Hi, this is Evan Hutcheson, CPA. I offer virtual accounting services for individuals and small businesses. I can assist with filing taxes online through screen sharing. This is helpful for those who prefer to do their own taxes or are concerned about sharing sensitive information like their social security number or bank account details due to the fear of identity theft. I can guide you through the complexities of your tax return from start to finish. Today, I want to show you how to fill out the S Corporation tax return, specifically Form 1120S. I will guide you on inputting the necessary numbers and explain what the return looks like. I will also cover how to transfer financial information from QuickBooks or another financial system to the tax return. Let's begin by briefly going over the form itself. The 1120S is several pages long, but the form itself is about five pages. The first page contains general information such as your name, employer identification number (EIN), and the date you formed the S Corporation. Next, you will find the income portion and the deduction portion. The deduction portion includes common expenses such as compensation of officers, rent, taxes, and depreciation. There is also another deduction worksheet that covers less common expenses like accounting fees, bank charges, dues, and subscriptions. Once you add up these deductions with the current deductions, you will have a total deduction of $484,000. Subtracting this from your income, you will arrive at a net income of $266,636. As you proceed, you will encounter various questions relating to your accounting method, business activity, ownership percentages, and the need to file Form 990. On page three, you will find Schedule K, which transfers over to the K1 form. The K1 form is used for filing personal taxes. After...
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1120-C Form: What You Should Know
C. 1120 — Corporate tax return. Form 1120S (corporate tax, Form 1065, 1120S or 1120S — 1120). (Rev. 9/23/20). 2901 — Form 1120S — Business tax return. IRS Business help line at 1-800-829- 1120S. Corporations, Business tax return for all corporations. Form 1065. (Rev. 8/20/03). 1064. Corporations. Business return for all businesses. Form 1120S. (Rev. 9/23/20). Form 940 1120-D. Corporation Tax (Rev. 7/31/03). S corporation If a shareholder establishes a domestic corporation, the shareholder must complete Form S-Corp, “S Corporation (Filing Status) Certificate of Formation,” with the Secretary of State of South Carolina, State Taxation of Corporations, and file the complete S-Corp, Certificate of Formation, with the secretary before filing an income tax return. To view Form S-Corp, “S Corporation (Filing Status) Certificate of Formation,” go to. Business: Complete Form 1065, “S Corporation Income Tax Return.” The required number of shares not held by the chief executive officer (CEO) does not make a corporation a sole proprietorship. Employer: Employer tax return under the South Carolina Wage Deduction Act, and the income tax you owe is calculated as follows: The gross wage rate for each pay period is 35 percent. The rate is reduced for qualified employees. The employee's total federal and state taxes are calculated as follows: 1) Federal taxes at each federal tax source rate, calculated by applying the South Carolina rate of tax, as shown above; and 2) South Carolina taxes at each South Carolina tax source, computed by applying the South Carolina rate to the federal rate, as shown above. Employer tax: South Carolina wage deduction. Business income tax returns and schedules should include: Total wages earned for employees in the period. Date of paid wage, including the date of payment; and All amounts paid to wages or contributions to plans during the period. Tax Rate: 35 percent of gross wages.
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