the balance transfers to.

Ther may be other lists of expenses, assets, liabilities, etc. that you
need/want to report and they can go on the same schedule if room allows, or
they can go on similar sheets.


> And if so, how should I break it down? Just one big line "Conference
> expenses", or should I separate it out by conference and or by category
> (airfare, lodging, etc.).


With the exception for meals and entertainment (which only half is
deductible) it really doesn't matter.

But, you may want to report the expenses in a reasonable manner, and
breaking out your travel expenses from the lodging, from the conference
registration costs, from the rental car expense seem to be reasonable.

You probably don't want to get to detailed where you have expenses broken
down to under $50 and then lump a bunch of expenses to "miscellaneous" that
total well over $500.



--
Paul Thomas, CPA
paulthomascpapc@xxxxxxxxxxxxx







.

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