Reporting new business income and expenses

[KRvetteLT1]

How do I report my new business income and expense through an S Corp?

[Anonymous]

Hello KRvettelLT1,

Thank you for participating in the Ask the Experts Event. As to your question, filing as an S-Corp will require you to file a separate business tax return (Form 1120-S). S-Corps are considered pass-through entities because they are not taxed at the corporate level for which a Schedule K-1 will be created for each shareholder of the S-Corp when filing the 1120-S. That Schedule K-1 is what the individual shareholders will use to enter their share of income/losses into their individual tax return.

I hope that helps.