Get the free 1120S S-CORPORATION

100 110 120 130 140 10 10 1040 INDIVIDUAL 20 20 1065 PARTNERSHIP 1041 FIDUCIARY 30 30 1120 CORPORATION 1120S S-CORPORATION 990 EXEMPT ORGANIZATION 40 40 706 ESTATE 50 50 60 INSTRUCTION MANUAL 2012

How to fill out 1120s s-corporation

How to Fill Out 1120S S-Corporation:

Gather all necessary information:

1. Employer Identification Number (EIN)
2. Articles of Incorporation
3. Bylaws of the corporation
4. Ownership and shareholder information
5. Financial records and reports

Start with the basic information:

1. Enter the name and address of the S-Corporation.
2. Indicate the tax year for which the form is being filed.

Provide information on shareholders:

1. List all shareholders, their EIN or social security numbers, and their pro-rata share of ownership.
2. Indicate if any shareholder is an alien or non-resident.

Report financial information:

1. Fill out Schedule K and K-1, which provide the details of the corporation's income, deductions, and credits.
2. Include information on interest, dividends, loans, and any other financial transactions.
3. Attach relevant supporting documents such as bank statements and receipts.

Report other necessary information:

1. Complete other sections of the 1120S form, such as deductions, credits, and capital gains or losses.
2. Provide information on tax-exempt income if applicable.
3. Include any additional required forms or schedules, such as Schedule D for capital gains and losses.

Verify and sign the form:

1. Double-check all the information provided for accuracy.
2. Ensure all necessary signatures are included (e.g., corporate officer, authorized representative).
3. Keep a copy of the completed form and supporting documents for your records.

Who needs 1120S S-Corporation:

1. Small business owners who want to elect S-Corporation status for their corporation.
2. Corporations with no more than 100 shareholders.
3. Corporations that meet the eligibility requirements outlined by the Internal Revenue Service (IRS).
4. Shareholders who want to pass through the corporation's income, deductions, and credits to their personal tax return.
5. Individuals who want to reduce self-employment taxes by receiving a reasonable salary and dividends from the S-Corporation.

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