I started an S Corp this year that only has expenses , no profits. My husband is also employed. Do I need to do two separate files for the S Corp and personal? I thought that S Corp profits and losses pass through to the owner, so what does that mean in terms of filing taxes? Can anyone help???
2007-01-11 08:38:52 · 3 answers · asked by summer 1 in Business & Finance ➔ Taxes ➔ United States
The S-Corp still needs to file a tax return (Form 1120S). If there was any net income, there would be no tax assessed at the S-Corp level. In the process of filing, you will also be preparing a form that will show your distributive share of the earnings/losses of the S-Corp and this will be reported on your individual tax return on Schedule E.
If you are using a calendar year as the tax year for your S-Corp, then the 1120S is due by March 15. You can extend the filing to September 15, however, you cannot complete your individual return until the S-Corp return is done and you know the amount to report on your individual return from the S-Corp.
2007-01-11 08:50:59 · answer #1 · answered by jseah114 6 · 3⤊ 0⤋
On your Federal tax return, there is an area for S Corp data.
Simply transfer the S Corp data to your individual return.
2007-01-11 08:51:12 · answer #2 · answered by John W 3 · 0⤊ 1⤋
A corporation is a separate entity with it's own "birthdate" - incorporation date. It files it's own return. Talk to a tax pro on this.
2007-01-15 05:37:34 · answer #3 · answered by Dizney 5 · 0⤊ 0⤋