Filing for 2 companies (LLC and S Corp)

[user17581251092]

Hello,

I have 2 registered companies: one a single member-LLC and one a newly established S Corp.

For the LLC- I have been filing taxes ever since and is included in my personal income tax filings.

Now with the S-corp, can I include the S-corp in my personal and LLC filings together? 

Or shall I separate the 2 entities?

Can I 'do-it-yourself' tax returns, which I always do with mhy personal and LLC tax returns.

Thank you.

[Andrew_W · Accepted solution]

S-Corporations are separate tax entities and are not filed as part of your personal tax return. 
S-Corporations file Form 1120-S, normally due March 15 (September 15 if on extension).

The two entities (SMLLC and S-Corp) should not be combined in anyway, and should have separate accounting/books, etc.

When the 1120-S is filed for the S-Corp, a K-1 will be generated that will be required for your personal return as the S-Corp is a pass-through entity.

You can choose to self-prepare if you wish. Through TurboTax, you can use TurboTax Business Online or TurboTax Business (Desktop - requires Windows PC). Please note, these options do not include your personal return (where the SMLLC is reported), these are only for the corporate (S-Corp) return.

[AmeliesUncle]

---

@user17581251092 wrote:

Can I 'do-it-yourself' tax returns,

---

I really, really, really advise against it.

You really need to go to a tax professional for AT LEAST the first year of the corporation.  AT LEAST. 

Actually, you should go NOW, before the end of the year for a consolation to check if you are doing things correctly, including putting yourself on payroll, accountable plans, and much more.

Actually, if you did not do so, you should have gone BEFORE making the S-election.  Did you discuss the pros and cons of the S-election with a professional?   Despite what clueless people on TikTok say, an S-election may not be in your best interest.  Way too many people make the S-election without realizing what is involved and the negative aspects of it, so you will want to be sure that you are familiar with the pros and cons of that election.