Insert Pages To Legal Utah Startup For S-Corporation Forms For Free

Who files a Schedule C tax form? You'll need to file a Schedule C if you earn income through self-employment as a sole proprietor or as a single-member Limited Liability Company (LLC). You wouldn't use a Schedule C to report business income and expenses of a C Corporation or S corporation.

Who Must File. Any S corporation that is required to file Form 1120-S and that has items relevant to the determination of the U.S. tax or reporting obligations of its shareholders under the international provisions of the Internal Revenue Code must complete the relevant parts of Schedules K-2 and K-3.

S corporations don't pay franchise and income taxes. Instead, their members pay individual income tax on their proportionate share of the income. But they use Form TC-20S to pay use tax (if they don't have a Utah sales tax license/account) and pass-through withholding (see below).

Here is a brief overview of the tax forms a typical S corporation needs to file with the IRS. Form 2553 ? S Corporation Election. ... Form 1120S ? S Corporation Tax Return. ... Schedule B ? Other Return Information. ... Schedule K ? Summary of Shareholder Information. ... Schedule K-1 ? Individual Shareholder Information.

Follow these five steps to filing taxes as an S corporation. Prepare your financial statements. One of the first things your tax professional will ask for are financial statements. ... Issue Forms W-2. ... Prepare information return Form 1120-S. ... Distribute Schedules K-1. ... File Form 1040.

Follow these five steps to start a Utah LLC and elect Utah S corp designation: Name Your Business. Choose a Registered Agent. File the Utah Certificate of Organization. Create an Operating Agreement. File Form 2553 to Elect Utah S Corp Tax Designation.