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.