Can I deduct S corporation business expenses off my personal return? Or does it need to be off the Corporate return?

Other answer:

Don:
You already asked this.

1. You are an EMPLOYEE of the S corporation. "Unreimbursed" expenses would be deductible ONLY on the 1040 schedule A, subject to a 2% of AGI decrease AND make you more likely to owe AMT.

2. The sanest approach is to set up an Accountable plan, submit receipts timely (within 60 days) and have the corporation reimburse you (they deduct the expenses). The amount reimbursed is shown on the W-2.

Contrary to numerous posts, there is no place on the schedule E for you deduct expenses. That's for partnerships only.

Max Hoopla:
Corporation expenses go on the corporation return. With a S-Corp the net income or loss flows to the stockholders.
tro:
you asked this question before and the response hasn't changed, the S Corp will record all income and expenses it incurs and report on the tax form, you portion of the net profit or loss will be issued to you in a K(1), if you are active in this operation you will then report this on your own Sch C as income, in some probably very rare occasions you might have some expenses that related to that operation which you can claim on the Sch C, but the S Corp paid and reported all the expenses related to the business
Pascal the Gambler:
Has to be off the corporate return, of course.
Judy:
income and expenses for an s-corp go on the corporate return and pass through to your personal returrn
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Eva:
Cleaner to do it off the corp return. It can be done as unreimbursed expenses on pg 2 of Schedule E, but it's usually better to do it all on the corp return. BTW you asked this last week.
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