Overview
1120-S is your S Corporation tax return filed by Heard. Form 1120-S will summarize your income, gains, losses, credits, deductions, etc. Additional schedules and forms provide more details for many of the line items. Form 1120-S must be accompanied by Schedule K-1, which lists individual shareholders and the amount of profit and loss allotted to each.
Contents
Additional Schedules and Forms:
- Schedule B Other Information
- Schedule K Shareholders’ Pro Rata Share Items
- Schedule L Balance Sheets per Books
- Schedule M-1 Reconciliation of Income (Loss) per Books With Income (Loss) per Return
- Schedule M-2 Analysis of Accumulated Adjustments Account
- Schedule K-1 Partner’s Share of Income, Deductions, Credits, etc.
- Form 7203
Key Tax Information
- Line A: Confirm the accuracy of your business information, including the S Corp election effective date (from Form 2553), Business name, and address
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Line B Business Activity Code Number: Confirm the appropriate code for your business
For example, Offices of the mental health practitioners (except Physicians) code is s/b 621330
- Line D Employer Identification number: Verify your EIN
- Line E Date Incorporated: This is listed in your state incorporation documents
- Line G to J: Verify your information as applicable to you
Income
Verify your S Corporation income calculated from your Profit and Loss statements
Deductions
Verify your S Corporation deductions calculated from your Profit and Loss statements
- Line 7 Compensation of officers: your income from your S Corporation, W-2 income.
- Line 8 Salaries and wages: if you have employees, this is a sum of their total salaries.
- Line 12 Taxes & Licenses: deductions will be listed on Statement 1 which is then attached to the return.
- Line 19 Other Deductions: will be listed on Statement 2, which is then attached to the return.
- Line 22 Ordinary business income (loss): net profit of your S corporation, which should match your Profit and Loss statements.
Tax and Payments
Your S Corporation does not make any tax payments, as you make those personally. This section should be blank.