topic I filed my small business (single person, s-Corp llc) with my personal files. What are all of the forms that need to be filed so I ensure I have them all? in Business & farm

I filed my small business (single person, s-Corp llc) with my personal files. What are all of the forms that need to be filed so I ensure I have them all?

hrobinson13-hr — Thu, 04 Mar 2021 22:54:54 GMT

I have filed schedule 1,3, and c am with the 1040 as well as the 8995.

Re: I filed my small business (single person, s-Corp llc) with my personal files. What are all of the forms that need to be filed so I ensure I have them all?

Anonymous_ — Thu, 04 Mar 2021 23:08:27 GMT

"What are all of the forms that need to be filed so I ensure I have them all?"

If you actually have an LLC with an S corporation election, you might be missing Form 1120-S with related forms and schedules, including a K-1.

Re: I filed my small business (single person, s-Corp llc) with my personal files. What are all of...

MinhT1 — Thu, 04 Mar 2021 23:11:16 GMT

If your business is a single-member LLC taxed as a S-Corp, you cannot file your business in your personal tax return.

A S-Corp has to file form 1120S even if it only one member. You cannot prepare form 1120S with TurboTax self-Employed (or TurboTax Home & Business). Yu need to use TurboTax Business. In the 1120S package, you will have a Schedule K-1 Form 1120S which you will enter on your personal tax return to report your business.

Re: I filed my small business (single person, s-Corp llc) with my personal files. What are all of the forms that need to be filed so I ensure I have them all?

Carl — Fri, 05 Mar 2021 00:01:46 GMT

I filed my small business (single person, s_corp llc) with my personal files.

A bit of clarification is called for here.

As far as the IRS is concerned, you either have an S-Corp, or an LLC. It can't be both. Ever. So if you have elected at some time in the past for the IRS to treat your LLC "like an S-Corp" for tax purposes, be aware of the following.

- If you want your business treated "like an S-Corp" for tax purposes, then your business must "act" like an S-corp. That means you must follow all federal, state and local rules, laws, ordinances and regulations that apply to an S-Corp.

- Since an S-Corp is incorporated, it is treated by the IRS as a physically separate entity. Therefore, the S-Corp is required to file it's own physically separate tax return on IRS Form 1165-S. You can not use any version of TurboTax designed and intended for filing a "personal" tax return, because none of those versions have the IRS Form 1165-S that your S-Corp is required to file. You must use TurboTax Business for this.

TurboTax business is not available as an online product, or for MACs. It's for the Windows operating system only. You can purchase the windows installation program at https://turbotax.intuit.com/small-business-taxes/

After you pay for it, you will be able to download the installation program and install it immediately on your Windows computer.

- The 1120-S corporate tax return is due to the IRS by March 15th. The late filing penalty for a corporate return is $200 for each month late, for each owner. So don't be late. File on March 16th, and you're paying a minimum $200 late filing penalty.

-You really can't even start your personal tax return, until after you have completed the 1120-S corporate return. The business will issue each owner a K-1, and each owner will need that K-1 in order to complete their personal 1040 tax return.

-Under no circumstances and with no exceptions, will you report "ANYTHING" on SCH C on your personal tax return, that relates to this specific corporation that you have.