![]() ![]() You can always let one of our small business certified tax pros take care of this paperwork for you. But we’re guessing you’d rather get back to running your business. If you want to do your taxes on your own, we’ve outlined the Form 1120-S instructions below. Total taxable income: Reported by assets, profits, losses, and deductions.Number of 1099 contract workers and W-2 employees.Number of shareholder transaction listings / number of shareholders.Date the business elected to be an S corporation. ![]() Tax Form 1120-S requests the following information: Need a refresher on other business types? Check out our business entity 101 post. But S corporations should always file the IRS 1120-S. Take note! This tax form is similar in name and makeup to IRS Form 1120, which C corporations file. Once you elect treatment as an S corporation you should file the 1120-S tax form each year. If you want to elect S corporation status, you should file Form 2553 to transition your business to an S corporation either during the corporation’s first tax year for which you want to make the election or within the first 2.5 months following that first tax year.
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