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How to file taxes as an S corporation Prepare your financial statements. One of the first things your tax professional will ask for are financial statements. ... Issue Forms W-2. ... Prepare information return Form 1120-S. ... Distribute Schedules K-1. ... File Form 1040.
To form an S Corp in California, you must file Form 2553 (Election by a Small Business Corporation) with the IRS and then complete additional requirements with the state of California, including filing articles of incorporation, obtaining licenses and permits, and appointing directors.
Step 1: Name Your Mississippi LLC. ... Step 2: Choose a Registered Agent. ... Step 3: File the Mississippi LLC Certificate of Formation. ... Step 4: Create an Operating Agreement. ... Step 5: File Form 2553 to Elect Mississippi S Corp Tax Designation.
Forming an S Corporation in Mississippi Choose a Name for Your Business. ... Choose a Registered Agent. ... Decide on your Directors or Managers. ... File Articles of Incorporation or Certificate of Organization with the Mississippi Secretary of State. ... File Form 2553 to elect S Corp status.
Mississippi Tax Rates, Collections, and Burdens Mississippi also has a 4.00 to 5.00 percent corporate income tax rate. Mississippi has a 7.00 percent state sales tax rate, a max local sales tax rate of 1.00 percent, and an average combined state and local sales tax rate of 7.07 percent.
Note: The S Corp is the only business tax structure that makes it possible for its owners to save on employment taxes. This is the main reason why S Corps are extremely popular with smart business owners. If you weren't being paid any employee wages at all, you wouldn't have to pay any employment taxes.
The Mississippi (MS) PTE election is made by filing Form 84-381. Greater than 50% of voting owners must consent for the entity to make the election, which would apply to all owners, and cannot be made on an individual-by-individual basis.
If you are taxed as a C-Corp, you need to file a Form 1120, you must file it by the 15th day of the forth month following the close of the tax year, which for most taxpayers is April 15 or the next business day if it falls on a weekend or holiday.