S Corporation Returns
S Corporations are reported on Form 1120S and are informational returns. Any profit or loss generated by the company is reported on the stock holders’ individual tax returns. The profit and/or loss are based on your percentage of ownership. Any taxes are paid by the individual stock holders of the company. Estimated tax payments are required quarterly in a taxable situation.
Did you know that any distributions taken out of the company is taxable to you? That if you do take out distributions, you need to pay estimated tax payments? Are yours being paid on time? Are you incurring penalty and interest at years’ end?
Did you know you could earn a W-2 wage from the corporation?
Our knowledgeable staff can guide you through avoiding letters from government agencies by preparing ALL your quarterly and yearly forms in a timely fashion.
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