what taxes is an S corp (corporation) required to file at the end of the year?

Answer 1

none it is the burden of the owners to pay the taxes as an S corp is a flow through entity, meaning the income is taxable only at the shareholder level, but you are not allowed to have retained earnings as all earnings are considered earnings of the shareholders.

Answer 2

A "S" Corporation must file a form 1120S by March 15th or the 15th of the third month following the close of its fiscal year if it doesn't use the calendar year. Generally this is just an informational return letting the IRS know to look for the profits to show up on the shareholders returns for the owners of the corporation. There are a few exceptions however where a "S" corporation could owe taxes that must be paid by the corporation. My advice is to use a competent tax pro or accountant to assist you with this.

Answer 3

An S corporation is a regular corporation that has elected "S corporation" tax status. Forming an S corporation lets you enjoy the limited liability of a corporate shareholder but pay income taxes as if you were a sole proprietor or a partner.

In a regular corporation (also known as a C corporation), the company itself is taxed on business profits. The owners pay individual income tax only on money they receive from the corporation as salary, bonuses, or dividends.

By contrast, in an S corporation, all business profits "pass through" to the owners, who report them on their personal tax returns (as in sole proprietorships, partnerships, and LLCs). The S corporation itself does not pay any income tax, although an S corporation with more than one owner must file an informational tax return like a partnership or LLC, to report each shareholder's portion of the corporate income.

Most states follow the federal pattern when taxing S corporations: They don't impose a corporate tax, choosing instead to tax the business's profits on the shareholders' personal tax returns. About half a dozen states, however, tax an S corporation like a regular corporation. The tax division of your state treasury department can tell you how S corporations are taxed in your state.

Answer 4

An S Corp MUST, I repeat MUST file a corporate tax return, even if the corporation had NO net profit. That requires an accountant to do it right! If you create a "Single Member LLC" you can still get the protection of a Corporation, but include the income as part of your PERSONAL tax return in Schedule C ..

I suggest you get som advice from an accountant BEFORE you do anything..

Answer 5

The corporation pays no taxes itself, but is probably required to file a corporate tax return. Check out the IRS web site under "corporate tax returns".