Does anyone here file their business taxes themselves? Personally, I have an s-corp in Tallahassee, Florida and could use a little advice (no employees, just me).
Previously, I have preferred to hire someone else to file them. But this is an important part of the business and I’d like to understand it better.
A qualified CPA can help you understand accurate information better that someone on a forum for home inspectors, usually.
Ryan your S Corp pays no taxes.
The profit or loss is directed to you on a K1 statement for your return as reported income or loss.
But it still files a return…
Duh yeah. How else ya gonna get a K1
Correct! The S Corp will file an 1120s for documentation purposes. Basically a profit & loss statement.
You personally should recieve a W-2 for the wages paid to yourself for employment in your company & a K1 statement for your profit or loss as a shareholder of your business.
You will file your personal taxes using your W2 & K1 statements.
Well, since the OP didn’t know any of the particulars about the subject matter, I thought a little extra clarity was in order…