How do I do my S corp taxes?

Published by Anaya Cole on

How do I do my S corp taxes?

Follow these five steps to filing taxes as an S corporation.

  1. Prepare your financial statements. One of the first things your tax professional will ask for are financial statements.
  2. Issue Forms W-2.
  3. Prepare information return Form 1120-S.
  4. Distribute Schedules K-1.
  5. File Form 1040.

What tax forms do S corps file?

Use Form 1120-S to report the income, gains, losses, deductions, credits, etc., of a domestic corporation or other entity for any tax year covered by an election to be an S corporation.

Can I prepare my own S Corp taxes?

TL;DR: Yes, you have every right to do your own S-Corporation tax return, but we really don’t recommend it. The amount of time you’d spend researching all the rules and regulations could better be spent doing what you do best and leaving the nitty-gritty to tax professionals like us!

Can I file an S Corp myself?

It’s fast and easy. File Form 2553 with the IRS to elect to be treated as an S Corporation for tax purposes. You can file Form 2553 as you’re forming your LLC or afterward — within two and a half months of forming your LLC or before March 16 in any tax year after formation.

How much does it cost to file Form 1120S?

In this case, we would charge $585 to complete your Small Business Tax Return (Forms 1065, 1120, 1120-F, 1120-S) and $485 to complete your Federal Tax Return Form 1040 and any associated forms, including the K-1.

How much does it cost to prepare an 1120S?

Tax preparation fees national averages $903 for Form 1120S – S corporation.

How do I prepare for 1120S?

The eight things you need to complete Form 1120S include: Details about your S-corp or LLC: The name of the business, the date the S-corp incorporated, the date of your S-corp election, employer identification number (EIN), and mailing address. Tax year: State whether you’re filing on a calendar year or fiscal year.

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