Hi Tax Expert,
I have No Income and No Expenses during 2024 for my S Corp, and I have Retirement benefits from SSA and Property rental income. For S Corp Tax Return and My personal income Tax with Filing status with my spouse Jointly, what are the IRS Forms I should submit.
Question:
1. I just came to know the deadline to submit S Corp income tax is on March 17, 2025. What is the penality for late submission for S Corp with no income during 2024.
2. What will be the approximate income during 2024 personal tax for income 27,000 + 21,000 Total income $48,000 for my retired situation. Both are not earned during 2024, spouse is a home maker.
3. Which is the product I should use for above said both points.
Regards,
David
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:
For 2024, the additional standard deduction amounts for taxpayers who are 65 and older or blind are:
You can also see: The difference between standard and itemized deductions, and what they mean