Get the free U.S. Income Tax Return for an S Corporation

This document is the U.S. Income Tax Return for an S Corporation, designed for reporting income, deductions, and credits of an S corporation.

How to fill out us income tax return

How to fill out U.S. Income Tax Return for an S Corporation

1. Gather all necessary financial documents, including profit and loss statements and balance sheets.
2. Complete IRS Form 1120S, which is specifically for S Corporations.
3. Fill out the corporate information section, including the name, address, and Employer Identification Number (EIN) of the corporation.
4. Report your corporation's income and deductions on the appropriate lines of the form.
5. Complete Schedule K-1 for each shareholder, detailing their share of income, deductions, and credits.
6. Attach any necessary supporting documentation and additional forms, such as Form 4562 for depreciation.
7. Review the entire return for accuracy and completeness.
8. Sign and date the return, and file it electronically or by mail by the due date.

Who needs U.S. Income Tax Return for an S Corporation?

1. Any corporation that has elected S Corporation status with the IRS.
2. Shareholders of S Corporations who need to report their share of the income and expenses on their personal tax returns.
3. Business owners seeking to take advantage of the tax benefits associated with S Corporations.

People Also Ask about

Do I have to file as an S Corp every year?

S Corporations must file a business tax return with the IRS each tax year. IRS Form 1120S must be completed and submitted by the business tax deadline each year — usually March 15th for calendar year tax filers.

What kind of tax return do I need for an S Corp?

All California S corporations and LLCs companies treated as S corporations for federal, should file Form 100S (California S Corporation Franchise or Income Tax Return).

Is an annual report mandatory?

The U.S. Securities and Exchange Commission and many states require businesses to file annual reports.

Does S Corp file 1120 or 1065?

A domestic corporation must file Form 1120, U.S. Corporation Income Tax Return, whether it has taxable income or not, unless it's exempt from filing under section 501. A domestic corporation that is an S corporation must file Form 1120-S, U.S. Income Tax Return for an S corporation.

Does an S Corp need to file an annual report?

Every year, your California corporation must file an Annual Franchise Tax Return with the Franchise Tax Board. Both C and S Corporations are subject to franchise tax, which is the fee you pay to the state for the privilege of doing business as a corporation.

How do I maintain my S Corp status?

S Corp Checklist: 2.) Create Corporate Bylaws (State Requirement) 3.) Decide on and Pay A Reasonable Salary. 4.) Implement a Payroll System. 5.) Update Your Accounting System/Process. 7. ) File Annual Reports/Tax Returns. 8.) Pay Estimated Taxes on Distributions and/or Profit. 9.) Comply with Employment Laws.

Does S Corp need to file an annual report?

Most states require an S Corp annual report to maintain good standing.

Can I file my S Corp taxes myself?

You can file the paperwork yourself or hire a third party, like Block Advisors, to assist you in creating and filing appropriate S Corporation status paperwork.

For pdfFiller’s FAQs

What is U.S. Income Tax Return for an S Corporation?

The U.S. Income Tax Return for an S Corporation, specifically Form 1120-S, is a tax form used by S Corporations to report income, deductions, and credit to the IRS. It allows the income to pass through to the shareholders, who then report it on their individual tax returns.

Who is required to file U.S. Income Tax Return for an S Corporation?

Any corporation that has elected S Corporation status under the Internal Revenue Code must file Form 1120-S annually, regardless of whether it had any income or expenses during the tax year.

How to fill out U.S. Income Tax Return for an S Corporation?

To fill out Form 1120-S, the corporation must provide information such as the business's name, address, and Employer Identification Number (EIN), report income and deductions, complete the necessary schedules, and ensure that each shareholder's share of income is accurately reported.

What is the purpose of U.S. Income Tax Return for an S Corporation?

The purpose of the U.S. Income Tax Return for an S Corporation is to report the corporation's income and deductions, allocate income to shareholders, and ensure compliance with federal tax laws for S Corporations.

What information must be reported on U.S. Income Tax Return for an S Corporation?

The information that must be reported on Form 1120-S includes gross receipts, costs of goods sold, salaries and wages, interest, dividends, other income, deductions for business expenses, tax credits, and details about each shareholder's distributive share of income.