A Guide To Preparing Your S-Corp Taxes in 2020 (And Beyond!)
Don’t miss the deadline
The deadline for your annual S-Corp tax return is March 15. It’s easy to let deadlines get lost in the mountain of papers on your desk, or an over-filled calendar. Don’t let this date sneak up on you or your team! Because the last thing any business owner wants to be worrying about is tax law. Having a tax expert team handy helps for staying on top of what is usually a difficult season.
Decide how you want to proceed
Some companies hire or staff their own CPA. However, S-Corporations face the same high level of tax service fees as C-Corporations. For this reason, many opt to use Halon Tax [LINK: https://www.halontax.com/packages]] as an expert, headache-free,and affordable option. We combine state-of-the-art technology and personal expertise for your needs. If you don’t have the time or energy to devote to filing taxes, consider the benefits of Halon Tax. Filing taxes is unavoidable, but Halon makes it easy and ensures the maximum amount of tax deductions.
Fill out Form 1120S
What it is:
A part of the Schedule K-1[*outbound* LINK: https://www.irs.gov/pub/irs-pdf/f1065sk1.pdf], the 1120s is your s corp tax return form. This form is where you list shareholder percentages for the IRS (if your business is a partnership, you’ll need to fill out the Form 1065 instead). Each shareholder fills out a Schedule K-1 for their personal tax report, while the s corporation tax return is Form 1120S.
What you need:
· Employer Identification Number.
· Shareholde rpercentages. The IRS uses this form to determine where profit should be allocated.
· Total Assets.
· Gross Income. This includes all income sources.
· Total deductions. These are listed individually.
· Dividends and Special deductions must be attached.
· Signature of tax officer at the corporation
· Information of the tax preparer
Let Halon Tax handle your S-Corp taxes
We prepare your S-Corp tax return for you [https://www.halontax.com/packages] and our prices are among the most competitive you’ll find [https://www.halontax.com/packages]. We offer a wide range of services that are included in your package. In addition to handling your tax return, we are your bookkeeping auditors, your personal CPA, your live support team, your financial review board, and your all-around tax experts. Because of our in-depth knowledge of your business, filing your taxes will be a breeze. Also, we’ll make sure to not miss a single deduction. If tax forms look daunting or concerning, or the tax service fees are weighing on your budget, let Halon Tax take care of you.
Clients of Halon Tax Grow Their Revenue by 18%/yr on Average
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