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

This form is used by corporations that have elected to be treated as S corporations to report their income, deductions, and other tax-related information for the fiscal year.

How to fill out us income tax return

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

1. Gather all financial records for the S Corporation including income statements, balance sheets, and any deductions or expenses.
2. Obtain a copy of IRS Form 1120S, which is the U.S. Income Tax Return for an S Corporation.
3. Provide the corporation's information at the top of the form, including the name, address, and Employer Identification Number (EIN).
4. Report the income of the S Corporation on the form, including gross receipts and other sources of income.
5. Detail allowable deductions and expenses, such as wages paid, cost of goods sold, and other business-related costs.
6. Fill in the Schedule K, which summarizes the income, deductions, and credits that will be passed on to shareholders.
7. Include any necessary attachments, like Schedule L for balance sheets or Schedule M-1 for reconciliation of income.
8. Review the completed form thoroughly to ensure accuracy.
9. Sign and date the form before submitting it to the IRS by the due date, usually March 15, for calendar-year S Corporations.

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

1. Any corporation that has elected to be treated as an S Corporation for tax purposes must file Form 1120S.
2. Shareholders of S Corporations need the form to report their share of income, deductions, and credits on their personal tax returns.
3. New S Corporations need to file this return for the year they made the S Corporation election.

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, known as Form 1120S, is a tax form used to report the income, deductions, gains, and losses of an S Corporation, which is a special type of corporation that passes its income, losses, and tax credits directly to its shareholders.

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

Any corporation that has elected to be taxed as an S Corporation, as well as any entity that has shareholders in the S Corporation status, is required to file Form 1120S.

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

To fill out Form 1120S, the S Corporation must provide information including its income, deductions, shareholders' information, and any credits for the tax year. It's essential to follow the instructions on the form and include all necessary schedules and attachments.

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 financial activities to the IRS, ensuring that the income and losses are appropriately passed through to shareholders for tax purposes.

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

The information that must be reported on Form 1120S includes the corporation's gross income, deductions, credits, distributions to shareholders, and any other relevant financial information necessary for the IRS to assess the tax obligations accurately.