The shareholders who pay tax on the S-Corp income are generally subject to the same deadlines the IRS imposes on individual taxpayers, which in most cases is April 15 every year. If the S corporation is unable to file by the deadline, it can obtain an extension of time to file by filing IRS Form 7004. ![]() These Schedule K-1s report each shareholder’s share of the business’ taxable net income so they can report it on their personal tax returns. The business is responsible for reporting all financial activity on Form 1120S and attaching a Schedule K-1 for each shareholder. S-Corp income tax return deadlineĪn S corporation is required to file its annual tax return by the 15th day of the third month following the end of the tax year, generally March 15 unless this date falls on a weekend or holiday. The S corporation still has a responsibility to file an informational income tax return each year as well as a range of other IRS forms that relate to various other taxes it withholds from the wages it pays to employees. An S corporation with employees typically needs to file an annual Federal Unemployment Tax Return each year using Form 940 by January 31 of each year.Īn S corporation is a “pass-through” entity, meaning that profits and losses from the corporation are reported on the tax returns of individual shareholders who are also responsible for paying the tax rather than at the corporate level.An S corporation that pays wages to employees typically files IRS Form 941 for each quarter, usually by January 31, April 30, July 31, and October 31.An S corporation can obtain an extension of time to file by filing IRS Form 7004.S corporations are required to report tax-related financial activity by filing Form 1120S by the 15th day of the third month following the end of the tax year, typically March 15.Victims of these storms in Georgia and Alabama have until October 16, 2023, and the majority of California residents have until November 16, 2023, to file various individual and business tax returns and make certain tax payments. Hope this clarifies the way TT charges.The Federal Emergency Management Agency (FEMA) declared certain regions in California, Georgia, and Alabama as federally declared disaster areas due to the disasters caused by recent storms. NJ requires e-filing so I had no choice for that return. I chose to print and mail them for free to MA. That would have been three e-file fees, two to MA and one to NJ. I was able to complete the MA return for both corporations without an additional payment.īUT, if I wanted to e-file the MA returns for both corporations I would have had to pay again for each corporation to e-file. I had to pay $55 to download the MA forms and $55 for the NJ forms. Both corporations do business in Massachusetts and one also did business in New Jersey. Depending on your state you may be able to print your return and file it for free or copy the information from TT into a state provided web site to file on-line for free.įor example, I have two corporations. It does not allow you to e-file it, that is an additional cost. Even though you paid to download a state file, that only lets you create a return. This is charged for each e-file for each state. The second cost is to e-file your state return. ![]() You can use a downloaded state return for multiple filers without paying again for each additional filer in that state. This lets you transfer information from your federal return to the state return and then do all the state specific things to create a return for that state. If your version does not include a state or you need more than one state, as I do, then you have to pay that the $55 cost for each state downloaded. Some TT versions include one state with your purchase cost. ![]() This is ~$55 per state as far as I know but some states may have a different cost. There are two different costs associated with state returns using TurboTax.įirst, there is the cost to download each state return.
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