TURBOTAX FOR S CORP DOWNLOAD HOW TO

In very few states, you will also be required to file a separate state election, as specified by that state, in order to qualify as a Sub S Corporation. I should also note again, that qualify as an S corporation, an IRS Form 2553 must be filed with the Internal Revenue Service. This is often called a privilege tax or Franchise Tax That said, some states do have a minimum tax, that an entity must pay to the state, just for having the entity, regardless of whether the entity was profitable or not. I can say that because S-corps pass all profits to the owner via a K1, most likely any tax liability for s-corp profits would be handled on the owners personal returns. Even states that have no personal income tax, may actually have corporate tax. State tax returns and/or minimum entity taxes vary by state. Just like your personal tax return is linked to your social security number. So when you file your corp tax return it is linked to this number. Instead of a social security number, it has what is a called an employer tax identification number (EIN). Your personal return is filed using IRS for 1040. The form you use to file an s-corp return is IRS form 1120-S. The date for filing your personal return is April 15th The date for filing your Corp return is March 15th You would do this before you file your personal tax return, because the profits or loss from you business would flow through to your personal tax return via a K1. Any results of votes take on particular items (if any)Ģ) File Annual State and Federal Tax Returns Federal Tax Returnīeing an S-Corp is an actual tax specific entity, that is separate from your personal tax life, so you have to file a tax return for it. A description of the matters discussed (if any) The location of the meeting and the date S corporation meeting minutes would contain the following information, generally speaking. All of the incorporation services will provide you with a template to use, which makes it easy. That said, if you undergo and audit, the state or IRS may ask for them. No one is coming around to confirm they are in your desk though. However, the reality is that S corporation meeting minutes are not required to be filed with the state, so you literally keep these documents in your desk or filing cabinet. And you as the secretary take “minutes” or notes.

If the company is owned by just you, this means you literally “have a meeting” with yours.

Most states require that corporations hold regular shareholder meetings and keep minutes of such meetings. But I’ll quickly discuss the the first two as well. This majority of this post is dedicated to the last of those items, with the intention of giving you a decent breakdown of what each state requires. Some of what I describe in that article are the following requirements…Ģ) File annual state and federal tax returnsģ) Annual S Corporation filing requirements for each state

TURBOTAX FOR S CORP DOWNLOAD HOW TO

You can learn more about all that by reading this article I wrote… Independent Contractor Taxes & How to Incorporate (and Save Money). The only bummer is keeping up with the annual S corporation filing requirements.īut in my opinion the tax and liability benefits are well worth it. You will also get enhanced liability protection for your personal assets. If you currently are a freelancer, sole proprietor or independent contractor you very likely could see some great tax benefits by switching to an INC or LLC that files its taxes as an S-corp.

Turbotax for s corp download