Attn S corp owners with basis issues
 

If your cpa has said the word 'basis' to you in past years and you are not going to be showing much profit (or possibly even a loss) this year be sure to talk about 'repayment of shareholder loans in excess of basis' with your cpa this winter (BEFORE the end of the year).

Simple version is there may be opportunities for taking excess (beyond basis) $$ out of your S corp and not feeling tax pain (cap gains) thanks to a temporary 0% rate for AGI's below a certain level.

Tis a small thing and very situation specific BUT be sure to ask about it.