I'm looking for some tax assistance. I started a single member llc last august. I elected to file as an S corp (form 2553) at the advice of a cpa. I chose Dec 31 to be the end of my tax year.
I initially transfered 500.00 dollars from my personal to my business account for initial operating expenses. I have not made any money and so far only have had expenses. (cell phone, web page, etc).
I am under the assumptions being a single member llc all profits / losses transfer over to my personal return. What forms do I need to file and how do I handle the initial 500.00 ( I spent about half in
2007)? I expect to have to invest more of my personal money into the business in 2008.I normally itemize on 1040A fro my Federal return.
What do I need to do for the State of Michigan where I formed the llc as far as my business goes?
Any advice is appreciated.
Jeff