Basic Corporate Tax Returns Mastered: How to File Your Taxes

Discover what an employer identification number is and how to obtain one online from the IRS, including naming your business and providing its formation date.

Explore common business entities such as C corporation, S‑corp, limited liability corporation, LP, and LLP, and learn how each is taxed and organized.

A C corporation is an entity taxed separately from its owners under subchapter c. It is typically a larger company with many transactions and higher monetary amounts.

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Explain how an S-corp passes profits to shareholders and requires them to report these profits on their personal tax returns, suitable for small businesses.

Explore how limited liability companies, or LLCs, protect assets as the simplest form of business entity. LLC members receive profits or losses.

Discover how a limited liability partnership (llp) protects partners from other partners' wrongdoing, while profits and losses pass through to partners who pay taxes themselves.

Discover how to start a new tax return in turbo tax business, file W-2s for employees and contractors, and select an S-Corp as the common corporate form.

Enter basic business information, including the S-Corp name and a potential DBA. Select the primary state of operation (Florida) and note any other states.

Choose the best description for your business from service options, such as consulting, or other service categories, then continue to set your primary business and review related services.

Understand how to report shareholder, employee, and contractor compensation in corporate tax returns by entering incorporation and election dates, confirming whether you paid any shareholders, employees, or contractors, and W-2s.

Identify when vehicle expenses apply in corporate tax returns, including leased vehicles, reimbursed shareholders, and the use of personal vehicles, and keep the process simple.

determine when to report a corporate k-1 and its schedule k-1 on personal tax returns, and decide whether to mark no or yes based on payments from another corporation.

Determine if you used QuickBooks in 2017 and choose No, as it will ask to transfer information from cookbooks.

Capture and verify corporate contact details, including mailing address, phone, email, and the employer tax ID, to ensure accurate IRS tax filing and alignment with the last tax return.

Choose a calendar year for your tax returns to simplify the calendar tax year for 2017, using the cash method and applying for an extension if the due date passes.

Learn how to locate and enter your IRS business code using the find function, then select advertising or management and technical consulting services and enter code 541600.

Navigate change of ownership in a corporation, including partner ownership, asset contributions, and loans for equity, and confirm tax id and cash accrual method.

Learn to prepare and file W-2 and 1099 forms for basic corporate tax returns, following the 2010 filing steps and continuing through key documentation.

Identify whether you were in a qualified disaster area and select yes or no for your tax return. This covers events like hurricanes, storms, tornadoes, fires, and floods.

Identify entities owned by your corporation, domestic or foreign, and indicate ownership by choosing yes when applicable; distinguish corporate ownership from personal ownership.

Learn to answer essential yes/no questions for the corporate tax return, including final return status, business sales, bonds at a discount, debt forgiveness, restricted stock, stock options, and tax shelters.

Determine if you were a C corporation or an S-Corp, and whether you acquired assets from a corporation; profits stay in the C corporation and don’t transfer to personal taxes.

Prepare all documents to supply information for last year's tax returns, especially if this is your first tax year.

Enter shareholder information, including potential co-owners and their distributions and loans, to accurately reflect ownership and corporate transactions for basic tax returns.

Enter and report business income from consulting services and seminars, including miscellaneous income and k-1 if applicable. Track investments, interest, dividends, depreciation, and asset write-downs for accurate tax returns.

Enter depreciation assets and business expenses such as wages, retirement contributions, health care, software, utilities, and travel to prepare your basic corporate tax return.

Assess whether to file a balance sheet and a profit and loss statement based on asset thresholds; with 50,000 assets and 100,000 income, you skip the balance sheet under 250,000.

Explore how to report tax credits, including health insurance credits for a small business, declare foreign taxes and income, and complete election forms in the corporate tax filing process.

Decide against extending the deadline and learn how to file an amended 2017 S-corp return, including navigating the amendment form.

Identify why you may need a power of attorney and distinguish between general and specific powers of attorney.

Determine if the corporation owns life insurance on any employees and enter that information in the tax return, selecting no in this step.

Sign tax returns by entering the officer's name and the president's title, enter the security number and today's date, then click continue and review for errors using TurboTax Business.

Perform an error check and audit protection; they report no errors in your federal tax returns, offering optional audit defense for 59.89 and free audit support.

Explore state taxes and state tax returns, and note when you might skip filing in this module.

Learn how to file tax returns by mail, save a copy on your computer, and view the federal return while skipping state filing for Florida and choosing print options.

Learn how to complete Form 1120S for an S corporation, compute ordinary business income, apply deductions, and report through Schedule K-1 to shareholders, with signing and mailing details.

Print or save your tax returns and the K-1 form on your computer, then sign, date, and mail the returns to the IRS with signature verification.

Learn to e-file your federal corporate return by selecting the e-file method, attaching form 4:53 s and supporting documents, signing as officer, and saving before final submission.

Engage with the closing commentary to wrap up the basic corporate tax returns course, and explore other courses for further learning.