Schedule J- Line 16-Help please

[ejny65]

Line 16 on schedule J asks about regular expenses from operation of business, profession or farm.

I know some profeesions (like teachers) have expenses which fits fine in this line.
Does this work for people with small business that is a corporation? Even though corporation is a seperate entity?
My debts are all personal, and my business is a corporation.
Do I still include the expenses from corporation in line 16?
thanks for all your inputs.

[FreshLikeADaisy]

Ejny, refresh my memory: are you bk'ing yourself, the corp, or both? If the corp is entirely separate and solvent, I would not include those expenses. However, if I were a plumber, for example, and my business was not separate at all from my personal expenses, yes, I would include them. Whatever I pay, I list; whatever the corp pays, I don't. That's my take on it, but I'm not an expert on business related bk's like some here are, maybe they'll chime in.

In any case, whatever I did put there, I would make a margin note that says "See continuation sheet" and then draw up something in Word that would break those expenses out into personal/business. You can do that, you know; as long as whatever you insert is labeled properly like "Continuation Sheet: Schedule J" it will fly. This will minimize confusion when the trustee is looking things over. I did this on my Schedules B & C when I was listing household goods.

This may also be a good time to get a free atty consult. Good luck!!!

[ejny65]

Thanks fresh! My biz is a corporation and my Bk has nothing to do with my business and is personal. So I guess line 16 will stay blank