We just started, so there is almost no income and many expenses currently on the books.
As an S-Corp in the US, your tax obligations and filing requirements are slightly different from those of a C-Corp. Here's an overview of when and how an S-Corp pays taxes and the forms you may need to fill out:
1) If your S-Corp is expected to have a tax liability of $500 or more for the year, you may need to make estimated tax payments on behalf of the shareholders.
2)As an S-Corp, your company itself does not pay federal income taxes. The shareholders are then responsible for paying taxes on their share of the S-Corp income.
3)Despite not paying federal income taxes directly, an S-Corp is still required to file an annual tax return using Form 1120S, U.S. Income Tax Return for an S Corporation.
