topic Can someone give me guidance to prepare and file my corporate and personal taxes for 2018? in Get your taxes done using TurboTax

Can someone give me guidance to prepare and file my corporate and personal taxes for 2018?

caripz6 — Wed, 24 Jul 2019 18:39:37 GMT

Re: Can someone give me guidance to prepare and file my corporate and personal taxes for 2018?

xmasbaby0 — Wed, 24 Jul 2019 19:00:16 GMT

https://ttlc.intuit.com/community/choosing-a-product/help/what-is-turbotax-live/00/27191

Re: Can someone give me guidance to prepare and file my corporate and personal taxes for 2018?

Anonymous — Wed, 24 Jul 2019 19:36:14 GMT

if this is the first year for corporate return, you may want to use a pro. there are many things that as a stockholder and employee that you need to do. some of these things are beyond the scope of what TT live can offer. for example the need to take a reasonable salary. the need for workman's compensation insurance (may not apply in all states) even if you are the only employee. in one state, i read that failure to have it can result in a $5,000 fine. the possible need to register with state - payroll, sales, income and other taxes or for other reasons.

how to keep good records for the Corp, so if the IRS ever comes calling, they can quickly finish and leave return as filed.

by the way if you didn't file and extension for the corp by 3/15/19, it is now late and there can be substantial penalties even if no taxes are due.

Re: Can someone give me guidance to prepare and file my corporate and personal taxes for 2018?

Carl — Wed, 24 Jul 2019 20:03:14 GMT

If you are an owner of the corporation (S-Corp? C-Corp? Something else? It matters) then the corporate return was due March 15, 2019. The penalty for filing late is $200 per member/owner/shareholder per month. So if your corporation has 2 members your late filing penalty is already up to $1600 and it goes up another $400 on Aug 15th. If your state also requires a corporate return and you haven't filed that yet either, then you can most likely double your late filing penalties. So I would highly suggest you seek professional help yesterday, if not sooner.

Be aware also that if you are an owner and/or employee of the corporation, then you can't even start your personal tax return until the corporate return is completed and filed and all W-2's and/or K-1's have been issued to all owners, shareholders and employees.

Re: Can someone give me guidance to prepare and file my corporate and personal taxes for 2018?

brasstax10 — Wed, 24 Jul 2019 20:08:37 GMT

corporate returns were due 3/15/2019 if they are on a calendar year.....due dates for corporations that are on a fiscal year differ.