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deedee0520
Returning Member

Want to make sure I can use the Live/Self-employed option if I have an s-corp? I am really clueless when it comes to how I'm supposed to be doing my taxes!?

M previous accountant wasn't very helpful and I haven't been doing quarterly payments or anything. Plus she registered me as an s-corp when I don't think that was the best option. I haven't been paying myself on payroll and I'm nervous of what the consequences might be! I need help!
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3 Replies

Want to make sure I can use the Live/Self-employed option if I have an s-corp? I am really clueless when it comes to how I'm supposed to be doing my taxes!?

You do not need a Do-it-Yourself tax preparation software program since it is obvious you are not understanding the requirements for an S Corp.  You need to locate a tax professional as soon as possible in your local area who is versed in Corporate tax returns, such as an S-Corp, who can assist you with your situation. 

 

As for the Self-Employed Live edition, it is not for assistance with Corporate tax return, only for those who are self-employed and use a Schedule C.

The TurboTax program for an S Corp is the Business Edition - https://turbotax.intuit.com/small-business-taxes/

HelenC12
Expert Alumni

Want to make sure I can use the Live/Self-employed option if I have an s-corp? I am really clueless when it comes to how I'm supposed to be doing my taxes!?

No, TurboTax Live is not an option for TurboTax Business. However, please post your S-Corp questions on this forum so we may help you.

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Carl
Level 15

Want to make sure I can use the Live/Self-employed option if I have an s-corp? I am really clueless when it comes to how I'm supposed to be doing my taxes!?

You can not use "any" version of the online TurboTax program to complete a corporate tax return. You must use TurboTax Business (different from home and business). TurboTax Business is not available as an online product, and is not available for MACs. It's for the Windows operating system *only*.

TurboTax Business is for completing a tax return for a non-living, non-breathing separately taxable entity such as an S-Corp, C-Corp, Trusts, and Estates. You can not use TurboTax Business to complete a personal 1040 tax return of "ANY" type.

You can purchase the CD version of TurboTax Business for your windows computer at https://turbotax.intuit.com/small-business-taxes/

Take special note that TurboTax Live is ***NOT*** available with TurboTax Business. But you can post your questions here and those who can will do their best to help.

Now if you want to attempt this yourself (which I do not recommend) here's a few things you need to know up front.

 - Your IRS Form 1120-S Corporate Return is due to the IRS by March 15th. The late penalty for filing late is $200 per month, *per* *owner*. So don't be late or you'll find your fines, penalties and late fees will not only add up fast, but they will be $HIGH$.

 - If you are going to attempt this yourself then you *MUST* have a copy of your 2018 form 1120-S corporate tax return physically in front on you, to include all calculation forms and worksheets - you *will* need more than "just the return" itself.

 - Get started on this yesterday, if not sooner. As an owner of an S-Corp, you can't even start your personal 1040 tax return until you have completed and filed your corporate return and have issued the 1120-S K-1's to all owners of the corporation. Each owner will *REQUIRE* the K-1 in order to correctly and completely complete their own personal 1040 tax return.

 - If you think you will need more time, then file for an extenion on your 1120-S corporate return *NOW*. With an approved extension, you have until Sept 15th to file the corporate return. Take *SPECIAL* *NOTE* that an approved extention is only an approval to file later. It is *NOT* an approval to pay any taxes due from the corporation late. Any corporaqte taxes due have to be paid by March 15th, *no* *matter* *what*. 

So if you haven't filed any 940's yet, pay what you "think" is owed immediately at www.irs.gov/payments and get this done. If you overpay, don't worry about it. Any overpayment will be refunded *WHEN* you file the tax return.

OVerall though, you need to find a new accountant with the heart of a teacher. It's quite obvious your last accountant has the heart of a banker (cold as hell I bet.)

 

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