1. S corporations that fail to file Form 1120S by the due date or by the extended due date face a $220 (for 2024) penalty for each month or part of a month the return is late. The penalty is multiplied by the number of shareholders.
2. without doing the taxes we don't know , but $48,000 income.
Ill use $29,200 standard deduction
The tax would be $1.880
3. You can start for free and if you have a more complicated retune, TurboTax will tell you
The standard deduction amounts for 2024 are:
- $29,200 – Married Filing Jointly or Qualifying Surviving Spouse
- $21,900 – Head of Household
- $14,600 – Single or Married Filing Separately
For 2024, the additional standard deduction amounts for taxpayers who are 65 and older or blind are:
- $1,950 for Single or Head of Household
- $1,550 for married taxpayers or Qualifying Surviving Spouse
You can also see: The difference between standard and itemized deductions, and what they mean
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