S Corp Tax Compliance: A Step-by-Step Tax Extension Filing Guide

Are you an S Corp owner dreading the tax filing season? Fear not! "S Corp Tax Compliance: A Step-by-Step Tax Extension Filing Guide" is here to rescue you from the clutches of tax anxiety. In this must-watch video, Jamie Trull, finance expert and CPA, demystifies the tax extension filing process for S Corps with precision and ease where you will learn to navigate the IRS Form 2553 and understand critical deadlines to keep your business on track. .
Highlights of this video include:
- A thorough breakdown of the 1120S form and its requirements
- Pro tips to avoid late filing penalties and stay compliant
- A walkthrough of the TaxAct platform for hassle-free e-filing
- Strategies for leveraging S Corp status for optimal tax benefits
Don't let tax season become a source of stress. With Jamie's expert guidance, you'll gain the confidence to handle your S Corp taxes like a seasoned professional. Plus, you'll find out how to avoid common pitfalls and ensure your business remains in good standing with the IRS.
Take Action Now:
Ready to conquer your S Corp tax filing? Click play and arm yourself with the knowledge you need. And don't forget to download our FREE S Corp Tax Compliance Checklist - your roadmap to a stress-free tax season. Get your checklist today and take the first step towards mastering your S Corp taxes! jamietrull.com/scorpchecklist
▶️ File your FREE S Corp extension
jamietrull.com/taxact
▶️ Form mentioned: IRS Form 7004
www.irs.gov/pub/irs-pdf/f7004...
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Blogs where I talk about S Corps
S Corp Deadlines: jamietrull.com/2023/03/13/s-c...
How to Choose the Best Business Structure: jamietrull.com/2022/12/23/s-c...
What Is A Reasonable Salary for an S Crop?: jamietrull.com/2023/03/06/wha...
Most S Corp Tax Calculator Methods are Wrong [Do this instead]: jamietrull.com/2023/03/02/mos...
Quick Guide to Choosing the Right Business Structure for You: jamietrull.com/2023/02/20/bus...
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**DISCLAIMER: This video is meant for educational purposes only. This is not to be relied on or considered a substitute for advice on your specific situation from your tax advisor.
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Пікірлер: 70

  • @dr.k-Psych
    @dr.k-Psych Жыл бұрын

    Thank you, Jaime!! You are a superwoman, a lifesaver, a kind human being, and everything that everyone else said!! Please give yourself a hug for us, and please dont go anywhere!!! XO

  • @JamieTrull

    @JamieTrull

    Жыл бұрын

    You are so kind!! I so appreciate your words ❤

  • @shaquelapeavy9913
    @shaquelapeavy99133 ай бұрын

    A YEAR LATER AND ITS STILL WORKS! THANK YOU SO MUCH 💜 VERY HELPFUL

  • @JamieTrull

    @JamieTrull

    3 ай бұрын

    WOOHOO!!

  • @MonicaLWilliams
    @MonicaLWilliams3 ай бұрын

    Wow thank you so much!! I filed an extension for my friend using TaxAct and did the exact things you said and then I found your video!! I appreciate you so much and I am going to binge watch all your videos!! Blessings to you and your family!!

  • @JamieTrull

    @JamieTrull

    3 ай бұрын

    You're so welcome! I hope you'll find my other videos helpful as well 😊

  • @acunamg4793
    @acunamg47933 ай бұрын

    a year later your video saves me, thank you thank you very much :))

  • @JamieTrull

    @JamieTrull

    3 ай бұрын

    Haha- what is funny is it saved me too- I rewatched it to remember how I did it last year!

  • @acunamg4793

    @acunamg4793

    3 ай бұрын

    Can you make a video on how to fill out the taxes in TaxAct?😊

  • @houndstohorsespetcare2591
    @houndstohorsespetcare2591 Жыл бұрын

    Thank You! Jamie to the rescue again!!! I'm an S-Corp had the correct 7004 form, but unsure of how to CORRECT file an extension on my own. Thank you for the walk-thru using TaxAct. You are a life saver!!!

  • @JamieTrull

    @JamieTrull

    Жыл бұрын

    Yay!! So glad it was helpful!!!

  • @stevehutchinson321
    @stevehutchinson321 Жыл бұрын

    Can't thank you enough for this, I have 2 S Corps and I know my accountant would never get to this in time.

  • @JamieTrull

    @JamieTrull

    Жыл бұрын

    It's why I do what I do!! Glad I could help!!

