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    1 Reply Latest reply on Nov 24, 2012 12:45 PM by Moderator Melinda

    Filing tax returns for an S-Corporation

    interactivefilm Wayfarer

      This is my company's first year and I have to file for my returns and it is an S-Corporation.


      I am just looking for some advice on exactly how to do it. My company didn't make any money I personally funded it 100%. I have a completely account for my business and keep my personal and business finances completely separated. I know I have to fill out an 1120s form but I would just like some advice that would make it easier to do. Also, will I need every receipt for what I have spent? or can I use my online banking statement in its place? considering I only spend money for the company from the business debit card.

       

      Thank You In Advanced for your advice

        • Re: Filing tax returns for an S-Corporation
          Guide

          Hi interactivefilm,

           

          My personal opinion is get an accountant. A good accountant knows all the laws and ways to get you money refunded. I have seen many people lose money because they weren't familiar with the laws and had no idea on what is considered a tax write off and what isn't. When we started our business we had very little funds to hire an accountant. But when I received word from a friend and business acquaintance on how much money we could actually save choosing their accountant I was convinced to at least listen to what she had to offer.

           

          Most accountants will give a consult for free.  In that one meeting she showed us what she can do for our company and worked her fee into our tax returns. So we actually wound up paying her fee with our tax return money and walked away with a satisfying amount in our pocket. Since then our accountant saves us hundreds and we ALWAYS get money back. Good luck!

           

          Melinda