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Simple new S Corp Tax question

organichomeorganichome subscriber Posts: 1
edited March 2007 in Accounting and Financial Management
Hi, I started an S-Corp in 11-2006.  We are not yet open for business and I still have my "day" job.  Which tax forms do we need to fill-out for the corporationa and do I need to report the new business in my personal tax forms?
 
Thanks!
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Comments

  • NuevolutionNuevolution subscriber Posts: 30 Bronze Level Member
    Well, the tax due date is coming soon. March 15th. You will need to file your 1120 for the corporation and in April you will file your personal taxes. As a corporation whether you are open for business or not it is always a good idea to file just to keep you out of trouble with the IRS and the state you are doing business in.
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  • MerchantServicesMerchantServices subscriber Posts: 4
    My CPA, Patrick can answer that for you.
    Call him at 817.478.4470
    He works with one man operations to fortune 500 companies.
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  • eGurueGuru subscriber Posts: 7
    Hi there,
    Nuevolution is correct...you will need an 1120S form for an S corp.  One thing to keep in mind is that your business start up costs may be deductible in the year the business was established.  This may benefit your personal tax situation. 
    Going forward, you will file your 1120S and then schedule K`s (which are forms showing how the corporation income is distributed amongst its shareholders), which you will need for your personal taxes (1040).  You will use the numbers on the schedule K to input in the 1040 as your income from the S corp.
    Hope that helps!
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