# 2025 Company Federal Tax Return (Form 1120)

## Status: Adding missing expenses, then filing

## Entity
- **Company:** Junwon Company (Delaware C-Corp)
- **EIN:** (see `secrets/junwon-company.md`)
- **NAICS:** 541511 (Internet Software / Mobile App Development)
- **Revenue:** $0
- **Owner:** Junwon Park (sole shareholder)
- **Accounting:** Cash basis
- **Address:** 20687 Park Cir W, 3, Cupertino, CA 95014 (moved Apr 2025)
- **Prior address:** 1040 Indian Wells Ave 124, Sunnyvale, CA 94085

## Fiscal Year
- **Internal (FY3):** 2024/09/22 to 2025/09/21
- **IRS (Form 1120):** Calendar year 2025/01/01 to 2025/12/31
- Gathering everything 2024/09/22–2025/12/31, then splitting

## Expense Summary (current CSV — before adding missing items)
| Category | Amount |
|---|---|
| Advertising (FB/Google Ads) | $12,169 |
| Software & Cloud Services | $2,726 |
| Equipment — Electronics | $2,606 |
| Travel — Flights | $2,026 |
| Meals (50% deductible) | $802 |
| Equipment — Furniture | $796 |
| Equipment — Marketing (cooking video) | $636 |
| Taxes & Licenses (franchise tax + domains) | $600 |
| Travel — Car rental & gas | $402 |
| Education & Training | $260 |
| Professional Services (CSC) | $253 |
| Office supplies, postage, bank fees | $110 |
| **Subtotal (in CSV)** | **~$23,390 gross** |

### Recently added:
- Tello (17 charges, ~$167) — business phone, reclassified
- Mint Mobile (3 charges, ~$161) — business phone, reclassified
- AT&T (8 charges, ~$443) — home internet, reclassified
- Home office (rent/utilities): **SCRATCHED** — too complex for C-corp, skip for now

### Still to verify (Junwon to check online):
| Item | Est. Amount | Action |
|---|---|---|
| Vercel | unknown | Check billing history |
| TikTok Ads | unknown | Check TikTok app receipts |
| Apple Developer ($99) | ~$99 | Check developer.apple.com |
| Mint Mobile Sep/Dec | ~$110 | Check account for later charges |
| Midjourney gaps | confirm | Confirm cancellation Apr–Dec 2025 |
| Cursor gaps | confirm | Confirm cancellation Jan–Aug 2025 |

## TODOs
- [ ] Add Tello, Mint Mobile, AT&T to business_expenses.csv
- [ ] Junwon: check Vercel, Midjourney, Cursor, Mint Mobile, TikTok, Apple Dev online
- [ ] Decide home office approach (accountable plan vs skip — C-corp complication)
- [ ] Split expenses: FY3 internal vs 2025 calendar year
- [ ] Get receipts (290 transactions with attached_receipt=FALSE)
- [ ] Map expenses to Form 1120 lines
- [ ] File Form 1120
- [ ] Consider amending 2023/2024 1120s (filed with $0 everywhere)

## Key Files
- `documents-secrets/business_expenses.csv` — all business transactions
- `expense-checklist.md` — vendor-by-vendor verification checklist (updated)
- `expense-review.html` / `expense-review-2.html` — interactive review forms
- `receipts-secrets/` — 12 receipts collected
- `documents-secrets/Form 1120 Year 2024.pdf` — prior year (all $0)

## Notes
- Company owes Junwon ~$20,657 for expenses paid on personal cards
- $0 revenue + $23k+ expenses — need profit intent documentation (Section 183)
- Approach: big money, low risk. Skip small uncertain items.
- C-corp home office requires accountable plan or rental arrangement — not a simple line item