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.
Use this guide as an overview of your draft tax return with specific to Heard therapist line items. In the videos below, Porche Johnson, Heard's Tax Specialist, will walk you through the essentials of the S Corporation Tax Return 1120-S.
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 S election effective date (from Form 2553), Business name, and address
- Line B Business Activity Code Number: Offices of the mental health practitioners (except Physicians) 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
Verify your S Corporation income calculated from your Profit and Loss statements
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.