![]() ![]() S-Corp income tax return deadlineĪn S corporation is required to file its annual tax return by the 15th day of the third month following the end of the tax year, generally March 15 unless this date falls on a weekend or holiday. ![]() The S corporation still has a responsibility to file an informational income tax return each year as well as a range of other IRS forms that relate to various other taxes it withholds from the wages it pays to employees. ![]() An S corporation with employees typically needs to file an annual Federal Unemployment Tax Return each year using Form 940 by January 31 of each year.Īn S corporation is a “pass-through” entity, meaning that profits and losses from the corporation are reported on the tax returns of individual shareholders who are also responsible for paying the tax rather than at the corporate level.An S corporation that pays wages to employees typically files IRS Form 941 for each quarter, usually by January 31, April 30, July 31, and October 31. ![]() An S corporation can obtain an extension of time to file by filing IRS Form 7004.S corporations are required to report tax-related financial activity by filing Form 1120S by the 15th day of the third month following the end of the tax year, typically March 15.Victims of these storms in Georgia and Alabama have until October 16, 2023, and the majority of California residents have until November 16, 2023, to file various individual and business tax returns and make certain tax payments. you need more help than can be provided by this forum.The Federal Emergency Management Agency (FEMA) declared certain regions in California, Georgia, and Alabama as federally declared disaster areas due to the disasters caused by recent storms. if not there's about a $200/month penalty per shareholder for late filing.īoth of you need an education about the functioning of an S-Corp and the laws affecting it. if not, then there are tax and legal issues.īy the way, did you file an extension for the S-Corp returns? they were originally due. some state laws would require both of you to be licensed realtors or there may be other restrictions. what your spouse did with his commissions also presents a significant tax issue. if the S-corporation performed the realty business in its name that's ok if state law allows this. if you didn't the state can impose penalties. another issue, as employees the S-Corp may be required to carry workers' compensation insurance. if you have a state income tax, it too could impose similar penalties. the IRS could impute salaries that should have been taken and then subject you, your spouse and the S-Corp to significant taxes, penalties and interest for failure to pay salaries, failure to file payroll tax returns, failure to file W-2s, failure to withhold and remit payroll taxes. the failure of you and your spouse to take a salary for your services to the S-Corp (but see later about the realty business) is a serious tax problem. I understand by 9/15 I need to file S-Corp tax and by 10/15 I need to file our joint personal taxes 1040.Ĭan someone help me please what Turbo tax software I need and how to file s-corp taxes by 9/15 to avoid the penalty? Then how do I file my personal tax based on the W2 I had from half of 2020.Īlso, could someone also tell me how to save more taxes by pass-thru income from S-Corp? I mean does it help save more taxes by withdrawing a higher amount as a salary per month for me and my wife as an employee of the S-Corp or salary should be kept to the minimum amount to save higher taxes? Which method is the best to save more taxes?Ĭonsult with a tax pro immediately. We have not been drawing real salaries for both me and my wife, just withdrawing the minimum (10K per month) amount to pay mortgage and bills and I haven't been filling quarterly business S-Corp taxes. My wife is a realtor and I asked her to use the same S-Corp for his real estate business to pass thru his brokerage commission. I started doing IT Consulting in Sep 2020 thru the newly formed S-Corp. I need help with finishing my 2020 taxes. ![]()
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