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need help with s corporation income tax

Hi 

 

I bought the 2017 TurboTax Business product but this is the first time that I've ever done business income taxes, since no one can help me over the phone, can someone help me with this here?

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Level 15

need help with s corporation income tax

the return is late. the s-corp return is over a year late and faces penalties of about $2400 for each shareholder.   since you evidently have little knowledge of what's involved with a S-Corp I suggest you see a pro.    you really need more help than can be provided on this forum.  for example, did you take a salary?  does your state require you to have workmen's compensation insurance?  

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Level 15

need help with s corporation income tax

the return is late. the s-corp return is over a year late and faces penalties of about $2400 for each shareholder.   since you evidently have little knowledge of what's involved with a S-Corp I suggest you see a pro.    you really need more help than can be provided on this forum.  for example, did you take a salary?  does your state require you to have workmen's compensation insurance?  

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Level 15

need help with s corporation income tax

Your 2019 corporate return was due March 15, 2020. There was no automatic extension for corporate returns due to the pandemic. Only personal 1040 tax returns.

The bottom line is, your late filing penalty is already several thousand dollars. More if your state also requires you to file a corporate return. You just don't have the time to deal with this in a text based communications media such as this forum. Seek professional help locally, yesterday if not sooner. Then if you want to tackle this next year with your 2020 corporate return, get started on it early so you have time. Corporate returns are due March 15th each year, and the late filing penalty is $200 per month for each owner/shareholder of the business.

 

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