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...
Other Videos where I talk about S Corps
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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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S Corp Success Checklist: jamietrull.com/scorpchecklist
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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
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
Жыл бұрын
You are so kind!! I so appreciate your words ❤
A YEAR LATER AND ITS STILL WORKS! THANK YOU SO MUCH 💜 VERY HELPFUL
@JamieTrull
3 ай бұрын
WOOHOO!!
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
3 ай бұрын
You're so welcome! I hope you'll find my other videos helpful as well 😊
a year later your video saves me, thank you thank you very much :))
@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
3 ай бұрын
Can you make a video on how to fill out the taxes in TaxAct?😊
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
Жыл бұрын
Yay!! So glad it was helpful!!!
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
Жыл бұрын
It's why I do what I do!! Glad I could help!!
You are really doing the Lord's work! Thank you so much.
@JamieTrull
Жыл бұрын
Glad I could help!!
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
3 ай бұрын
Thank you! I hope you'll find my other videos helpful 🤗
This was awesome!!!
So helpful! Thanks for saving the day!!
@JamieTrull
Жыл бұрын
Just glad to be able to help!
This was SO helpful!!
@JamieTrull
3 ай бұрын
So glad you found it helpful!
Life saver!
This was incredibly helpful! Thank you so much!
@JamieTrull
3 ай бұрын
Glad it was helpful!
You are a life saver ..thank you
@JamieTrull
3 ай бұрын
You betcha!!
Thanks so so much for saving me from last minute panicking ❤❤❤
@JamieTrull
3 ай бұрын
SO happy I could help! 🤗
Thank you for the video
@JamieTrull
3 ай бұрын
Thanks for watching!
Thank you so much.
@JamieTrull
3 ай бұрын
You're welcome!
THANK YOU SO MUCH FOR THIS!! Super helpful!
@JamieTrull
4 ай бұрын
So glad you found it helpful! You just reminded me I need to file my own this year haha!
@EdireDala
3 ай бұрын
Etopa suthe peple Goffa zone zalla Bane brache myname is Edre Dalla Banga@@JamieTrull
Thank you, you saved me $80!
@JamieTrull
4 ай бұрын
Happy to help!!! Now go have a nice steak dinner ;)
thank you
@JamieTrull
3 ай бұрын
You're very welcome!
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!
FIle you free 1120S extension here: jamietrull.com/taxact
Can you please do a step by step walkthrough using tax act after filing extension
@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 :)
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?
Hey mam i have some queries about "partnership financial account" how can solving my queries?....
Can you show me how to file a 1120s for the first year with no business activity please
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
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.
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
Жыл бұрын
Generally it’s federal only, but your state may have specific S Corp tax requirements so I would check your states website!
Hello Jamie! Thank you so much for this outstanding video. Can I file my W2 and llc together. Or separately??
@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
3 ай бұрын
@@JamieTrullok give me many My sister
@flywithsamabi
3 ай бұрын
@@JamieTrull do you have a link to file the 1040 extension through Taxact ?
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
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!
Hello, as I’m going through e-file step, what do I put in “signing officer information “ ? Thank you
@JamieTrull
3 ай бұрын
That would be your info
@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
As an alien operating my LLC from another country do I put in the LLC address or the Registered Agent address?
@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!
it's only offering the personal extension not the 7004 for some reason
@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
Жыл бұрын
@@JamieTrull amazing thank you. Do I need to file an extension for NY STate?
why is asking me for a signing officer information?
@JamieTrull
3 ай бұрын
Thats info about the person signing the return (that would be you)
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
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.