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September 25, 2007An 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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