HOW TO FILE TAXES FOR S CORPORATION

[Carl]

You need TurboTax Business, which is a completely separate program from Home & Business. Basically, your corporation will file it's own return and will issue a K-1 to each owner/shareholder of that corporation for them to report on their personal 1040 tax return.

Now at this point, your 1120-S Corporate return is late. The late penalty is $200 per month, per member/shareholder. So I would highly, highly suggest you seek professional help to get this done ASAP. Additionally, you can double those late filing fees if your state imposes corporate taxes to. So I suggest you get professional help as your will find the cost of that to be a pittance in comparison to the late filing penalties that are accumulating as we type.