post Category: Business Structures, Corporation, Taxes — davidguide @ 11:22 pm — post

An S-Corporation’s earnings will pass through to your income taxes (no double taxation). However, you will have to maintain all the business records and comply with state regulations.

Owners of an S-Corporation pay FICA on shareholders’ salaries, but do not pay for distribution of profits and earnings. The S-Corporation shareholder does not pay self-employment taxes on profits or earnings.

What follows is a partial list of the forms you may need for your S-Corporation. Confer with your tax professional for details:

  • Form 1120S U.S. Income Tax Return for an S-Corporation
  • Form 1120S K-1 Shareholder’s Share of Income, Deductions, Credits, etc.
  • Form 4625 Depreciation and Amortization
  • Employment tax forms, for more information go to: www.irs.gov/businesses/small/article/0,,id=99194,00.html
  • Form 1040: U.S. Individual Income Tax Return
  • Schedule E: Supplemental Income and Loss
  • Form 1040 ES: Estimated Tax for Individuals
  • Other forms might be needed for capital gains, consult with your accountant.
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  • Horaayy..there are 2 comment(s) for me so far ;)

    #1

    […] presents Gaizer.com Tips for Business Start-ups | Helping you Start your own business » Taxes S-Corporation posted at Gaizer.com, saying, “An S-Corporation’s earnings will pass through to your income […]

    ZachStocks » Blog Archive » IBN Festival # 17 wrote on November 18, 2007 - 5:02 am
    #2

    […] Taxes S-Corporation Business […]

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