I will file your s corp taxes

IRS Form 1120-S is the tax form S corporations use to file a federal income tax return. This tax form informs the IRS of your total taxable earnings in a tax year. It’s used to determine an S corporation’s business’ income, gains, losses, tax credits, and deductions.

Every S corporation should file the 1120-S tax form, including LLCs taxed as S corporations. Employees or shareholders of an S corporation don’t need to file this form. Earnings should be reported on their individual federal tax return. Employees will receive a W-2 form from the corporation.

Tax Form 1120-S requests the following information: Accounting method Balance sheet Business activity code Business stock information Date the business elected to be an S corporation Date the business was incorporated Employer Identification Number (EIN) Fixed assets Income statement Income taxes

1120-S has schedules within the form. The first is Schedule B. In this area, you’ll include the: Name of your corporation and EIN. Information on shareholders: Name, SSN/EIN, type of shareholder record, person responsible for reporting shareholder income, deductions, credits.

The second schedule on the form is Schedule K, which summarizes income, tax deductions, and tax credits for your S corporation’s shareholders within the tax year.

This section determines your business’ balance sheet, including total assets and insurance liabilities. If you answered “Yes” to 11a and 11b on Schedule B, you don’t need to complete Schedule L. If you answered “No” to either or both questions, you must complete Schedule L.

The final section of the 1120-S is Schedule M-2, which is dedicated to reporting the accumulated adjustment accounts (AAA). Line 8 of this schedule tells you the corporation’s year-end AAA balance. This section is not always required to be filled out.