Q: Are charitable contributions reported both on the personal income tax returns and the business income tax returns or on one or the other?
A: Company charitable contributions are reported on Schedule K in the business income tax returns. An owner's or partner's pro rate share of the contributions is carried to Schedule A (which itemizes deductions) in his or her personal income tax returns and serves to reduce taxable business income reported on the personal income tax returns for owners or partners of Subchapter S corporations, partnerships, and limited liability companies.
Q: Do you have a session walking through a K-1?
A: Yes, session #3 in this series called: Understanding Schedules K-1
Course overview: Business Income Tax Returns