S Corp Tax Compliance: A Step-by-Step Tax Extension Filing Guide
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- Опубліковано 12 бер 2023
- Are you an S Corp owner dreading the tax filing season? Fear not! "S Corp Tax Compliance: A Step-by-Step Tax Extension Filing Guide" is here to rescue you from the clutches of tax anxiety. In this must-watch video, Jamie Trull, finance expert and CPA, demystifies the tax extension filing process for S Corps with precision and ease where you will learn to navigate the IRS Form 2553 and understand critical deadlines to keep your business on track. .
Highlights of this video include:
- A thorough breakdown of the 1120S form and its requirements
- Pro tips to avoid late filing penalties and stay compliant
- A walkthrough of the TaxAct platform for hassle-free e-filing
- Strategies for leveraging S Corp status for optimal tax benefits
Don't let tax season become a source of stress. With Jamie's expert guidance, you'll gain the confidence to handle your S Corp taxes like a seasoned professional. Plus, you'll find out how to avoid common pitfalls and ensure your business remains in good standing with the IRS.
Take Action Now:
Ready to conquer your S Corp tax filing? Click play and arm yourself with the knowledge you need. And don't forget to download our FREE S Corp Tax Compliance Checklist - your roadmap to a stress-free tax season. Get your checklist today and take the first step towards mastering your S Corp taxes! jamietrull.com/scorpchecklist
▶️ File your FREE S Corp extension
jamietrull.com/taxact
▶️ Form mentioned: IRS Form 7004
www.irs.gov/pub/irs-pdf/f7004...
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**DISCLAIMER: This video is meant for educational purposes only. This is not to be relied on or considered a substitute for advice on your specific situation from your tax advisor.
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![How to File Taxes as an S-Corp Owner [Step-by-Step] | S-Corp Tax Benefits](http://i.ytimg.com/vi/kM9k9ZDHj3o/mqdefault.jpg)
Thank you, Jaime!! You are a superwoman, a lifesaver, a kind human being, and everything that everyone else said!! Please give yourself a hug for us, and please dont go anywhere!!! XO
You are so kind!! I so appreciate your words ❤
A YEAR LATER AND ITS STILL WORKS! THANK YOU SO MUCH 💜 VERY HELPFUL
WOOHOO!!
a year later your video saves me, thank you thank you very much :))
Haha- what is funny is it saved me too- I rewatched it to remember how I did it last year!
Can you make a video on how to fill out the taxes in TaxAct?😊
Can't thank you enough for this, I have 2 S Corps and I know my accountant would never get to this in time.
It's why I do what I do!! Glad I could help!!
Wow thank you so much!! I filed an extension for my friend using TaxAct and did the exact things you said and then I found your video!! I appreciate you so much and I am going to binge watch all your videos!! Blessings to you and your family!!
You're so welcome! I hope you'll find my other videos helpful as well 😊
You are really doing the Lord's work! Thank you so much.
Glad I could help!!
Thank You! Jamie to the rescue again!!! I'm an S-Corp had the correct 7004 form, but unsure of how to CORRECT file an extension on my own. Thank you for the walk-thru using TaxAct. You are a life saver!!!
Yay!! So glad it was helpful!!!
This was awesome!!!
This was SO helpful!!
So glad you found it helpful!
Life saver!
So helpful! Thanks for saving the day!!
Just glad to be able to help!
Thank you so much.
You're welcome!
Thank you for the video
Thanks for watching!
thank you
You're very welcome!
This was incredibly helpful! Thank you so much!
Glad it was helpful!
You are a life saver ..thank you
You betcha!!
Thanks so so much for saving me from last minute panicking ❤❤❤
SO happy I could help! 🤗
Great video Jamie !!! Fingers crossed that the extension is accepted. I am going to watch the rest of your scorp videos because I want to take more control of my business and avoid paying fees for tax filings through an accountant CPA as my business is small and not making a profit yet.
Thank you! I hope you'll find my other videos helpful 🤗
Thank you, you saved me $80!
Happy to help!!! Now go have a nice steak dinner ;)
THANK YOU SO MUCH FOR THIS!! Super helpful!
So glad you found it helpful! You just reminded me I need to file my own this year haha!
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Thanks. Just tried to file and it say the date which is today, is after the deadline. So not sure what to do here? Thx!
Hey mam i have some queries about "partnership financial account" how can solving my queries?....
Can you show me how to file a 1120s for the first year with no business activity please
If you are an S-Corp what do you enter for "Withholding"? Employers share 7.62%? or total FICA 15.2%? And shouldn't you also include 940 payment in the tax amount in first line? Do you add the withholding + 940 payment together for "total tax" line 1?
Can you please do a step by step walkthrough using tax act after filing extension
great idea, I will add it to our video list for the future. Make sure you are subscribed so you don't miss out when its uploaded :)
Hi, For 1120 S extension, do we need to file extension with State? I’m in IL. Will there be any tax due a the state level for 1120 S extension? Thanks.
Generally it’s federal only, but your state may have specific S Corp tax requirements so I would check your states website!
Hello Jamie! Thank you so much for this outstanding video. Can I file my W2 and llc together. Or separately??
If you have an S-Corp, you'll file an 1120s (due today or you can extend) and then you'll still have a 1040 due on April 15th (which is where you'd enter your W-2 salary). You can also file an extension for that one through Taxact too.
@@JamieTrullok give me many My sister
@@JamieTrull do you have a link to file the 1040 extension through Taxact ?
Hello,
What if you have already been paying yourself in your LLC with a w2 and want to make the scorp election, but you are paying yourself a high compensation?
If you are an LLC without an S election, you actually should be paying yourself only owners draws, not W-2. As an LLC you are considered only an owner, not employee.
In case you are a non resident alien owner of a single member LLC (needs proforma 1120/5472) do you file an extention with form 7004 or 4868 or both?
Thank you for reaching out with your question. Since it involves specific personal details and might require tailored advice, I recommend consulting with a Certified Public Accountant (CPA) who can provide you with one-on-one guidance. Unfortunately, I'm unable to offer such personalized services through this platform. Wishing you the best with your situation!
Hello, as I’m going through e-file step, what do I put in “signing officer information “ ?
Thank you
That would be your info
Thank you for your reply. It was actually rejected by IRS. So I’ve mailed it paper copy,
In paper copy it should be just 1 paper (form 7004, with company info, that was generated by taxact)? Did I miss anything? Thank you
As an alien operating my LLC from another country do I put in the LLC address or the Registered Agent address?
Thank you for reaching out with your question. Since it involves specific personal details and might require tailored advice, I recommend consulting with a Certified Public Accountant (CPA) who can provide you with one-on-one guidance. Unfortunately, I'm unable to offer such personalized services through this platform. Wishing you the best with your situation!
it's only offering the personal extension not the 7004 for some reason
It depends on how you get to it - you need to log in under the S Corp return. It should work if you use my link, I just set it up to redirect to the S Corp return section: jamietrull.com/taxact
@@JamieTrull amazing thank you. Do I need to file an extension for NY STate?
why is asking me for a signing officer information?
Thats info about the person signing the return (that would be you)
They are trying to collect as much personal data as possible, asked so many unnecessary information.
👎 annoyed, I went to turbo tax instead, they only asked the basic and within 2 min my extension was done.
Feel free to use any software you want! I attempted this in Turbotax last year but didn't find it to be straightforward. That said, they may have made it easier which is great.
FIle you free 1120S extension here: jamietrull.com/taxact