  • @JustinKey
    @JustinKey Жыл бұрын

    You are really doing the Lord's work! Thank you so much.

  • @JamieTrull

    @JamieTrull

    Жыл бұрын

    Glad I could help!!

  • @JRemy617
    @JRemy6173 ай бұрын

    Great video Jamie !!! Fingers crossed that the extension is accepted. I am going to watch the rest of your scorp videos because I want to take more control of my business and avoid paying fees for tax filings through an accountant CPA as my business is small and not making a profit yet.

  • @JamieTrull

    @JamieTrull

    3 ай бұрын

    Thank you! I hope you'll find my other videos helpful 🤗

  • @vivianalam7088
    @vivianalam7088 Жыл бұрын

    This was awesome!!!

  • @shane4039
    @shane4039 Жыл бұрын

    So helpful! Thanks for saving the day!!

  • @JamieTrull

    @JamieTrull

    Жыл бұрын

    Just glad to be able to help!

  • @user-vv3rn5zh3g
    @user-vv3rn5zh3g3 ай бұрын

    This was SO helpful!!

  • @JamieTrull

    @JamieTrull

    3 ай бұрын

    So glad you found it helpful!

  • @Andrewz9oh4
    @Andrewz9oh4 Жыл бұрын

    Life saver!

  • @dr.sammadeira8836
    @dr.sammadeira88363 ай бұрын

    This was incredibly helpful! Thank you so much!

  • @JamieTrull

    @JamieTrull

    3 ай бұрын

    Glad it was helpful!

  • @sires5125
    @sires51253 ай бұрын

    You are a life saver ..thank you

  • @JamieTrull

    @JamieTrull

    3 ай бұрын

    You betcha!!

  • @minihoneybee
    @minihoneybee3 ай бұрын

    Thanks so so much for saving me from last minute panicking ❤❤❤

  • @JamieTrull

    @JamieTrull

    3 ай бұрын

    SO happy I could help! 🤗

  • @robertbales5135
    @robertbales51353 ай бұрын

    Thank you for the video

  • @JamieTrull

    @JamieTrull

    3 ай бұрын

    Thanks for watching!

  • @bertan8510
    @bertan85103 ай бұрын

    Thank you so much.

  • @JamieTrull

    @JamieTrull

    3 ай бұрын

    You're welcome!

  • @KHIRALine
    @KHIRALine4 ай бұрын

    THANK YOU SO MUCH FOR THIS!! Super helpful!

  • @JamieTrull

    @JamieTrull

    4 ай бұрын

    So glad you found it helpful! You just reminded me I need to file my own this year haha!

  • @EdireDala

    @EdireDala

    3 ай бұрын

    Etopa suthe peple Goffa zone zalla Bane brache myname is Edre Dalla Banga​@@JamieTrull

  • @claudiat9965
    @claudiat99654 ай бұрын

    Thank you, you saved me $80!

  • @JamieTrull

    @JamieTrull

    4 ай бұрын

    Happy to help!!! Now go have a nice steak dinner ;)

  • @youneszabihi
    @youneszabihi3 ай бұрын

    thank you

  • @JamieTrull

    @JamieTrull

    3 ай бұрын

    You're very welcome!

  • @companioncbd2753
    @companioncbd2753 Жыл бұрын

    Thanks. Just tried to file and it say the date which is today, is after the deadline. So not sure what to do here? Thx!

  • @JamieTrull
    @JamieTrull Жыл бұрын

    FIle you free 1120S extension here: jamietrull.com/taxact

  • @user-pe4mj2hx4j
    @user-pe4mj2hx4j3 ай бұрын

    Can you please do a step by step walkthrough using tax act after filing extension

  • @JamieTrull

    @JamieTrull

    2 ай бұрын

    great idea, I will add it to our video list for the future. Make sure you are subscribed so you don't miss out when its uploaded :)

  • @nextari
    @nextari4 ай бұрын

    If you are an S-Corp what do you enter for "Withholding"? Employers share 7.62%? or total FICA 15.2%? And shouldn't you also include 940 payment in the tax amount in first line? Do you add the withholding + 940 payment together for "total tax" line 1?

  • @righttolearnrighttolearn2668
    @righttolearnrighttolearn2668 Жыл бұрын

    Hey mam i have some queries about "partnership financial account" how can solving my queries?....

