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S Corporations

An eligible domestic corporation can avoid double taxation (once to the shareholders and again to the corporation) by electing to be treated as an S corporation. Generally, an S corporation is exempt from federal income tax other than tax on certain capital gains and passive income. On their tax returns, the S corporation's shareholders include their share of the corporation's separately stated items of income, deduction, loss, and credit, and their share of non separately stated income or loss.

If you are an S corporation use the information in the charts below to help you determine some of the forms that you may be required to file.

S Corporation

If you are an S corporation then you may be liable for use form
Income Tax 1120S (S corporation)

Estimated tax 1120-W (corporation only) and 8109
Employment taxes:

Social security and Medicare taxes and income tax withholding
Federal unemployment (FUTA) tax
Depositing employment taxes 941and or 943
for farm employees)file form 940 and or 8109

S Corporation Shareholders
If you are an S corporation
shareholder then you may be liable for use form
Income Tax 1040 and Schedule E
Estimated tax 1040-ES