I own two businesses in two different states

[VolvoGirl · Accepted solution]

If they have separate EIN you need to file separate tax returns for them.  You will get a K-1 from the S Corp returns to enter into your personal return so you will need to amend your 1040 to add the K-1s.  You need to always file the business return first.

[ambitionz1993]

enter filing security confirmation, is there any forms I need to select to file with the 1120s? 

form 720, 944, 945,941, 990, 1042, 943?

[VolvoGirl]

And you may need to file in each state so you will need to buy 2 separate state business programs in addition to the $169 federal at 54.99 each.

[ambitionz1993]

Yeah I think ill just take everything I have inputted so far and have the accountant review it and take over. 

[ambitionz1993]

Thanks for yall feedback everyone. It definitely helped :}

[tagteam]

@ ambitionz1993 

Did you read my previous post about filing Form 2553 with an 1120-S? It is too late to file Form 2553.

Form 2553 must be filed no more than 2 months and 15 days after the beginning of the tax year the election is to take effect, or at any time during the tax year preceding the tax year it is to take effect.

[tagteam]

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@ ambitionz1993 wrote:

Yeah I think ill just take everything I have inputted so far and have the accountant review it and take over. 

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That is an excellent idea!

[ambitionz1993]

I was wondering when they ask you to list assets, do they mean like every single thing used for business operation? Cash register, walk in cooler, pizza oven, and etc, etc?