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MenuAs an S-Corporation, your business entity itself generally does not pay income tax at the federal level. Instead, the income and losses of the S-Corporation are passed through to the shareholders, who report their share of the income or loss on their individual tax returns. However, there are still some tax-related responsibilities that your S-Corporation will have.
Here are some key tax-related dates and forms to be aware of:
March 15: S-Corporations must file their annual tax return (Form 1120S) by March 15 of each year. This return reports the S-Corporation's income and expenses for the previous year, and provides each shareholder with a Schedule K-1, which reports their share of the income or loss.
Quarterly estimated tax payments: If the S-Corporation has taxable income, it may need to make estimated tax payments on a quarterly basis throughout the year using Form 1120-W. These payments are generally due on the 15th day of April, June, September, and December.
State and local taxes: In addition to federal taxes, your S-Corporation may be subject to state and local taxes, which vary depending on your location and the specific tax laws in your area. You may need to file additional tax forms and pay additional taxes at the state and local level.
It's important to note that tax laws and regulations can be complex, and it's often a good idea to work with a qualified tax professional or accountant to ensure that your S-Corporation is meeting all of its tax obligations. They can help you determine when your S-Corporation needs to pay taxes, what forms you need to fill out, and how much you need to pay.
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