S Corp Form Filed For Taxes
Description
How to fill out Small Business Startup Package For S-Corporation?
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FAQ
C corporations use Form 1120 to calculate their taxes due. S corporations use Form 1120S as an information return. S corporations must also prepare a form 10 K-1 for each shareholder to include with their individual returns.
The difference is that Form 1120 is used by C corps (which are liable for corporate federal taxes), while Form 1120-S is used exclusively by S corps. In contrast to C corps, S corps are exempt from corporate federal taxes due to income, credits, deductions, and losses being passed through to shareholders.
Ing to the IRS: Generally, an S corporation is exempt from federal income tax other than tax on certain capital gains and passive income. It is treated in the same way as a partnership, in that generally taxes are not paid at the corporate level.
Even though the S corporation does not pay income tax, it has a responsibility to file an annual tax return on Form 1120S. This tax form is for informational purposes only and provides the IRS with an aggregate view of the business' earnings and expenses.
Form 1065 is for partnerships, and Form 1120-S is for S corporations, but both serve the same purpose. The partnership or S-corp must file this form to report each partner or shareholder's share of the entity's income, deductions, and credits.