To file Form 1120S, download IRS Instructions for Form 1120S from IRS.gov.
Have your business financial data ready including:
Your business expenses.
Total gross revenues
Capital contribution during the year.
Business balance sheet
Have partner’s information ready.
Pick an online tax software to file your tax return.
File your Form 1120S and Schedules K-1 and your state Form 1120S.
Review your return and submit electronically and mail if you met the requirement.
Give the partners their Schedules K-1.
Keep a copy of Form 1120S and its Schedules for your business record.
It can save you time to use a tax software to file your tax return. The tax software will transfer your data to any other tax forms required including your state business tax return.
If you decide to fill out Form 1120S, you download Form 1120S, Schedule K-1(Form 1120S), and you download any other forms you might be required to complete.
If you have rental real estate properties, you will need Form 8825. If you sell physical products and carry inventory, you will need Form 1125-A Cost of Goods Sold. If you have depreciable assets, you will need Form 4562 Depreciation and Amortization.
It is a good idea you use a tax software to file your business tax return to save time.
How to fill out Form 1120S and Schedule K-1 for 2023 S Corporation Income Tax Return 8
Income and expenses related to active business activities, trades, or services are reported on page 1 of Form 1120s. The profit or loss from page 1 of Form 1120S are entered on Schedule K (Form 1120S) line 1. Income, expenses, profit, or loss from passive activities including but not limited to rental real estate, other…
How do I calculate total assets on page 1 of the 1120S
Business total assets = cash in the business bank account at year end + account receivable (money clients owe your business) + Business Inventory at year end (if you sell physical products) + Total cost of business assets purchased since your business started – amounts depreciated so far + Total cost of business intangible assets…
How to fill out Form 1120S and Schedule K-1 for 2022
To fill out IRS Form 1120S for 2022 for your LLC taxed as an S Corporation, go to IRS website and search Form 1120S. Download Form 1120S for 2022, Schedule K-1 (Form 1120S), and IRS Instructions for Form 1120S. If you have rental real estate properties, you will need Form 8825. If you sell physical…