If you have an S corporation (S corp), you’ll need to file Form 1120-S, a five-page form that details your company’s income, deductions, tax and payments, and other important information.
S corps use IRS Form 1120-S, U.S. Income Tax Return for an S Corporation, to file their federal income tax returns.
An S corporation is one way to structure your business, if it qualifies for the status — and not all small businesses will. If your business operates as an S-corp, your corporate income, losses, deductions and credits pass from the business to your personal return (and the returns of any other shareholders) for tax purposes. That’s why S-corps are also called “pass-through businesses.”
You, along with any other shareholders in the S-corp, will report this passed-along information on your personal tax return. But you’ll also need to file a business tax return for your S-corp — and that’s Form 1120S.
What is the deadline for filing 1120?
The S corp tax return due date is March 15. If needed, S corps can apply for a six-month filing extension by filing IRS Form 7004 either by mail or electronically.
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