Hi,
I need help with finishing my 2020 taxes.
I was W2 for half of the 2020 year. Got laid off in June 2020. In July 2020, I formed S-Corp. Got IRS S-Corp status, and EIN, etc.
I started doing IT Consulting in Sep 2020 thru the newly formed S-Corp. My wife is a realtor and I asked her to use the same S-Corp for his real estate business to pass thru his brokerage commission.
We have not been drawing real salaries for both me and my wife, just withdrawing the minimum (10K per month) amount to pay mortgage and bills and I haven't been filling quarterly business S-Corp taxes.
I understand by 9/15 I need to file S-Corp tax and by 10/15 I need to file our joint personal taxes 1040.
Can someone help me please what Turbo tax software I need and how to file s-corp taxes by 9/15 to avoid the penalty? Then how do I file my personal tax based on the W2 I had from half of 2020.
Also, could someone also tell me how to save more taxes by pass-thru income from S-Corp? I mean does it help save more taxes by withdrawing a higher amount as a salary per month for me and my wife as an employee of the S-Corp or salary should be kept to the minimum amount to save higher taxes? Which method is the best to save more taxes?
Please give other advice to save taxes.
Thanks