  • @jessicaavalos2264
    @jessicaavalos2264 Жыл бұрын

    Can you show me how to file a 1120s for the first year with no business activity please

  • @velenciadavis2491
    @velenciadavis2491 Жыл бұрын

    Hello, What if you have already been paying yourself in your LLC with a w2 and want to make the scorp election, but you are paying yourself a high compensation?

  • @JamieTrull

    @JamieTrull

    Жыл бұрын

    If you are an LLC without an S election, you actually should be paying yourself only owners draws, not W-2. As an LLC you are considered only an owner, not employee.

  • @ninnal9340
    @ninnal9340 Жыл бұрын

    Hi, For 1120 S extension, do we need to file extension with State? I’m in IL. Will there be any tax due a the state level for 1120 S extension? Thanks.

  • @JamieTrull

    @JamieTrull

    Жыл бұрын

    Generally it’s federal only, but your state may have specific S Corp tax requirements so I would check your states website!

  • @kewlleleven9771
    @kewlleleven97715 ай бұрын

    Hello Jamie! Thank you so much for this outstanding video. Can I file my W2 and llc together. Or separately??

  • @JamieTrull

    @JamieTrull

    3 ай бұрын

    If you have an S-Corp, you'll file an 1120s (due today or you can extend) and then you'll still have a 1040 due on April 15th (which is where you'd enter your W-2 salary). You can also file an extension for that one through Taxact too.

  • @EdireDala

    @EdireDala

    3 ай бұрын

    ​@@JamieTrullok give me many My sister

  • @flywithsamabi

    @flywithsamabi

    3 ай бұрын

    @@JamieTrull do you have a link to file the 1040 extension through Taxact ?

  • @marcosmcm86
    @marcosmcm862 ай бұрын

    In case you are a non resident alien owner of a single member LLC (needs proforma 1120/5472) do you file an extention with form 7004 or 4868 or both?

  • @JamieTrull

    @JamieTrull

    2 ай бұрын

    Thank you for reaching out with your question. Since it involves specific personal details and might require tailored advice, I recommend consulting with a Certified Public Accountant (CPA) who can provide you with one-on-one guidance. Unfortunately, I'm unable to offer such personalized services through this platform. Wishing you the best with your situation!

  • @vz8292
    @vz82923 ай бұрын

    Hello, as I’m going through e-file step, what do I put in “signing officer information “ ? Thank you

  • @JamieTrull

    @JamieTrull

    3 ай бұрын

    That would be your info

  • @vz8292

    @vz8292

    3 ай бұрын

    Thank you for your reply. It was actually rejected by IRS. So I’ve mailed it paper copy, In paper copy it should be just 1 paper (form 7004, with company info, that was generated by taxact)? Did I miss anything? Thank you

  • @marcosmcm86
    @marcosmcm862 ай бұрын

    As an alien operating my LLC from another country do I put in the LLC address or the Registered Agent address?

  • @JamieTrull

    @JamieTrull

    2 ай бұрын

    Thank you for reaching out with your question. Since it involves specific personal details and might require tailored advice, I recommend consulting with a Certified Public Accountant (CPA) who can provide you with one-on-one guidance. Unfortunately, I'm unable to offer such personalized services through this platform. Wishing you the best with your situation!

  • @ricsalinas206
    @ricsalinas206 Жыл бұрын

    it's only offering the personal extension not the 7004 for some reason

  • @JamieTrull

    @JamieTrull

    Жыл бұрын

    It depends on how you get to it - you need to log in under the S Corp return. It should work if you use my link, I just set it up to redirect to the S Corp return section: jamietrull.com/taxact

  • @ricsalinas206

    @ricsalinas206

    Жыл бұрын

    @@JamieTrull amazing thank you. Do I need to file an extension for NY STate?

  • @galo2202
    @galo22023 ай бұрын

    why is asking me for a signing officer information?

  • @JamieTrull

    @JamieTrull

    3 ай бұрын

    Thats info about the person signing the return (that would be you)

  • @HildaRealtor
    @HildaRealtor3 ай бұрын

    They are trying to collect as much personal data as possible, asked so many unnecessary information. 👎 annoyed, I went to turbo tax instead, they only asked the basic and within 2 min my extension was done.

  • @JamieTrull

    @JamieTrull

    3 ай бұрын

    Feel free to use any software you want! I attempted this in Turbotax last year but didn't find it to be straightforward. That said, they may have made it easier which is great.