S Corporation Taxes
S Corporation taxes are filed using IRS tax form 1120S. The IRS tax form 1120S is called Income Tax Return for S Corporation. If a corporation chooses to become an S corporation, S corporation taxes are passed to the shareholders of the S corporation.
How to file S Corporation taxes?
The IRS tax form 1120S is used to file S corporation taxes for income tax returns of S corporation. Within the IRS tax form 1120S are Schedule K and Schedule K-1. These are important parts of S corporation taxes filing.
S Corporation taxes - Schedule K
Schedule K summarizes the S corporation's income, deductions, credit and so forth. These S corporation taxes are reportable to the IRS by the shareholders of the S corporation.
S Corporation taxes - Schedule K -1
Schedule K-1 shows the separate share of each shareholder of the S corporation. The shareholders report their income taxes on the IRS form 1040.
When is S corporation tax filing due?
IRS tax form 1120S is due on the 15th day of the third month at the end of the tax year.