It seems like you are trying to avoid the extra expense and trouble associated with filing an S corporation tax return each year.
You can accomplish this by filing as an LLC or sole proprietor in the future. You can cancel your corporate status by contacting your state department of corporations for the proper paperwork. You can then file for status as a limited liability company (LLC), which may allow you to forgo the expense and trouble associated with filing a business return separate from your personal tax return.
You can report your business income and expenses on schedule C, which is included with your personal tax filings along with your form 1040, if you are the only owner of your business and you are registered with your state as an LLC.
You could also file as a sole proprietor, which would entail including a schedule C along with your personal tax return form 1040 each year. You should consult with your attorney to learn about the legal ramifications of which type of entity would be best for you from a legal standpoint.
From a tax standpoint, filing as an LLC would be similar to filing as an S corporation, but with less paperwork and tax preparation expense.You will have to file as an S corporation for 2019 since you did not revoke your election during 2019. You should check the box "final return" on form 1120-S if this will be the last year you are incorporated. If you filed your tax return on schedule a C, you would not normally be required to issue yourself a W-2 form to report your income.
You should pay in estimated taxes if you anticipate owing more than $1,000 in taxes for the year. You can use the Turbotax "Taxcaster" tool to estimate your taxes for the year as found here: https://turbotax.intuit.com/tax-tools/calculators/taxcaster/
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
