Hello Experts,
I have been working as an independent contractor for a year, I would like to open a S corporation now. Can I put me old expenses in my new S corporation since I have been working by myself for this company since Feb? is that legal? I make around 1900 a month with this job. It is January, It is too late to do this?
Thank you.
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I have been working as an independent contractor ...?
Replies (1)
madam, please clarify as to what you mean by saying 'you work for this company from Feb". Feb of which year and which company you are referring to, since you have not opened you s-corporation yet. Also, if the old expenses are not related to the s corporation preliminary expneses, the same cannot be claimed under the Indian income tax laws. Also the preliminary expenses requires to be amortized over a number of years.
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