Filing Taxes for 2019

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. :smile:

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…

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