Updated almost 8 years ago on .
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Operating Expense 1120s tax question
Quick question, if i have 10k of liabilities, how do i show that on my 1120s, specifically which line? It's an operating expense..
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What are the liabilities? Are you Cash or Accrual basis?
If you are cash basis it is not deductible until it is paid.
If you are utilizing a corporation or a partnership you are required by the tax code to maintain a set of books. That means you should be able to product a balance sheet and a profit and loss statement.
99% of individuals should not be preparing an 1120s. (about 40% of accountants should not either)